Canned Seafood Market Size & Business Prospect to 2022-2028

Global Canned Seafood Market Size, Share & Industry Trends Analysis Report By Distribution Channel (Retail and Foodservices), By Product (Tuna, Salmon, Prawns, Shrimps, Sardines), By Regional Outlook and Forecast, 2022 - 2028

Published Date: May-2022 | Number of Pages: 150 | Format: PDF | Report ID: KBV-18040

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Canned Seafood Market

Market Report Description

The Global Canned Seafood Market size is expected to reach $42.1 billion by 2028, rising at a market growth of 5.3% CAGR during the forecast period.

Canned seafood is seafood that has been processed, packed in a sealed container, such as a sealed tin can, then heated to a particular temperature in accordance with the requirement. The sector is expected to develop due to the rising popularity of ready-to-eat seafood items as distribution infrastructure improves. In addition, factors such as changing lifestyles combined with the increasing affordability of canned seafood are anticipated to augment the industry's expansion. Canned food is majorly being preferred by consumers who work from home or stay at home since it is simple to cook and takes little time.

The sterilized seafood items are heat-processed at a very high internal temperature of 101 °C with a heating temperature of 121 °C along with the capability of being shelf-stable. Moreover, if provided with the required amount of temperature, the sterilized heat comes out with all the prevailing microorganisms such as bacteria, terminated or less active. Canned seafood items are majorly processed through retort cooking. Retort cooking is a process in which the low acid food items which are fragile to microbial organisms are heated hermetically, or can be called airtight sealed utensils intending to increase the expiry duration of the product within. The retort cookers are utilized at a pressure ranging from 12 psi to 15 psi.

Furthermore, the release of retort pouches for packaging the canned seafood items is a new trend that is becoming an alternative to the metal cans which are traditionally used containers for preserving the food items. Retort pouches are flexible carriers that are sealed with multiple layers, which includes endurance toward high temperature as well as pressure processing. These pouches prevent moisture and harmful gases to come in contact with the food kept inside. These pouches are highly being demanded due to their attribute of being cost-effective as well as easy to carry because of less weight.

As a result of the increased awareness for environmentally and socially sound seafood procurement among consumers, consumers have begun to choose seafood goods that are sourced sustainably. Due to this, a growing number of canned salmon suppliers are looking for raw materials from fisheries that are certified by the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC) in order to support the sustainable drive and promote canned seafood sales.

Canned Seafood Market Size - Global Opportunities and Trends Analysis Report 2018-2028

COVID-19 Impact Analysis

The COVID-19 pandemic had a severe impact on the worldwide economy. Businesses all over the world suffered a steep downfall in terms of economy. In addition, in order to regulate the spread of the COVID-19 infection, governments across the world were compelled to impose a lockdown in their countries. The lockdown scenario led a significant number of companies and manufacturing units to temporary closures, which caused a considerable business loss for these organizations. Moreover, due to the travel restrictions enforced by governments, there was a major disruption in the worldwide supply chain, which caused a shortage of the supply of several goods and services, including canned seafood.

Market Growth Factors

Rising penetration of convenience food in the market

Convenience, combined with rising disposable income and an increase in the number of working people, is driving the development of canned seafood consumption. Consumers' dietary changes are characterized by increased demand for animal-sourced food, refined grains, fats and oils, and fruits and vegetables as a result of changing lifestyles combined with higher food and beverage spending. The convenience foods business is primarily driven by people with hectic schedules, individuals who lack cooking abilities, exhaustion from busy lives, and changes in consumer demography.

Rising number of commercial meat food-based chains and restaurants

A considerable number of restaurants as well as meat food franchises are penetrating the market nowadays. Also, a huge number of prevailing players, such as Wendy’s and Louisiana kitchen, are few significant consumers of canned meat and seafood products. The restaurants and outlets of numerous franchises showcase a substantial demand for processed as well as preserved seafood products. This high demand is a result of their requirement for the bulk of meats and seafood to immediately serve or deliver it to their customers on orders.

Marketing Restraining Factor:

Low income of people along with animal safety initiatives

People in lower-income segments of the population in developing and under-developed countries are unable to purchase goods and seafood products due to higher prices of them. Additionally, such people can rarely eat enough food on a daily basis, Making the necessity to ingest nutrient-dense foods like salmon and tuna a faraway idea. Additionally, seafood, such as salmon, is only available during specific seasons, which can limit its demand. Furthermore, several countries are facing reduced or non-existent availability of canned seafood due to several reasons, such as lack of raw material and people shifting from fisheries to other occupations.

Canned Seafood Market Share and Industry Analysis Report 2021

Distribution Channel Outlook

Based on Distribution Channel, the market is segmented into Retail and Foodservices. In 2021, the foodservice distribution segment witnessed a substantial revenue share of the canned seafood market. The growth of this segment is majorly being fueled by increased consumption of canned fish in restaurants and hotels. Due to increased customer knowledge of food safety, restaurants, cafes, diners, and hotels serve fish straight from the can. Furthermore, the increase in the number of food services shows that canned seafood is becoming more popular through the food service distribution route.

Product Outlook

Based on Product, the market is segmented into Tuna, Salmon, Prawns, Shrimps, Sardines, and Others. In 2021, the tuna segment procured the largest revenue share of the canned seafood market. The growth of this segment is increasing due to the rising preference of ready-to-eat meals among working-class people around the world. A majority of the overall population consumes canned tuna in their homes. Moreover, new product launches are also anticipated to enhance the segment's growth. For example, Mind Fish Co. introduced the first Fair Trade Certifiedä canned tuna product in August 2021.

Canned Seafood Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 29.6 Billion
Market size forecast in 2028 USD 42.1 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 5.3% from 2022 to 2028
Number of Pages 150
Number of Tables 280
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
Segments covered Product, Distribution Channel, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Rising penetration of convenience food in the market
  • Rising number of commercial meat food-based chains and restaurants
Restraints
  • Low income of people along with animal safety initiatives

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2021, Asia Pacific accounted for the largest revenue share of the canned seafood market. The availability of a huge number of raw materials, as well as several canneries across this region for aquaculture, has resulted in a surge in canned seafood product adoption. In addition, a growing number of people are joining the workforce, due to which, the demand for ready-to-eat food is increasing. Furthermore, an increasing number of supermarkets, hypermarkets and convenience stores across the region is allowing market players to expand the reach of their product. With a rise in the number of distribution channel, canned seafood is becoming more popular and accessible. Due to this, the demand for canned seafood is rapidly surging and hence, the growth of the regional market is expediting.

Free Valuable Insights: Global Canned Seafood Market size to reach USD 42.1 Billion by 2028

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include F.C.F. Fishery Co., Ltd., StarKist (Dongwon Industries), Nippon Suisan Kaisha, Ltd., Universal Canning, Inc., LDH (La Doria) Ltd., Thai Union Group PLC, American Tuna, Inc., Maruha Nichiro Corporation, Wild Planet Foods, Inc., and Trident Seafoods Corporation.

Scope of the Study

Market Segments Covered in the Report:

By Distribution Channel

  • Retail
  • Foodservices

By Product

  • Tuna
  • Salmon
  • Prawns
  • Shrimps
  • Sardines
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • F.C.F. Fishery Co., Ltd.
  • StarKist (Dongwon Industries)
  • Nippon Suisan Kaisha, Ltd.
  • Universal Canning, Inc.
  • LDH (La Doria) Ltd.
  • Thai Union Group PLC
  • American Tuna, Inc.
  • Maruha Nichiro Corporation
  • Wild Planet Foods, Inc.
  • Trident Seafoods Corporation

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Related Reports:

North America Canned Seafood Market Report 2022-2028

Europe Canned Seafood Market Report 2022-2028

Asia Pacific Canned Seafood Market Report 2022-2028

LAMEA Canned Seafood Market Report 2022-2028

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