What is the key driver of Global Canned Seafood Market?

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Global Canned Seafood Market Size, Share, Growth Analysis, By Product(Tuna, Salmon), By Distribution Channels(Food Services and Retail) - Industry Forecast 2024-2031

Report ID: SQMIG30I2264 | Region: Global | Published Date: March, 2024
Pages: 198 | Tables: 64 | Figures: 76

Global Canned Seafood Market Dynamics

Canned Seafood Market Drivers

Demand for Ready-to-Eat and Convenient Food

The busy lifestyles of consumers have led to an increased demand for ready-to-eat and convenient food options. Canned seafood provides a quick and easy meal solution, requiring minimal time and effort for preparation. This convenience factor has contributed to the growth of the canned seafood market, particularly among working professionals and individuals with busy schedules.

Growing Demand for Seafood Snacks

The rising popularity of healthy snacking options has led to the emergence of seafood snacks in the market. Canned seafood, such as tuna or sardines in portable cans, has become a popular snack choice due to its high protein content and convenience. These snack-sized portions cater to the increasing demand for nutritious and on-the-go snacks, driving the growth of the canned seafood market.

Canned Seafood Market Restraints

Perception of Lower Quality

Despite improvements in product quality, there is still a perception among some consumers that canned seafood is of lower quality compared to fresh seafood. This perception may deter certain consumers from purchasing canned seafood products, particularly those who prioritize freshness and culinary experience.

Global Canned Seafood Market Report Snapshots

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Global Canned Seafood Market size was valued at USD 33.03 billion in 2022 and is poised to grow from USD 35.08 billion in 2023 to USD 56.76 billion by 2031, growing at a CAGR of 6.2% during the forecast period (2024-2031).

With numerous international companies, the canned seafood business is very fragmented. The leading manufacturers in this industry, who have a sizable consumer base, well-established brands, and extensive distribution networks, compete fiercely with the market's players. 'Bumble Bee Foods LLC (United States)', 'StarKist Co. (United States)', 'Connors Bros. Ltd. (Canada)', 'Crown Prince, Inc. (United States)', 'MW Brands (France)', 'John West Foods Ltd. (United Kingdom)', 'Wild Planet Foods, Inc. (United States)', 'Tri Marine International Inc. (United States)', 'Dongwon Industries Co., Ltd. (South Korea)', 'Marine Harvest ASA (Norway)', 'Maruha Nichiro Corporation (Japan)', 'Bolton Group International (Italy)', 'Ocean Brands GP (Canada)', 'Brunswick Corporation (United States)', 'H.J. Heinz Company (United States)', 'Gomes da Costa (Brazil)', 'Bonduelle Group (France)', 'Kazyonnyy Produkty (Russia)', 'Nippon Suisan Kaisha, Ltd. (Japan)', 'Clover Leaf Seafoods Corp. (Canada)', 'Empresas AquaChile S.A. (Chile)'

The busy lifestyles of consumers have led to an increased demand for ready-to-eat and convenient food options. Canned seafood provides a quick and easy meal solution, requiring minimal time and effort for preparation. This convenience factor has contributed to the growth of the canned seafood market, particularly among working professionals and individuals with busy schedules.

The market is witnessing an increased demand for premium and value-added canned seafood products. Consumers are willing to pay a premium for high-quality and gourmet canned seafood options. This trend is driving product innovation, with manufacturers introducing premium packaging, unique flavor combinations, and gourmet ingredients to cater to discerning consumers.

With a 46.4% market share in 2023, Asia Pacific had the highest impact on the global market. A vast supply of raw materials and a high number of canneries in the area for aquaculture have led to a growth in the popularity of canned seafood products. India exported 12.8 lakh metric tonnes of seafood worth USD 6.68 billion and by the end of 2032, this amount is predicted to increase by 12.6%, according to the Marine Products Export Development Authority (MPEDA). The growing demand for canned fish that is ready to boil in emerging economies is also a major factor driving the market in the region.

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Global Canned Seafood Market Size, Share, Growth Analysis, By Product(Tuna, Salmon), By Distribution Channels(Food Services and Retail) - Industry Forecast 2024-2031

Global Canned Seafood Market Dynamics

Global Canned Seafood Market Report Snapshots

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