Product ID: SQMIG30I2264
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 Insights
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).
The expansion of the seafood business in recent years has been attributed to the rising need for vital fatty acids and proteins in consumer diets. The need for seafood that is packaged without chemicals and has a longer shelf life has fuelled developments and improvements in the seafood industry. Fresh seafood is placed in an airtight container and heated to a high temperature during the canning process, which sterilises the food and stops microbial decay. By avoiding rotting, the procedure increases the product's shelf life.
The market for canned fish is expanding due to the rising demand for ready-to-cook meals. The rising demand for unique seafood options across foodservice channels is the other major driver driving the market's expansion. As customer awareness of food safety increases, more restaurants, cafes, and hotels are serving fish directly from the can. The rising demand for canned fish is driven by the rising appeal of ready-to-eat meal kits, grab-and-go foods, and the healthy snacking craze.
In the coming years, it is anticipated that the market will rise due to developments in canning technology, the introduction of new products, and an ever-expanding distribution network. Demand for ready-to-cook foods with longer shelf lives has grown as more people join the formal workforce. For instance, Rügen Fisch, a German company that creates seafood products with shelf life, is now entirely owned by Thai Union Group. The seafood juggernaut with headquarters in Thailand initially acquired a 51% majority stake in Rügen Fisch and has now acquired the remaining 49%.
The need for seafood products that can be prepared easily and kept for a longer period of time is what is primarily fuelling the expansion of the canned seafood market. Preservative-free packaged food options are in demand due to an expanding trend of clean-label products. Canning preserves the product without the need for additional chemical additives. In the upcoming years, market expansion is anticipated to be driven by rising seafood consumption due to its health benefits.
US Canned Seafood Market is poised to grow at sustainable CAGR for the next forecast year.
Global Canned Seafood Market Report Snapshots
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