During the period between 2024 and 2032, the global market for canned seafood is anticipated to expand at a CAGR of 6%. It is anticipated that the rise of the industry would be driven by the increased demand for seafood that is already prepared to eat, as a result of the upgrading of the distribution infrastructure. According to the Food and Agriculture Organization of the United Nations, tuna imports into the United States increased by 15% in 2020. In addition, factors such as changing lifestyles and increased affordability are expected to contribute to the industry's growth during the next eight years. During the COVID-19 pandemic, canned fish was in high demand, especially among those who dislike cooking. Work-at-home or stay-at-home consumers preferred canned food since it is easy to prepare and takes little time. Additionally, restaurants reduced services to prevent an increase in coronavirus infections, so consumers cooked at home and consumed more canned fish.
Growing recognition of the health benefits of canned fish is driving the rise of the canned seafood industry. Omega-3 fatty acids, which are abundant in canned fish, are crucial for overall health and wellness. According to the Office of Disease Prevention and Health Promotion's Dietary Guidelines, various types of seafood include roughly 7 grams of protein per ounce and a protein-to-calorie ratio that is relatively high. In addition, the rising spending power of consumers increases the demand for rare and exotic foods. The rising demand for plant-based canned fish is anticipated to propel the growth of the canned seafood market. Bloomberg Intelligence projects that the market for plant-based canned seafood would grow from USD 30 billion in 2020 to USD 162 billion by 2030. In addition, as a result of the increasing demand for plant-based seafood substitutes, scientists and marketers are creating healthy, plant-based alternatives that taste identical to the real thing. In December 2021, for example, the canned fish maker Karavela debuted a line of seafood products made with yellow peas.
Increasing consumer interest in environmentally and socially responsible seafood procurement has increased demand for sustainably sourced fish products. This has resulted in a rise in the number of canned salmon suppliers seeking to acquire raw materials from certified Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) fisheries in order to participate in the sustainable initiative and ultimately increase canned seafood sales in the marketplace. In May of 2021, Bumble Bee Seafoods L.L.C. obtained certifications from The Marine Stewardship Council (MSC) and other programs recognized by the Global Sustainable Seafood Initiative (GSSI) for sustainable sourcing.
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In addition, a rise in demand for seafood with a lengthy shelf life is expected to increase the consumption of canned seafood. An increase in disposable income and a shift in customer preference toward ready-to-eat foods are anticipated to be the primary factors driving market expansion in the coming years. The expanding consumption of seafood by the populace due to its numerous health benefits is anticipated to stimulate market growth. According to a survey conducted by the Associated Chamber of Commerce and Industry of India (Assocham), around 79% of households opted for fast food due to increased incomes, shifting living standards, and a demand for convenience.
Due to the popularity of ready-to-eat meals among working-class people around the world, it is anticipated that the tuna industry would maintain its dominance during the projected period, holding a 40% market share in 2023. According to a National Fisheries Institute article published in 2020, about 88 percent of American households had canned tuna. Nearly half of all households serve canned tuna monthly, and 17% serve it weekly or more often. In addition, it is projected that the segment would grow due to the launch of new products. For instance, Mind Fish Company produced the first Fair Trade Certifieda canned tuna for sale in North America in August 2021.
Nonetheless, sardines are predicted to increase at a CAGR of 8% between 2024 and 2032. As portable snacks, canned sardines are more popular than fresh ones because they do not require cooking. In an effort to expand their portfolio and attract a large consumer base, manufacturers are developing new product variants. In January 2023, for instance, Minnow, a seafood canning company, debuted its first product line. In the beginning, the private-label range of shelf-stable canned seafood will consist of Alaskan salmon, Icelandic cod liver, and Spanish sardines.
In 2023, retail dominated the distribution landscape, accounting for around 60.0% of worldwide revenue. This channel of distribution includes supermarkets, hypermarkets, convenience stores, grocery stores, and local shops. Due to the expanding number of these stores in various regions, there has been an increase in the distribution of canned seafood on the market. According to an article published by Supermarket News in February 2021, convenience stores are the key drivers of canned seafood, while the retail sector retains about 48% of the market share for distribution.
Additionally, it is projected that the global availability of these products in brick-and-mortar stores will sustain the segment's progress in the future years. The food service distribution channel is anticipated to increase at a compound annual growth rate (CAGR) of 6.5% between 2024 and 2032.
During the projected term, it is anticipated that this industry will become a reliable source of income. It is projected that expansion would be spurred by an increase in restaurants' and hotels' consumption of seafood in cans. Due to consumers' increasing knowledge of food safety, restaurants, cafes, diners, and hotels provide canned seafood. In addition, the increase in food services predicts an expansion of seafood in cans delivered via the food service distribution channel.
In 2023, Asia-Pacific generated the greatest revenue to the worldwide market, 45%. Due to the availability of a large quantity of raw materials and a large number of canneries for aquaculture, canned seafood consumption has increased. According to the Marine Products Export Development Authority (MPEDA), India exported 12,8 lakh metric tons of seafood worth $6.68 billion in 2019; by the end of 2032, this amount is expected to climb by 12.6%. In addition, the region's market is primarily driven by the increased demand for canned fish in developing countries.
Between 2024 and 2032, the Middle East is predicted to increase at a CAGR of 6%. The region's industry is expanding due to the growing demand for sustainably sourced seafood, which has various health benefits. In addition, several retail distributors have developed private-label canned seafood brands in response to rising demand and possible growth prospects in the company. South African-based international retailer Woolworths, for instance, offers its extensive assortment of canned fish products in retail locations and via online delivery. It is anticipated that the region's market will develop due to the increasing number of competitors. Oceana Group Limited, Saldanha, Goody, and Al-Alali are among the most significant enterprises in the region that produce canned seafood products.
The canned seafood business is highly fragmented, with multiple global players. The market participants face intense competition, especially from the main market manufacturers, who have a vast consumer base, excellent brand recognition, and large distribution channels. To remain competitive, corporations have employed a variety of expansion strategies, including collaborations and the introduction of new products. The Union Group, Bumble Bee Foods, LLC, Dongwon Industries Co., Trident Seafood Corporation, Maruha Nichiro Corporation, The Calvo Group, Starkist Co., Wild Planet Foods, and Cornor Bros Ltd. dominate the global canned seafood market.
