The global market for canned seafood market is expected to grow at a CAGR of 6% during the forecast period of 2024 to 2032. The expansion of the industry is predicted to be driven by the rising demand for ready-to-eat seafood due to the improvement of the distribution infrastructure. According to the United Nations Food and Agriculture Organization, imports of canned tuna into the U.S. climbed by 15% in 2020. In addition, factors such as shifting lifestyles and rising affordability are anticipated to boost the industry's expansion during the next eight years. During the COVID-19 epidemic, the demand for canned fish soared, particularly among consumers who dislike making food. Work-from-home or stay-at-home consumers favored canned food since it is simple to prepare and requires little time. In addition, restaurants curtailed services to prevent an increase in coronavirus infections, so consumers cooked at home and increased their consumption of canned fish.

Increasing Awareness of Health Benefits to Boost Market Expansion

Increasing awareness of the health advantages of canned fish is driving the expansion of the tinned seafood business. Omega-3 fatty acids found in abundance in canned fish are essential for overall health and well-being. According to the Office of Disease Prevention and Health Promotion's Dietary Guidelines, various forms of seafood provide approximately 7 grams of protein per ounce and have a reasonably high protein-to-calorie ratio. Moreover, the increased purchasing power of customers is increasing the desire for unusual and exotic culinary items. The escalating demand for plant-based canned fish is projected to drive the expansion of the tinned seafood market. According to a forecast by Bloomberg Intelligence, the market for plant-based canned seafood would increase from USD 30 billion in 2020 to USD 162 billion by 2030. In addition, due to the rise in demand for plant-based seafood alternatives, scientists and marketers are developing healthy, plant-based alternatives that taste identical to the real thing. For instance, in December 2021, the canned fish manufacturer Karavela introduced a line of yellow pea-based canned seafood items.
 
Emerging Opportunities in Sustainable and Environment-Friendly Sourced Seafood

Increasing consumer concern for environmentally and socially responsible seafood procurement has resulted in an increase in the demand for sustainably sourced seafood products. This has led to an increase 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 be a part of the sustainable initiative and ultimately increase canned seafood sales in the marketplace. Bumble Bee Seafoods L.L.C., for instance, gained The Marine Stewardship Council (MSC) and other certification programs recognized by the Global Sustainable Seafood Initiative (GSSI) for sustainable sourcing in May of 2021.

Increase in Demand for Seafood

Additionally, a surge in demand for seafood with a long shelf life is anticipated to enhance the consumption of canned seafood. In the future years, an increase in disposable income and a shift in customer choice toward ready-to-eat foods are projected to be the key factors driving market expansion. The rising intake of seafood by the population as a result of its numerous health benefits is expected to drive market expansion. A poll performed by the Associated Chamber of Commerce and Industry of India (Assocham) indicated that approximately 79% of households chose quick food as a result of rising incomes, shifting living standards, and a preference for convenience.

Tuna Segment to Lead the Market by Product

The tuna sector held the greatest market share in 2023 with 40%, and it is predicted to maintain its dominance during the forecast period due to the prevalence of ready-to-eat meals among working-class people worldwide. According to a National Fisheries Institute article published in 2020, almost 88% of all American families had ingested tuna in a can. Nearly half of all families serve tuna in a can monthly, and 17% offer it weekly or more frequently. In addition, the segment is anticipated to expand due to the introduction of new products. For example, in August 2021, Mind Fish Company introduced the first Fair Trade Certifieda canned tuna product for sale in North America.

However, sardines are anticipated to grow at a CAGR of 8% during the forecast period of 2024 to 2032. Since they do not require cooking, tinned sardines are more popular than fresh ones as portable snacks. In accordance with this, manufacturers are introducing new product varieties in an effort to diversify their portfolio and attract a large consumer base. For example, in January 2023, Minnow, a seafood canning company, introduced its first line of products. Initially, the private-label line of shelf-stable canned seafood includes Alaskan salmon, Icelandic cod liver, and Spanish sardines.

Retail Segment Dominated the Market by Distribution Channel

In 2023, retail was the largest distribution channel, accounting for around 60.0% of global revenue. This distribution channel consists of supermarkets, hypermarkets, convenience stores, grocery stores, and local shops. There has been an increase in the distribution of canned seafood on the market due to the growing number of these stores in various regions. According to a February 2021 article published by Supermarket News, convenience stores are the primary drivers of canned seafood, while the retail sector retains approximately 48% of the distribution market. In addition, the global availability of these products in brick-and-mortar stores is anticipated to maintain the segment's momentum in the coming years. From 2024 to 2032, the food service distribution channel is projected to develop at a compound annual growth rate (CAGR) of 6.5%. During the projection period, this industry is expected to become a reliable source of income. Increased consumption of seafood in cans in restaurants and hotels is anticipated to spur expansion. Due to the growing awareness of food safety among consumers, restaurants, cafes, diners, and hotels provide canned seafood. In addition, the increase in the number of food services suggests the expansion of seafood in cans distributed through the food service distribution channel.

APAC remains the Global Leader

Asia-Pacific contributed the most to the global market in 2023, with a 45% revenue share. Due to the availability of a big quantity of raw materials and a high number of canneries for aquaculture, there has been a surge in the consumption of canned seafood products. According to the Marine Products Export Development Authority (MPEDA), India exported 12,8 lakh metric tons of seafood worth $6.68 billion in 2019; this number is anticipated to increase by 12.6% by the end of 2032. In addition, the market in the region is primarily driven by the rising demand for fish in a can in emerging nations.

The Middle East is anticipated to grow at a CAGR of 6% between 2023 and 2031. Due to its multiple health benefits, the rising demand for sustainably sourced seafood is driving the expansion of the market in the region. Moreover, due to increased demand and possible growth prospects in the canned seafood business, some retail distributors have introduced private-label canned seafood brands. For instance, Woolworths, a multinational retailer established in South Africa, distributes its vast selection of canned seafood goods in retail stores and via online delivery. The region's market is projected to expand due to the presence of a rising number of competitors. Oceana Group Limited, Saldanha, Goody, and Al-Alali, among others, are among the most prominent companies producing canned seafood goods in the region.

Market Competition to Intensify during the Forecast Period

The market for canned seafood is highly fragmented, with numerous global participants. The market participants confront tremendous competition, particularly from the leading market manufacturers, who have a huge consumer base, great brand awareness, and extensive distribution networks. To remain competitive, businesses have implemented numerous expansion methods, such as collaborations and new product releases. 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. are the leading participants in the global market for canned seafood.

• In August 2020, for instance, Thai Union Group PCL had agreed to acquire the remaining ownership position in Red Lobster Seafood Co. from Golden Gate Capital. Red Lobster's headquarters will stay in Orlando.
• In May of 2021, for instance, Nippon Suisan (Europe) B.V., a wholly-owned subsidiary of Nippon Suisan Kaisha Ltd. (Nissui), bought 75% of the U.K. seafood company Three Oceans Fish Company Limited. By acquiring Caistor Seafoods, Nissui will boost its coated fish business in the United Kingdom and enhance synergies with Flatfish and Cite Marine.
• In May 2021, for instance, Thai Union Group bought full ownership of Rügen Fisch, a German producer of shelf-stable seafood products. In 2016, the Thai seafood giant bought majority ownership of 51% of Rügen Fisch and has already acquired the remaining 49%.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Canned Seafood market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Canned Seafood market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Canned Seafood market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Canned Seafood market?
• Which is the largest regional market for Canned Seafood market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Canned Seafood market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Canned Seafood market worldwide?