Canned Seafood Market – Global Industry Size, Share, Trends, Opportunity and Forecast, By Type (Canned Fish, Canned Shrimp, Canned Prawns, Others), By Sales Channel (Hypermarkets/Supermarkets, Convenience Stores, Online, Others), By Region & Competition, 2019-2029F

Market Overview

Global Canned Seafood market was valued at USD 27.74 billion in 2023 and is expected to grow to USD 36.81 billion by 2029 with a CAGR of 4.89% during the forecast period. The global canned seafood market has experienced significant growth in recent years, driven by increasing demand for convenient, long-shelf-life products that offer nutritional benefits. With busy lifestyles and a growing preference for easy-to-prepare meals, canned seafood products such as tuna, salmon, sardines, and mackerel are gaining popularity. The market benefits from the versatility of canned seafood, which can be used in a variety of dishes, including salads, sandwiches, and casseroles, making it a staple in many households.

Key Market Drivers

Changing Consumer Lifestyles and Convenience

In recent years, changing consumer lifestyles have been one of the most significant contributors to the growth of the global canned seafood market. As modern consumers face increasingly busy and time-sensitive lives, the demand for ready-to-eat and easy-to-prepare meals has risen. Canned seafood products, such as tuna, salmon, sardines, and mackerel, have become an essential part of many households due to their long shelf life, ease of storage, and minimal preparation requirements.

The convenience factor is a driving force behind the popularity of canned seafood in various regions, especially in urban areas where consumers are often looking for quick and hassle-free meal options. Busy professionals, students, and families are attracted to canned seafood's ability to be stored for long periods without refrigeration, making it an ideal pantry staple. Additionally, the widespread availability of canned seafood in supermarkets, convenience stores, and online retail platforms ensures that consumers have easy access to these products at their convenience.

Health Consciousness and Nutritional Benefits

Another major driver of the global canned seafood market is the increasing consumer awareness of health and nutrition. As people become more conscious of the impact of their diets on their overall well-being, there has been a growing preference for foods that offer a wide range of essential nutrients. Seafood, in particular, is known for its high protein content, low fat, and essential nutrients such as omega-3 fatty acids, which are crucial for heart health and brain function.

Canned seafood provides an affordable and convenient way for consumers to access these nutritional benefits without the need for extensive preparation or cooking. For example, canned tuna and salmon are excellent sources of protein, omega-3 fatty acids, and other essential vitamins and minerals, making them a popular choice for health-conscious consumers looking to incorporate more fish into their diets.

As consumers increasingly recognize the health benefits of consuming seafood, the demand for canned options has grown, especially in markets where seafood consumption is traditionally low. Furthermore, canned seafood products are often marketed with added health claims, such as "rich in omega-3" or "low in cholesterol," which further appeal to consumers seeking healthier food options. This trend is particularly noticeable in developed markets, including North America and Europe, where health and wellness trends continue to shape consumer behavior.

Sustainability and Responsible Sourcing

Sustainability has become a critical factor in driving the growth of the global canned seafood market. Consumers and companies alike are increasingly concerned about the environmental impact of their food choices, particularly when it comes to seafood. Overfishing, habitat destruction, and unsustainable fishing practices have led to heightened awareness and calls for more responsible sourcing of seafood products.

As a result, consumers are placing greater importance on sustainable sourcing when choosing canned seafood products. Many consumers now seek out brands that ensure their seafood is responsibly sourced, certified by organizations such as the Marine Stewardship Council (MSC), and harvested from fisheries that adhere to sustainable practices. This growing demand for sustainability is pushing manufacturers and seafood suppliers to adopt more eco-friendly practices throughout the supply chain, from fishing methods to packaging.

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Key Market Challenges

Competition from Alternative Protein Sources

The global canned seafood market also faces competition from alternative protein sources, such as plant-based proteins, lab-grown meat, and other sustainable food options. As consumers become more health-conscious and environmentally aware, there is a growing shift toward plant-based diets and alternative proteins. These alternatives are seen as more sustainable than animal-based products, including seafood, due to lower environmental impact and a smaller carbon footprint.

Plant-based alternatives to seafood, such as imitation fish made from soy, peas, or algae, have gained traction in recent years, particularly in regions with a rising interest in vegan or vegetarian diets. These alternatives appeal to consumers who want to reduce their environmental footprint, avoid overfishing, or follow plant-based diets for health reasons. Additionally, lab-grown seafood, which is produced without harvesting fish, is an emerging technology that could disrupt the market in the coming years. If successfully commercialized, lab-grown seafood may become a direct competitor to traditional canned seafood.

Rising Raw Material Costs

Another significant challenge faced by the canned seafood market is the rising cost of raw materials, including fish, packaging materials, and labor. The price of seafood is influenced by various factors such as supply and demand, availability of fish species, and fluctuations in the global economy. For instance, the cost of fish can rise due to overfishing, changing marine conditions, or increased fuel prices for fishing vessels. The impact of these price increases is often passed on to consumers, resulting in higher retail prices for canned seafood.

In addition to the rising cost of raw seafood, there has been a significant increase in the cost of packaging materials, including tinplate, aluminum, and other materials used for canning. Supply chain disruptions, rising transportation costs, and inflation have all contributed to higher packaging expenses. As a result, manufacturers are facing squeezed profit margins, making it more difficult to maintain affordable prices for consumers.

Key Market Trends

Product Diversification and Flavor Innovation

Product diversification and flavor innovation are key trends driving growth in the global canned seafood market. Manufacturers are expanding their product offerings by introducing a variety of seafood options, such as octopus, mussels, and clams, alongside traditional products like tuna and salmon. To cater to evolving consumer tastes, canned seafood products are being infused with new flavors, marinades, and spice blends, creating unique and diverse culinary experiences. This innovation appeals to consumers seeking new, adventurous flavors while also meeting the demand for healthier, ready-to-eat meal options. As a result, flavor variety and product diversification are essential strategies for brands to differentiate themselves and attract a broader customer base in a competitive market.

 Focus on Eco-friendly Packaging

As concerns about plastic pollution rise, many canned seafood brands are transitioning to eco-friendly and sustainable packaging solutions. This shift involves the use of recyclable, biodegradable, or minimal packaging materials to lessen the environmental footprint of their products. By embracing sustainable packaging, manufacturers not only support environmental conservation but also attract eco-conscious consumers who prioritize brands that align with their sustainability values. This trend reflects the growing demand for environmentally responsible products and showcases the industry's commitment to reducing its impact on the planet.

Regional Preferences and Customization

The canned seafood market is witnessing regional variations in consumer preferences, with different types of seafood being favored in specific parts of the world. In Europe, for instance, canned sardines and anchovies are popular, while in North America, tuna and salmon dominate the market. To address these diverse tastes, manufacturers are increasingly offering customized products tailored to regional preferences and dietary restrictions. This includes options such as gluten-free, organic, and non-GMO canned seafood, allowing companies to cater to a broader range of consumers. By providing more personalized choices, manufacturers are meeting the evolving demands of global markets while ensuring greater consumer satisfaction.

Segmental Insights

Sales Channel Insights

Hypermarkets/Supermarkets dominate the global canned seafood market, primarily due to their widespread accessibility and large-scale distribution capabilities. These retail formats offer a wide variety of canned seafood products, catering to diverse consumer preferences. The convenience of one-stop shopping, along with the ability to showcase multiple brands and product types, makes hypermarkets and supermarkets the preferred choice for consumers. Additionally, promotional offers, discounts, and bulk buying options attract price-sensitive shoppers. The growing trend of modern retailing, with improved shelf space for canned goods, ensures that hypermarkets and supermarkets continue to lead in the global canned seafood market.

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Regional Insights

The Asia Pacific region dominates the global canned seafood market, driven by high seafood consumption and a growing preference for convenient food products. The region's diverse culinary traditions and reliance on seafood as a primary protein source contribute significantly to the demand for canned seafood. Additionally, the rise of urbanization, increasing disposable incomes, and a shift toward modern retail channels in countries like China, Japan, and India further support market growth. With the region's expanding middle class and increasing export opportunities, Asia Pacific is poised to maintain its leadership position in the global canned seafood market.

Recent Developments

• In July 2023, Wild Planet Foods has introduced five new sustainably caught seafood items, available at Whole Foods Market stores nationwide. This launch aims to expand its sustainable seafood offerings, aligning with growing consumer demand for eco-friendly products.

• In July 2024, Island Creek has launched a new local tinned seafood line with its recently opened cannery. This initiative aims to offer high-quality, sustainably sourced seafood products, catering to the growing demand for regional and eco-friendly options.

• In March 2023, Natural Grocers, the largest family-operated organic and natural grocery retailer in the U.S., revealed the addition of five new canned seafood varieties to its premium-quality house brand, Natural Grocers Brand Products. The products include Natural Grocers Brand Albacore and Skipjack Tuna, Wild Pink Salmon and two varieties of Wild Sardines.

Key Market Players

• California Garden Products Inc.
• John West Foods Limited
• Century Pacific Food Incorporated
• Bolton Group S.r.l.
• Dhofar Fisheries & Food Industries Company S.A.O.G
• Maldives Industrial Fisheries Company Ltd
• Bumble Bee Foods, LLC
• Wild Planet Foods, Inc.
• Trident Seafoods Corporation
• Universal Canning Inc.

Report Scope:

In this report, the Global Canned Seafood Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

•   Canned Seafood Market, By Type:

o   Canned Fish

o   Canned Shrimp

o   Canned Prawns

o   Others

• Canned Seafood Market, By Sales Channel:

o   Hypermarkets/Supermarkets

o   Convenience Stores

o   Online

o   Others

• Canned Seafood Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  Japan

§  India

§  Australia

§  South Korea

§  Indonesia

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   South America

§  Argentina

§  Colombia

§  Brazil

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Canned Seafood Market.

Available Customizations:

Global Canned Seafood Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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