"Market Dynamics: Challenges and Opportunities in Canned...

"Market Dynamics: Challenges and Opportunities in Canned Seafood"

Posted 2024-07-29 10:02:06

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The Global Canned Seafood Market size is expected to be worth around USD 51.1 Billion by 2033, from USD 31.1 Billion in 2023, growing at a CAGR of 5.1% during the forecast period from 2023 to 2033.

The canned seafood market encompasses the production and distribution of seafood products preserved in sealed cans, designed to extend shelf life and maintain quality. This market includes a diverse range of products such as canned tuna, salmon, sardines, and shellfish, which are processed and packaged to provide convenience and accessibility for consumers. Canned seafood is valued for its nutritional benefits, long shelf life, and ease of storage and preparation, making it a popular choice among households and foodservice providers globally. The market is influenced by factors such as consumer preferences, dietary trends, and advancements in preservation technologies.

Маrkеt Кеу Рlауеrѕ

Thai Union Group
Bumble Bee Foods LLC
Maruha Nichiro Corporation
Dongwon Industries (StarKist)
Nippon Suisan Kaisha, Ltd.
Trident Seafoods Corporation
F.C.F. Fishery Co., Ltd.
Maldives Industrial Fisheries Company Limited (MIFCO)
Jim Pattison Group Inc
LDH (La Doria) Ltd
Icicle Seafoods Inc.
Universal Canning, Inc.
Wild Planet Foods
American Tuna, Inc.
Tri Marine Group
Connors Bros. Ltd.
Other Key Players

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Product Type Analysis:
In the canned seafood market, the tuna segment dominated in 2023, holding over 42.3% of the market share due to its popularity as a ready-to-eat meal. A 2020 National Fisheries Institute report indicates that 88% of American households consume canned tuna, with significant monthly and weekly consumption rates. The segment's growth is supported by new product innovations, such as Mind Fish Co.’s Fair Trade Certified tuna. Meanwhile, canned sardines have gained popularity as a convenient snack, with brands like Minnow introducing new offerings. Prawns and shrimps, though less prominent, also contribute to the market with their distinctive flavors and culinary uses.

Distribution Channel Analysis:
In 2023, the retail sector led the canned seafood market with over 58.3% of the share, driven by the widespread presence of supermarkets, hypermarkets, and convenience stores. Convenience stores play a significant role, with retail accounting for 48% of distribution. The foodservice channel, however, is growing rapidly, fueled by increased canned seafood use in restaurants and hotels. The U.S. Census Bureau's 2022 data shows a rise in chain restaurant businesses, suggesting expanding opportunities for canned seafood in foodservices. Each distribution channel contributes to the market's overall growth and accessibility.

Кеу Маrkеt Ѕеgmеntѕ

By Product Type

Fish
- Tuna
- Salmon
- Sardines
- Others
Prawns
Shrimps
Others

By Distribution Channel

Foodservice
Retail

Drivers:
Rising health awareness drives the canned seafood market, with products rich in omega-3 fatty acids and protein being recognized for their health benefits. The demand for plant-based alternatives is also growing, with the market projected to reach USD 165 billion by 2032, reflecting consumer interest in healthy, plant-based seafood substitutes. Sustainability is another key driver, with brands like Bumble Bee Seafoods pursuing eco-friendly certifications. Additionally, the convenience and long shelf life of canned seafood gained prominence during the COVID-19 pandemic, boosting its appeal.

Restraints:
The canned seafood market faces challenges from supply chain disruptions, such as those experienced during the COVID-19 pandemic, which can impede growth. Environmental concerns, including overfishing and the impact of seafood procurement on ecosystems, also pose risks to consumer perception and demand.

Opportunities:
Innovation in product offerings presents significant opportunities, as companies like Pacific Seafood introduce value-added products such as nutrient-enhanced canned shrimp. Emerging markets, driven by rising incomes and changing lifestyles, offer substantial growth potential for the canned seafood industry.

Challenges:
Maintaining product quality from capture to canning is a major challenge, especially with increasing demand. Additionally, adapting to rapidly changing consumer preferences and dietary trends remains a constant issue for market players.

Trends:
The preference for convenience foods continues to shape the market, with a growing emphasis on long-shelf-life and ready-to-eat options, particularly post-pandemic. Technological advancements in canning and packaging, such as the use of recyclable metal, are enhancing product preservation. Global market expansion is also a trend, with key players extending their reach and focusing on sustainable practices in regions like the North Atlantic and Arctic.