Seafood refers to an important source of protein and several nutrients. Canned seafood includes crustaceans, mollusks, salmon, canned fish, frozen fish fillets, tuna, and sardines. These kinds of seafood are rich in protein, minerals, vitamins, and other nutrients vital for our health. The global market for canned seafood has registered a significant spike in the growth rate in recent times. The market's growth is mainly credited to the health benefits of canned seafood, such as reducing the risk of depression and improving immunity and eyesight. Furthermore, the factors such as the economic development, affordability, rapid urbanization, rising purchasing power of people, and rising health problems are also anticipated to catalyze the canned seafood market's growth over the forecasted era. On the other hand, the changing climatic conditions will likely hamper the market's growth.
Segment Analysis
The global Canned Seafood Market has been fragmented into numerous segments based on distribution channel, product type, and region.
The global market for canned seafood is split into prawns, sardines, shrimp, tuna, salmon, and others based on product type.
The canned seafood market is bifurcated into food service, retail, and institution based on the distribution channel.
Regional Analysis
The global market for canned seafood is analyzed across several major regions, including Europe, Asia-Pacific, North America, and the rest of the World.
The MRFR report suggests that the North American region is projected to secure the top position in the global canned seafood market over the projected timeframe. The regional market's growth is primarily credited to the favorable climate conditions across the region. In addition, the high purchasing power of people across the region is also likely to boost the regional market's growth over the coming years.
The canned seafood market for the Asia-Pacific region is anticipated to register the fastest growth over the assessment era. The high demand for ready-to-eat products mainly drives the regional market's growth. Furthermore, the economic development and presence of major key market players across the region are also projected to boost the market's growth over the forecasted era.
The canned seafood market for the European region is anticipated to register substantial growth over the coming years. The increased demand for canned seafood in industries, restaurants, and hotels is the major factor causing an upsurge in the regional market's growth. Furthermore, the technological innovations and growing volume in production are also projected to catalyze the regional market's growth.
Competitive Analysis
The key canned seafood market players has an incredibly strong and competitive landscape. The players across the global market are making heavy investments to launch innovative products. The global market for canned seafood has prominent players such as Wild Planet Foods, Inc. (the US), StarKist Co. (US), Bumble Bee Foods, LLC (US), Icicle Seafood, Inc. (the US), Universal Canning Incorporated (Philippines), Thai Union Group PCL (Thailand), Maruha Nichiro Corporation (Japan), American Tuna, Inc. (US), Nippon Suisan Kaisha Ltd (Japan), LDH (La Doria) Ltd (UK), and several others.
Recent Developments
- March 2022 – The prominent producer of award-winning, shelf-stable, awesome tasting, plant-based products, Atlantic Natural Foods, LLC, has announced numerous innovations, including the first-ever canned "Chik'n" product under the Loma Linda brand. The latest product is developed for people looking for delicious, plant-based substitutes to improve a healthy lifestyle. The development of the company's popular plant-based products arrives in the midst of shortages and increasing prices for both plant and animal-based proteins stemming from prolonged supply chain problems and worker shortages.
- October 2021- One of Europe's largest canned fish producers, Karavela, has offered a plant-based canned seafood product line under a new brand, Fish Peas. Developed using the highly sustainable yellow pea, the latest product line has been launched at the ongoing Anuga global trade fair.
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