Canned Seafood Market To Hit Value $27.8 Billion By 2025 |Grand View Research, Inc.



The global canned seafood market size is expected to reach USD 27.8 billion by 2025, growing at a CAGR of 3.2% according to a new report by Grand View Research, Inc. The industry is anticipated to grow on account of rising demand for processed food due to ease of consumption.
The health benefits offered by canned sea food such as essential nutrients added during canning process including vitamin B12, D and A leading to the metabolism improvement, is expected to drive growth over next eight years. In addition, high demand for the ready to eat seafood is expected to translate into an increased product consumption.
The product offers health benefits including improvement eye sight, reduced risk of depression, increased immunity. In addition, the calcium content provided by this product helps in increasing bone strength thereby driving the demand for such products. Use of sustainable fish farming techniques is expected to result in an increased yield, leading to abundance of raw material for the market.
Technological advancements in tuna fishing with use of Fish Aggregating devices and advanced packaging technology for fish products is anticipated drive the industry growth over the eight years. In addition, improved packaging procedures with the use of RFID tags to improve the product traceability and agglomeration is expected to increase the product adoption by the consumers, thereby contributing to the market growth.
The competition in the canned seafood industry is concentrated over the Asia Pacific region with the presence of global and domestic players. Major companies in the industry including Bumble Bee Seafoods, StarKist Co., Wild Planet Foods, Connors Bros Ltd., Tradient Seafood. Sophisticated performance, reduction in the cost, superior quality and use of advanced technologies are anticipated to be major characteristics of the players in the market.
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Further key findings from the report suggest:
·         Sardines is expected to emerge as the fastest growing segment growing at a CAGR 5.0%, by revenue from 2017 to 2025 owing to the rising availability in ecommerce coupled with increased health benefits offered by the product.
·         The canned tuna market is expected to account for 47.5% of the global volume due to high consumer adoption coupled with superior taste of the product. In addition, the industry is expected to benefit from the high production volume of tuna primarily in Asia Pacific.
·         The industry in Asia Pacific is expected to grow at a CAGR of 4.1% by revenue, from 2017 to 2025 due to high product consumption by the consumers as a part of staple diet primarily in China, Japan, and Thailand.
·         A majority of the products consumed across the globe are manufactured and canned in Asia Pacific due to abundance of raw material coupled with presence of a large number of canneries in the region.
·         Key players operate the business through mergers & acquisitions in order to increase the market share. In addition, the companies produced varying customized products in accordance to the export destinations of the product.
Canned tuna emerged as one of the widely consumed product in industry. On account of its superior properties including rich source of lean proteins. In addition, other nutrients offered by the product such as omega 3 fatty acid, that results in the improvement of personal health, is anticipated for increase the consumption.
The advantages offered by the product including improved immune system, reduced blood pressure, reduced depression, coupled with strengthened bones is likely to increase the consumption of this product. In addition, the products aids in weight reduction and cancer prevention, which is anticipated to rise the consumption of the product over the next eight years.
Canned shrimp market is expected to grow at a CAGR of over 4.1%, by revenue, from 2017 to 2025 owing to factors such as high nutritional value, use of the product across multiple cuisines adoption of the product by high-end restaurants. In addition, the product provides benefits such as low fat content coupled with high concentration of easily digestible protein, which is expected to drive the canned seafood market growth.
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https://www.grandviewresearch.com/press-release/global-canned-seafood-market
Demand for the product is likely to rise due to increased product consumption owing to health benefits coupled with the adoption of sustainable fish farming techniques adopted by the manufacturers. In addition, advantages offered by this product including extended shelf life, ease in cooking, are anticipated to drive growth.
The industry in the U.S. is expected to be driven by the high product use in restaurants and other eateries. In addition, high demand for ready to eat exotic products in the economy is expected to drive growth over the forecast period. Furthermore, key players in the industry resort to the use of premium quality tuna for canning in order to alleviate the concerns regarding canned tuna.
The industry is anticipated to grow in Asia Pacific as fish forms an important food for the population living in economies such as Japan, China, Vietnam, Indonesia, and Thailand. In addition, positive governmental support in terms of reduction in tariff, waving import tariff is likely to drive the growth in market for next eight years. In addition, presence of large companies in the region is expected to benefit growth over the forecast period.
The price of the product is influenced by the volatility in the production level of fishes. Lower income levels of population in developing economies are unable to afford the product which is likely to hamper industry growth. In addition, the seasonal availability of the product is anticipated to hamper the growth. However, decrease in the price for products such as canned tuna is expected to drive growth.
Grand View Research has segmented the global canned seafood market on the basis of product:
Canned Seafood Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·         Tuna
·         Salmon
·         Sardines
·         Other fish
·         Prawns
·         Shrimps
·         Other seafood
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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