What Is The Size Of Global Canned Seafood Industry?
The Canned Seafood Market is largely driven by rising health awareness among people, increasing demand for processed and convenient, and advancements in manufacturing technology.
Consumer demand for secure, nutrient-balanced, and convenient food products has grown during the past few years. These changes are causing the demand for fishery products to rise, which has an impact on global fisheries resources and jeopardizes the stocks of many fish species. Byproducts of fish businesses or fish species with low commercial value that are technologically improved and turned into goods with great nutritional potential would simultaneously help to meet current consumer preferences and promote more sustainable management of marine resources. This is in turn boosting the Canned Seafood Market.
During the COVID-19 pandemic, demand for canned fish soared, especially due to the rising trend of in-house cooking. Canned food was favored by consumers who chose to work from home or stay at home since it is quick and simple to prepare. Additionally, because restaurants curtailed service to prevent an increase in coronavirus infections, more people cooked at home and consumed more canned seafood.
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Global Canned Seafood Market By Product
The Global Canned Seafood market is segmented by Product into Tuna, Salmon, Sardines, Prawns, Shrimps and Other Seafood. The tuna product segment held the largest market share in the Global Canned Seafood Market in 2022.
Tuna being a good source of lean proteins is being increasingly demanded in various parts of the world. Omega-3 fatty acids found in fish, help to boost one's health. It strengthens the immune system, lowers blood pressure, eases depression, helps people lose weight, and prevents cancer.
Global Canned Seafood Market By Distribution Channel
The Global Canned Seafood market is segmented by Distribution channel into Supermarket/Hypermarket, Convenience Store, Specialty Store and Online Retail.
The supermarket /hypermarket distribution channel segment held the largest share of the Global Canned Seafood Market in 2022.
Due to the availability of a broad variety of products and the convenience of making purchases through these types of sales channels, the segment of supermarkets and hypermarkets is anticipated to grow strongly. In these establishments, specific aisles are designated for various products, giving customers a wide range of choices. These mass merchandisers' new discounts and promotions are also anticipated to improve their sales results.
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Global Canned Seafood Market By End-User
The Global Canned Seafood market is segmented by End-user into Household and Commercial. The household end-user segment held the largest share of the Global Canned Seafood Market in 2022.
The increased consumption of seafood by the household population owing to its high health benefits as well as the convenience of consumption due to its ready-to-eat factor is anticipated to propel the market growth.
The survey conducted by the Associated Chamber of Commerce and Industry of India (Assocham) revealed that about 79% of households prefer instant food due to a steep increase in incomes and changing standards of living and convenience. This has benefited the Global Canned Seafood Market.
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The global canned foods market size is projected to reach USD 100.92 billion by the end of 2027.
Increasing product demand availability at low costs will emerge in favor of market growth.
According to a report published by Fortune Business Insights, titled “Canned Food Market Size, Share & Industry Analysis, By Type (Canned Seafood, Canned Fruits and Vegetables, Canned Meat, and Others), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, and Online Retail), and Regional Forecast, 2020 – 2027,” the market was worth USD 91.90 in 2019 and will exhibit a CAGR of 1.30% during the forecast period, 2020-2027.Canned foods are widely consumed across the world, accounting to the adoption of fast paced lifestyles.
These foods have gained massive popularity in the past few decades.
The use of environment-friendly material for manufacturing of cans and can materials will aid the growth of the overall market in the coming years.
The availability of preserved foods and variations in these foods will emerge in favor of the companies operating in the market.
