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Ocean's Bounty: Exploring the Booming Canned Seafood Industry

The global canned seafood market is projected to have a moderate-paced CAGR of 3.7% during the forecast period. The current valuation of the canned seafood market is US$ 33.6 billion in 2023. The value of the canned seafood market is anticipated to reach a high of US$ 48.2 billion, by the year 2033.

As consumer spending power rises, so does the demand for specialty and unique culinary products. Using a variety of seafood kinds in American restaurants and hotels has improved business potential. The market for canned seafood is expected to expand as plant-based fish gains more and more popularity.

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The ease, prolonged shelf life, and nutritional advantages of canned seafood products are driving the market for canned seafood to expand rapidly. The industry is still growing as a result of rising consumer desire for ready-to-eat and portable options as well as rising knowledge of seafood’s health advantages.

For instance, a Bloomberg Intelligence analysis projects stated that the market for canned fish made from plants would increase from US$ 30 billion in 2020 to US$ 162 billion in 2030.

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However, during the projection period, illegal fishing and overfishing may provide a significant threat to the canned seafood industry. Despite being the market’s main driver, commercial fishing has had a negative impact on fish stocks. Thus, it has caused overfishing and the depletion of fisheries.

Key Takeaways:

Over the forecast period, the United Kingdom is anticipated to occupy a significant portion of the global canned seafood market. By purchasing fish solely during its season, British businesses are setting the standard for canning mackerel, tuna, sardines, anchovies, and salmon. Additionally, they obtain it mostly from the world’s most eco-friendly fisheries.
Competitive Landscape:

The global canned seafood market is divided as a result of the presence of both international and local competitors. Significant market share is held by several corporations in their specialized industries. Leading firms frequently value organic developments, such as product approvals and the rise in demand for foods derived from animals, fats and oils, refined grains, and fruits and vegetables. The canned seafood market throughout the world is predicted to grow significantly as a result of these causes.

Key Players:

Nueva Pescanova
Marine Harvest ASA
Thai Union Frozen Products
Royal Greenlands
StarKist Co.
Nippon Suisan Kaisha Ltd.
Maruha Nichiro Corporation
Recent Developments:

In May 2019, Rio de Oro, a Moroccan manufacturer of frozen fish, introduced a line of canned fish with a focus on the European market.
In August 2020, Golden Gate Capital and Thai Union Group PCL had agreed to sell each other the remaining stock interest in Red Lobster Seafood Co. Orlando is likely to continue to house Red Lobster’s headquarters.
Key Segments

By Product Type:

Caviar
Mackerel
Salmon
Sardines
Tuna
Others
By Sales Channel:

Hypermarkets/Supermarkets
Convenience Stores
Independent Grocery Stores
Specialty Stores
Online Retail
By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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“Increasing use of pressure sensors in the engine and vehicle safety systems is expected to drive market growth during the forecast period,” comments an FMI analyst.

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Gummy Goodness: Exploring the Flourishing Vitamin Gummies Market


vitamin gummies market Thriving: Forecasted to generate US$ 4050 million by 2023, with a 6.5% CAGR reaching US$ 7352.3 million by 2033. Meeting the Demand for Convenient Nutrient Intake, Vitamin Gummies Gain Popularity for Providing Critical Health Support, Especially for Those on Strict Diets or Leading Busy Lifestyles.

By 2023, the market for vitamin gummies is expected to bring in US$ 4050 million, according to FMI. Forecasts place the market’s growth rate between 2023 and 2033 at 6.5 percent, or a US$ 7352.3 million market. Demand for multivitamin gummies is predicted to rise since they offer essential support for overall health and wellbeing. By completing nutritional gaps, they are pleasurable and practical sources of vitamins and minerals that support normal bodily function.

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Gummies like this are a great help to people who follow tight diets, have difficulty eating, or are very busy. As a result, they ensure that the body gets the nutrients it needs to sustain vigour and good health.Research is being done on vitamin gummies to increase consumer demand. The more money that is being put into this study, the more popular vitamin gummies are becoming. It’s supplements that are fueling the demand for wholesome, well-rounded food options.

With the introduction of Covid-19 last year, gummies have attracted a lot of interest in the beauty and wellness industries over the past several years. Gummies are a multivitamin supplement that also promotes skin and hair regrowth.

Key Takeaways from the Market Study

The global market for vitamin gummies is expected to reach US$ 6903 million by 2032.
Globally, the United States accounted for 24.7% of the vitamin gummies industry share in 2022.
The market for vitamin gummies is expected to rise by 6.3% CAGR between 2022 and 2032.
China accounted for an 11.2% CAGR in 2022, indicating continued growth in the market.
“Vitamin gummies will enjoy sustained demand for years to come due to their innovative flavors and attractive packaging. Natural products and premium pricing are expected to drive vitamin gummies’ growth in the market.” says an FMI analyst.

Competitive Landscape

The business of vitamin gummies is growing as many companies form strategic partnerships and collaborate with other businesses. There is a growing trend among vitamin gummies industry players to invest heavily in research and development, to develop new products, to expand their geographic presence, as well as to establish partnerships in order to grow their customer base.

On March 2023, SmartyPants Vitamins announced the launch of its most innovative multivitamin to date—SmartyPants Sugar-Free Multi & Omegas. The Sugar-Free Multi & Omegas from SmartyPants don’t contain sugar alcohols like other sugar-free gummies. In addition to having zero grams of sugar and zero grams of net carbohydrates, this new all-in-one supplement is sweetened using monk fruit extract and allulose to avoid digestive upset.
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Vitamin Gummies Market Segmentation

By Product Type:

Single Vitamin Gummy
Biotin
Omega & DHA
Vitamin C
CoQ10
Vitamin D
Melatonin
High Fibre Formulas
Multivitamin Gummy
Probiotic Vitamin Gummy
Bacillus Coagulans
Lactobacillus
Bacillus Subtilis
Others (Yeast Etc.)
By Customer Orientation:

Children
Adult
Men
Women
By Source:

Animal Based
Plant-Based

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