From Ocean to Table: Navigating the Seafood Market
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.
Demand for specialised and distinctive culinary products rises as consumer purchasing power increases. Business opportunities have increased thanks to the utilisation of numerous seafood types in American restaurants and hotels. Because of the growing acceptance of plant-based fish, it is anticipated that the market for canned seafood would grow.
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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.
Because of the increased demand for seafood alternatives, scientists and marketers are producing nutritious, plant-based fish that tastes authentic. In December 2021, for example, the canned fish maker Karavela introduced a line of canned seafood made from yellow peas.
Both small businesses and established businesses are exhibiting interest in fish made from plants. An alternative to tuna derived from soy, yeast, and sunflower extract was introduced by Atlantic Natural Foods. Additionally, Good Catch secured US$ 32 million in funding in January 2020 for their plant-based seafood, while another company, Impossible Foods, said in 2019 that it is working on plant-based fish.
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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
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