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The global canned seafood market is projected to reach US$ 33.61 billion in 2023 and is expected to surpass US$ 48.21 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 3.71% during this period. The market has shown significant growth, with key players focusing on sustainability, quality, and innovation to meet the increasing demand for canned seafood.
Leading international seafood enterprises are driving the transformation of the fishing industry by emphasizing business accountability, quality, and environmental practices. They aim to provide fresh and sustainably farmed seafood, using innovative and sustainable strategies. Aquaculture is playing a crucial role in meeting the rising demand for seafood with its low carbon footprint.
Key market players have diversified their product portfolios to include a variety of fish products, such as whole fish, fillets, steaks, smoked salmon, burgers, and tartars. Their focus on global expansion and partnerships with local fishing communities in Greenland and Atlantic Canada ensures a consistent supply of high-quality seafood.
In terms of market dynamics, the global canned seafood market has shown a CAGR of 3.11% from 2017 to 2022, and it is expected to increase to 3.71% in the next decade. Factors contributing to this growth include improving end-user demand in key economies like the United States and China, as well as an overall increase in the global population.
However, the industry faces challenges such as shifting customer preferences, trade restrictions, and potential issues related to the supply of raw materials. Despite these challenges, the market is anticipated to experience growth opportunities through increased research and development, modernization of new products, and a focus on sustainability.
A comparative analysis with adjacent markets reveals that the canned seafood market's growth is driven by advancements in fish farming techniques and canning procedures. Opportunities lie in increased research and development and modernization of new products. However, the use of preservatives in some canned goods may pose health concerns and act as a market restraint.
The seafood market, with a CAGR of 3.61%, is influenced by consumer awareness of the health benefits of seafood. Collaboration across the seafood industry is seen as a solution to environmental challenges, but the rise of veganism may slow market development.
The fishmeal market, with a higher CAGR of 7.71%, is driven by the economic profitability of sustainability in pet food manufacturing. Fishmeal's use as a fertilizer is another opportunity, but challenges include infrastructure shortages in developing countries.
Category-wise insights highlight the significant market share of caviar (3.21%) throughout the forecast period. Hypermarkets/supermarkets are expected to dominate sales channels with a market share of 4%.
Region-wise overviews showcase the expected growth in key countries. In the United States, a market size of US$ 11.11 billion is projected for 2033, driven by a well-established distribution system and increased internet sales. In the United Kingdom, the market size is expected to be US$ 2.3 billion, fueled by rising health consciousness among consumers. China leads in importing canned mackerel, with a market size of US$ 2.8 billion in 2033, driven by a vast quantity of raw material and numerous canneries.
South Korea's canned seafood market is valued at US$ 1.81 billion in 2033, with a focus on product innovation and a rise in demand for protein-based goods.
The entry of start-up companies, such as Qwehli Seafood, La Fourche, and Supabaza, alongside key players, contributes to the global canned seafood market's growth.
Key market players include Nueva Pescanova, Marine Harvest ASA, Thai Union Frozen Products, Royal Greenlands, StarKist Co., Nippon Suisan Kaisha Ltd., Maruha Nichiro Corporation, Icicle Seafoods Inc., and others. These players employ organic growth strategies to capitalize on market potential, with recent developments including acquisitions, expansions, and product launches.
In summary, the global canned seafood market is poised for significant growth, driven by sustainability, quality, and innovation initiatives by key players, along with increasing consumer demand and awareness.
The global canned seafood market is projected to reach US$ 33.61 billion in 2023 and is expected to surpass US$ 48.21 billion by 2033.
The global market is projected to grow at a CAGR of 3.71% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65483
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