Canned Seafood Market is projected to reach USD 29,084.5 Million by 2026, growing at a CAGR of 3.2% from 2019 to 2026

Global Canned Seafood Market Analysis:

According to Verified Market Research, The Global Canned Seafood Market was valued at USD 22,573.2 Million in 2018 and is projected to reach USD 29,084.5 Million by 2026, growing at a CAGR of 3.2% from 2019 to 2026.

What is Canned Seafood?

Modernization has impelled the market for modern appliances and increased connectivity along with the retail channel which promotes the packaged and processed food. An increase in the number supermarkets and hypermarkets which provides modern conveniences to the consumers has alleviated the purchases of packaged and canned foods. Canned seafood can be a part of modern, balanced, diversified diet, owned by a technique of preserving natural flavors over a long period of time, using certified processes that does not have a negative impact on the quality of food or the health of consumers. All foods can benefit from the safety provided by steel and glass packaging, especially fish and vegetables. Canned food especially seafood is safe, inexpensive and is available in a wide range of options.

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Global Canned Seafood Market Outlook

canned seafood has a better shelf life which enables it as a ready to eat option for consumers with a sedentary lifestyle. This has been driving the global canned seafood market and has uplifted the revenue generation from this domain. Growing seafood consumption globally and the durability and inexpensive nutritional properties of it have also been driving the market.

On the contrary, major concerns such as brand sensitivity and lack of capital investment might hinder the growth of the global canned seafood market. Moreover, the highly competitive rivalry has resulted in the increased bargaining power of the buyers, since a lot of options are available to the consumers in the market.

Global Canned Seafood Market, Geographic Analysis

The Global Canned Seafood market is studied on the basis of key geographies Europe, North America, Middle East and Africa, Asia Pacific and Latin America. Europe dominated the global canned seafood market in 2018. This region is driven by constant low temperatures and growing awareness about the advantages of canned seafood such as high durability. Asia Pacific, which is dominated by China, is expected to be the fastest growing market. North America, which is considered to be a matured market, is projected to witness relatively slower growth during the forecast period.

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Global Canned Seafood Market, Segment Analysis

The Global Canned Seafood market is segmented on the basis of Product, Distribution Channel and Geography. On the basis of Product, the Global Canned Seafood market is classified into Tuna, Salmon, Prawns, Shrimps and Others. By Distribution Channel, the market is bifurcated into Convenience stores, Supermarkets and hypermarkets and Independent retailers. Geographically, the Global Canned Seafood market is analyzed across North America, Europe, Asia Pacific and Rest of the World.

Canned tuna dominated the global canned seafood market in 2018 among all products owing to the increasing health benefits, such as proteins, minerals, and fatty acids offered by consuming salmon is likely to generate promising opportunities for key players operating in the global market. Moreover, the Global Canned Seafood market for supermarkets and hypermarkets were the most common distribution channel for canned seafood in 2018. This trend is expected to go on for a few more years.

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Global Canned Seafood Market, Competitive Landscape

The Global Canned Seafood market is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include Aquachile, Brunswick Seafood, Marine Harvest, Thai Union Group, Bumble Bee Seafoods, Starkist Co., Icicle Seafoods Inc., Maruha Nichiro Corporation, Trident Seafoods Corporation, Mogster Group.

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