Canned Seafood Market Set to Exceed USD 40.87 Billion by 2030, Fueled by Global Culinary Shifts

The SNS Insider report reveals a thriving Canned Seafood Market, valued at USD 24.32 billion in 2022 and anticipated to soar beyond USD 40.87 billion by 2030, with a compelling CAGR of 6.7% over the forecast period 2023-2030.
The Canned Seafood Market's growth is shaped by a dynamic interplay of consumer preferences, health consciousness, technological innovations, and global events. As the market continues to evolve, adapting to changing demands, it stands poised for sustained expansion in the years to come.

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Key Players:
Companies covered in the Canned seafood market are AquaChile, Brunswick Seafood, Marine Harvest, Thai Union Group, Sajo Industries, Bumble Bee Seafoods, StarKist Co., Wild Planet Foods, Connors Bros Ltd., Tradient Seafood.

Market Report Scope
The rising popularity of ready-to-eat seafood products, marked by a 15% surge in Canned Tuna imports in the U.S. in 2020, propels industry growth. Changing lifestyles, increased affordability, and the surge in demand during the COVID-19 pandemic contribute to this trajectory. Canned seafood, favored for its convenience, witnesses a spike in consumption as home-cooking becomes a prevalent trend. Awareness of the health benefits associated with omega-3 fatty acids in canned seafood escalates market growth. The high protein-to-calorie ratio in many seafood types aligns with dietary guidelines. Simultaneously, the allure of exotic food items gains traction, driven by the escalating purchasing power of consumers.
The emergence of plant-based canned seafood is a game-changer, with the market predicted to reach USD 162 billion in 2030 from USD 30 billion in 2020. As demand rises, scientists and marketers innovate, creating healthy plant-based alternatives that mimic the real thing.

By Product Type:
• Tuna
• Salmon
• Sardines
• Prawns
• Other Fish
• Shrimps
• Other Seafood
By End-User:
• Households
• Commercial
By Distribution Channel:
• Supermarket & Hypermarket
• Convenience Stores
• Online Stores
• Others

Market Analysis
The Canned Seafood Market rides the wave of growing demand for ready-to-cook food products. Innovations in canning technologies diversify product offerings, and value-added seafood products cater to increased demand. The long shelf life of canned seafood, particularly tuna, gains favor during home quarantines and the impacts of the COVID-19 pandemic. Health benefits and the rising purchasing power of consumers further fuel market growth.

Segmentation Analysis
• By Product Type
The fish portion dominates, fueled by the convenience of prepared meals and new product launches, such as Fair Trade Certified canned fish.
• By Distribution Channel
Retail holds the largest share, driven by the ease of access in physical stores globally. Food service channels witness growth due to increased consumption in restaurants and hotels.
• By End-User
Canned prawns stand out, with the convenience of canned food and the assurance of bacterial-free products driving their popularity.

Growth Factors
• The surge in demand for ready-to-eat seafood products is a primary growth driver. Improved distribution infrastructure enables the widespread availability of canned seafood, catering to the fast-paced lifestyles of modern consumers. The convenience of these products, especially during the COVID-19 pandemic, where consumers sought quick and easy meal solutions while working or staying at home, has fueled a significant uptick in consumption.
• The increasing awareness of the health benefits offered by canned seafood products is a significant growth factor. Canned seafood, rich in omega-3 fatty acids, aligns with dietary guidelines and provides a high protein-to-calorie ratio. As consumers become more health-conscious, the market experiences a surge in demand for products that not only offer convenience but also contribute positively to overall well-being.

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Key Regional Development
North America witnesses substantial growth due to the rising prevalence of protein-rich diets and a well-established distribution channel. Europe shows promising growth, driven by the consumption of fish to reduce the risk of heart diseases. The Asia Pacific thrives on the flourishing food service sector, fostering innovations in fish product offerings.

Key Takeaways
• The Canned Seafood Market thrives on the global shift towards convenient, ready-to-eat seafood, especially during the COVID-19 pandemic.
• Increasing awareness of the health benefits of omega-3 fatty acids boosts market growth.
• The rising popularity of plant-based alternatives propels the market into a new era of innovation.
Recent Developments
In June 2022: Maldives Industrial Fisheries Company Limited launches Drained Tuna Chunks, a canned tuna product with reduced oil content.
In August 2021: The Bolton Company acquires Wild Planet Foods, fortifying its position in the sustainable canned fish industry and aligning with global growth and sustainability goals.

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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Global Canned Seafood Market segmentation, by Product Type          
9. Global Canned Seafood Market segmentation, by End-User    
10. Global Canned Seafood Market segmentation, by Distribution channel
11. Global Canned Seafood Market, by region/ country
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

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