Canned Seafood Market - Growth, Trends, and Forecast (2020 - 2025)
The global canned seafood market is projected to grow at a CAGR of 4.64% during the forecast period (2020-205).
- Seafood is emerging as a popular source of protein and other nutrients, especially for nutricosmetics, owing to the potential of red meat being carcinogenic.
- Canned seafood includes canned fish, such as tuna, salmon, and sardines, or frozen fish fillets, crustaceans, and mollusks. Canned seafood is the second-most popular category of processed seafood, following the frozen category.
- There is an increasing demand for sustainably sourced sea foods, due to their numerous health benefits. Cans are expected to emerge as a popular packaging medium, with increased number of canned seafood being available in various distribution channels.
Key Market Trends
Increasing Demand For Sustainable Food Products
Canned fish are processed, sealed in an airtight container (such as a sealed tin can), and subjected to heat. Fish have low acidity where microbes can flourish, and thus, requires sterilization under high temperature (116-130 °C). Other than sterilization, no method is perfectly dependable for preserving. Consumers, nowadays, are seeking minimally processed foods that are free from synthetic preservatives and obnoxious residues of fertilizers and antibiotics. Canned foods are, thus, the best alternative, satisfying the criteria. There is an increased demand for canned fish products (such as canned salmon) among the fitness-conscious demographic, particularly athletes. Canned seafood, such as salmon, is a rich source of iron, high-quality protein, omega-3 fatty acids, and vitamin B-12, which makes it popular among the aforementioned population segment. The prospect of higher growth in the e-commerce of seafood is also driving its growth. Online shopping offers extra convenience and the buying experience is greatly enhanced. Governments all around the world are encouraging sustainable seafood production and processing, with a view to empower the coastal community and improve their livelihoods. Such policy initiatives are also boosting the market segments for canned seafood. The marine economy has also received a significant push in the recent years, with different nations coming together on a common platform to sustainably develop the fisheries sector. The blue revolution in India is one such example.
India Has Emerged As One OF The Most Lucrative Markets For Canned Seafood
India is now the world’s fastest-growing market for packaged and processed fish and seafood, a category that includes frozen and canned products. Thus, the canned seafood segment has a huge untapped potential with abundant raw material supply, but lack of infrastructural resources. The share of food manufacturing industries is expected to increase, aligning with the objective of 'Make in India’, a flagship program that aims to provide a significant fillip to the secondary sector of economy, thereby, propelling the market for niche foods, like canned processed products. The external situation is also expected to be favorable for the canned food market, with India receiving 43% higher foreign direct investment (FDI) in the food processing industry for the fiscal year 2016-17, as compared to the last fiscal year. India has also allowed 100% FDI in manufacturing of food products and 100% FDI in trading (including e-commerce) of food products manufactured and produced in India. This is expected to boost the market sentiments for foreign manufacturers of canned foods. There has been a major shift observed in the food habits of people residing in the metropolitan cities of India. A survey conducted by the Associated Chamber of Commerce and Industry of India (Assocham) revealed that about 79% of households prefer instant food, due to a steep rise in double incomes, altering standard of living, and convenience. Canned foods are, thus, expected to fetch more sales in the urban counterparts of the country.
Companies in the canned food market are investing heavily in product development, by strengthening their R&D initiatives for the long term. Strategic alliances and agreements with regional players are also some of the approaches preferred by manufacturers to expand their revenue base and deepen their regional penetration. Major players in the market are Thai Union Group Company Inc., Bumble Bee Foods, LLC, Maruha Nichiro Corporation, Maruha Nichiro Corporation, and others.
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