The global canned seafood market size is expected to reach USD 27.8 billion by 2025, growing at a CAGR of 3.2% according to a new report by Grand View Research, Inc. The industry is anticipated to grow on account of rising demand for processed food due to ease of consumption.
The health benefits offered by canned sea food such as essential nutrients added during canning process including vitamin B12, D and A leading to the metabolism improvement, is expected to drive growth over next eight years. In addition, high demand for the ready to eat seafood is expected to translate into an increased product consumption.
The product offers health benefits including improvement eye sight, reduced risk of depression, increased immunity. In addition, the calcium content provided by this product helps in increasing bone strength thereby driving the demand for such products. Use of sustainable fish farming techniques is expected to result in an increased yield, leading to abundance of raw material for the market.
Technological advancements in tuna fishing with use of Fish Aggregating devices and advanced packaging technology for fish products is anticipated drive the industry growth over the eight years. In addition, improved packaging procedures with the use of RFID tags to improve the product traceability and agglomeration is expected to increase the product adoption by the consumers, thereby contributing to the market growth.
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Canned Seafood Market Report Highlights
• Sardines is expected to emerge as the fastest growing segment growing at a CAGR 5.0%, by revenue from 2017 to 2025 owing to the rising availability in ecommerce coupled with increased health benefits offered by the product.
• The canned tuna market is expected to account for 47.5% of the global volume due to high consumer adoption coupled with superior taste of the product. In addition, the industry is expected to benefit from the high production volume of tuna primarily in Asia Pacific.
• The industry in Asia Pacific is expected to grow at a CAGR of 4.1% by revenue, from 2017 to 2025 due to high product consumption by the consumers as a part of staple diet primarily in China, Japan, and Thailand.
• A majority of the products consumed across the globe are manufactured and canned in Asia Pacific due to abundance of raw material coupled with presence of a large number of canneries in the region.
• Key players operate the business through mergers & acquisitions in order to increase the market share. In addition, the companies produced varying customized products in accordance to the export destinations of the product.
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Canned Seafood Market Segmentation
Grand View Research has segmented the global canned seafood market on the basis of product and region:
Canned Seafood Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Tuna
• Salmon
• Sardines
• Other fish
• Prawns
• Shrimps
• Other seafood
Canned Seafood Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• Thailand
• Japan
• Vietnam
• Indonesia
• Israel
• Central & South America
• Brazil
• Middle East & Africa
• GCC
• East Africa
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Seafood Processing Equipment Market Size, Share & Trends Analysis Report by Product (Frozen, Smoked, Canned, Dried), By Equipment (Slaughtering, Gutting, Scaling, Filleting), And Segment Forecasts, 2018 – 2025
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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