Global Canned Seafood Market Report and Forecast 2024-2032

Global Canned Seafood Market Outlook

The global canned seafood market size reached approximately USD 32.52 billion in 2023. The market is further projected to grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of USD 49.59 billion by 2032.

Key Trends in the Market

Canned seafood refers to seafood products such as shrimps, salmon, tuna, and sardines, among others that have been processed and sealed in an airtight container. Canning of seafood ensures that its nutritional value is preserved, and the shelf life is extended.

• Increased consumption of canned seafood due to its long shelf life along with the convenience offered by the product is a key trend aiding the canned seafood market growth. Canning of seafood eliminates the requirement for refrigeration and enables consumption right out of the container.

• The consumption of seafood is increasing with the growing requirement for healthy weight management. Various seafood products including tuna have significantly lower fat content and calories and are rich in proteins, making it a useful inclusion in weight loss and weight management diets. This, in turn, is favouring the canned seafood market demand.

• Introduction of delectable flavours including lemon pepper smoked shellfish, jalapeño-infused mackerel, and octopus in olive oil, among others, along with the adoption of modern marketing strategies by various canned seafood manufacturers and distributors is aiding the market expansion.

Market Analysis

On the basis of type, the canned seafood market segmentation includes canned fish, canned shrimp, and canned prawns, among others, with canned fish sub-divided by type into tuna, salmon, sardines, and mackerel, among others. Based on distribution channel, the market is categorised into supermarkets/ hypermarkets, convenience stores, and online retail stores, among others. On the basis of region, the market is classified into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global canned seafood market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Thai Union Group Public Company Limited

• Bumble Bee Foods, LLC

• Century Pacific Food Incorporated

• Bolton Group S.r.l

• Dhofar Fisheries & Food Industries Company S.A.O.G

• StarKist Co

• Icicle Seafoods, Inc

• Others

Market Share by Type

As per the canned seafood market analysis, canned fish products comprising, tuna, salmon, sardines, and mackerel, among others, is expected to account for a significant portion of the market. Tuna in particular is a rich source of proteins and of the amino acid taurine, which helps in providing protection against heart diseases. Other nutritional benefits of seafood include high vitamin B content, that supports the nervous system and skin and high magnesium content that promotes brain function and bone strength. The convenience offered by canned fish products is enhancing the popularity of canned seafood among consumers.

Market Share by Region

The Asia Pacific region is expected to account for a significant canned seafood market share over the forecast period, owing to the increased utilisation of seafood in the preparation of regional cuisine along with the presence of a strong fishing industry. Furthermore, rising awareness about personal health and wellness is boosting the consumption of canned seafood as it is packed with proteins and good cholesterol and has significantly lower cost than fresh seafood.

Competitive Landscape

Thai Union Group Public Company Limited is a producer of seafood products and is headquartered in Samut Sakhon, Thailand. Their products include sardines, shrimps, salmon, pet food, tuna, mackerel, and prepared foods.

Bumble Bee Foods, LLC, headquartered in California, is known for speciality protein products and seafood.  They have various brands under their wing including Clover Leaf, Beach Cliff, Wild Selections, and Snow’s, among others.

Century Pacific Food Incorporated is known for the distribution and sale of processed and canned fish products derived from milkfish, sardines, and tuna, among others. The company was established in 2013 and is headquartered in Metro Manila, Philippines.

Other market players include Bolton Group S.r.l, Dhofar Fisheries & Food Industries Company S.A.O.G, StarKist Co, and Icicle Seafoods, Inc, among others.

Key Highlights of the Report