Dublin, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Canned Seafood Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Distribution Channel, End User, and Region" report has been added to ResearchAndMarkets.com's offering.
The Global Canned Seafood Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 50 billion by 2028.
Driven by rising health awareness among people, increasing demand for processed and convenient, and advancements in manufacturing technology, canned seafood is being increasingly adopted among both households and commercial end users.
Rising health consciousness along with the rising popularity of ready-to-eat seafood items are positively impacting the market
Consumer demand for secure, nutrient-balanced, and convenient food products has grown during the past few years. These changes are causing the demand for fishery products to rise, which has an impact on global fisheries resources and jeopardizes the stocks of many fish species. Byproducts of fish businesses or fish species with low commercial value that are technologically improved and turned into goods with great nutritional potential would simultaneously help to meet current consumer preferences and promote more sustainable management of marine resources. This is in turn boosting the Canned Seafood Market.
Poor cold chain management and the use of toxic metals for tins, limit the market growth
The core of the frozen and processed fish sector is cold chain management, which calls for industry-specific experience, technical know-how, and financial commitment. Ready-to-eat (RTE) fish products are only available in contemporary retail outlet chains and cannot reach mass retail outlets due to cold-chain management restrictions. Furthermore, because RTE fish is a relatively new product in most regions, there is little consumer awareness of it as a result, retail prices are still high. This is negatively impacting the Canned Seafood Market.
Scope of the Report
The Canned Seafood Market is segmented by product, end-user, and distribution channel. In addition, the report also covers market size and forecasts for the four major regions' Canned Seafood Market. The revenue used to size and forecast the market for each segment is US$ billion.
By Distribution Channel
Key Trends by Market Segment
By Product: The tuna product segment held the largest market share in the Global Canned Seafood Market in 2021
Tuna being a good source of lean proteins is being increasingly demanded in various parts of the world. Omega-3 fatty acids found in fish, help to boost one's health. It strengthens the immune system, lowers blood pressure, eases depression, helps people lose weight, and prevents cancer
By Distribution Channel: The supermarket/hypermarket distribution channel segment held the largest share of the Global Canned Seafood Market in 2021.
Due to the availability of a broad variety of products and the convenience of making purchases through these types of sales channels, the segment of supermarkets and hypermarkets is anticipated to grow strongly. In these establishments, specific aisles are designated for various products, giving customers a wide range of choices. These mass merchandisers' new discounts and promotions are also anticipated to improve their sales results.
A growing industry, online retail is anticipated to develop significantly over the next few years due to convenient payment methods and home delivery choices.
By End User: The household end-user segment held the largest share of the Global Canned Seafood Market in 2021.
The increased consumption of seafood by the household population owing to its high health benefits as well as the convenience of consumption due to its ready-to-eat factor is anticipated to propel the market growth. The 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 increase in incomes and changing standards of living and convenience. This has benefited the Global Canned Seafood Market.
By Geography: Asia Pacific accounted for the largest market share in 2021 within the total Global Canned Seafood Market.
Given the abundance of raw materials and canneries in the Asia Pacific region that is used for aquaculture, it is expected that the acceptance of canned seafood products would rise in the region. According to the Marine Products Export Development Authority (MPEDA), India exported 12.8 lakh MT of seafood worth US$ 6.68 billion in 2019 and is projected to increase by 12.6% by the end of 2032.
Key Topics Covered in the Report
Snapshot of the Global Canned Seafood Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Canned Seafood Market
Historic Growth of the Overall Global Canned Seafood Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Canned Seafood Market
Overview, Product Offerings, and SWOT Analysis of Key Competitors
COVID-19 Impact on the Overall Global Canned Seafood Market
Future Market Forecast and Growth Rates of the Total Global Canned Seafood Market and by Segments
Market Size of Product/End User Segments with Historical CAGR and Future Forecasts
Analysis of the Canned Seafood Market in Major Regions
Major Production/Consumption Hubs in the Major Regions
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
Bumble Bee Seafood Company
Nippon Suisan Kaisha, Ltd
The Thai Union Group
Maruha Nichiro Corporation
Wild Planet Foods
Trident Seafoods Corporation
Rosa Food Products Co., Inc
Clover Leaf Seafoods Corp
Atlantic Natural Foods
Peter Pan Seafoods
Anklam Extrakt GmbH
For more information about this report visit https://www.researchandmarkets.com/r/lwlj6
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