Canned Seafood Market by Product and Geography - Forecast and Analysis 2021-2025

The canned seafood market share is expected to increase by USD 7.60 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.28%.

This canned seafood market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers canned seafood market segmentation by product (canned tuna, canned salmon, and other canned seafood), distribution channel (offline and online), and geography (Europe, North America, APAC, MEA, and South America). The canned seafood market report also offers information on several market vendors, including American Tuna Inc., Dongwon Group, Empresas AquaChile SA, F.C.F. Fishery Co. Ltd., LABEYRIE FINE FOODS, Mowi ASA, Nomad Foods Ltd., Thai Union Group PCL, Trident Seafoods Corp., and Wild Planet Foods Inc. among others.

What will the Canned Seafood Market Size be During the Forecast Period?

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Canned Seafood Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and after the post-COVID-19 era. The new product launches are notably driving the canned seafood market growth, although factors such as illegal fishing and overfishing may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the canned seafood industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Canned Seafood Market Driver

One of the key factors driving the data center market is the new product launches. To stay competitive in the market and to meet the changing consumer demands, new products are being launched by players. This is an important driver contributing to the growth of the global canned seafood market. New product launches help vendors increase their sales and market shares. Vendors try to attract customers by introducing new canned seafood variants. Some examples of recent new product launches are in November 2019, Thai Union Group PCL (Thai Union) launched a new tuna product, SEALECT Tuna Fitt, in Thailand to attract health-conscious consumers. Similarly, in July 2019, Princes Ltd. launched Mackerel Sizzle and Infused Tuna Fillets, two new fish-based product ranges. The products were launched by the company to extend the use of canned fish in evening meals of end-users. Moreover, with the rising number of product launches, consumers will have a wide range of options to select from. Therefore, new product launches will drive the growth of the global canned seafood market during the forecast period.

Key Canned Seafood Market Trend

Growth in online retailing is another factor supporting the data center market growth in the forecast period. The growing interest and preference for online shopping among consumers, owing to an increase in convenience, have led many manufacturers and distributors to focus on sales through online channels and e-commerce platforms. Therefore, brands such as Dongwon Group's StarKist and F.C.F. Fishery's Bumble Bee are increasingly collaborating with online retailing companies such as Amazon, Alibaba, ASDA, and Waitrose & Partners to sell products on their e-commerce platforms. Additionally, online and e-commerce channels support business-to-business (B2B) and business-to-consumer (B2C) operations. Moreover, new businesses are improving supply chain and logistics to support the hassle-free delivery of seafood to consumers. For instance, Yorso, a B2B e-commerce platform for fish and seafood in Russia, is improving the supply chain and logistics by providing support in the complete business delivery process of seafood, automated document exchange, veterinary certifications of all seafood suppliers, accounting, purchasing, logistics, and automated transactions between large companies in the country. The growing number of online shoppers across the world is expected to result in an increase in the sales of canned seafood products through online channels.

Key Canned Seafood Market Challenge

Illegal fishing and overfishing will be a major challenge for the data center market during the forecast period. Although commercial fishing is driving the market, it has led to overexploitation and depletion of fish stocks. Commercial fishing has adversely affected fish stock. It is expected that commercial fishing will decrease during the forecast period due to an increase in the awareness of fishing techniques that harm the environment and deplete the fish stock. Moreover, commercial fishing comes with its own hazards like accidents and the death of workers both on and off-board ships. It is expected that increased awareness of newer fishing techniques and the excessive environmental damage will result in a decrease in commercial fishing during the forecast period. Furthermore, a rise in illegal, unregulated, and unreported fishing is a cause for concern. It can occur across all types of fisheries ranging from small-scale to large industrialized operations. As of 2019, illegal fishing accounted for around one-sixth of the volumes of the global fish catch. The costs of illegal fishing are high, as the value of pirate fish products is estimated at around USD 16.5 billion annually.

This canned seafood market analysis report also provides detailed information on other upcoming trends and challenges that will affect market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global canned seafood market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the canned seafood market during the forecast period.

Who are the Major Canned Seafood Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• American Tuna Inc.
• Dongwon Group
• Empresas AquaChile SA
• F.C.F. Fishery Co. Ltd.
• LABEYRIE FINE FOODS
• Mowi ASA
• Nomad Foods Ltd.
• Thai Union Group PCL
• Trident Seafoods Corp.
• Wild Planet Foods Inc.

 

This statistical study of the canned seafood market encompasses successful business strategies deployed by the key vendors. The canned seafood market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• American Tuna Inc. -The company offers solutions for harvesting and packing high-quality sustainable canned albacore tuna.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The canned seafood market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Canned Seafood Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the canned seafood market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global packaged foods and meats includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Canned Seafood Market?

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36% of the market's growth will originate from Europe during the forecast period. Spain, Germany, the UK, Denmark, France, Italy, the Netherlands, and Sweden are the key markets for the canned seafood market in Europe. Market growth in this region will be faster than the growth of the market in other regions.

The increasing health consciousness among consumers and the healthy living trend will facilitate the canned seafood market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in Europe affected the canned seafood market in the first quarter of 2020. The rise in the number of COVID-19 cases in the region led to nationwide lockdowns, which disrupted the supply chains and led to a decline in demand. This, in turn, caused a loss of revenue for the market in Europe. However, the previously stocked inventories by offline distributors helped to sustain the market's growth in the region during the outbreak. In addition, the relaxation of lockdown measures is likely to drive the growth of the regional market during the forecast period.

What are the Revenue-generating Product Segments in the Canned Seafood Market?

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The canned seafood market growth by the canned tuna segment will be significant during the forecast period. The segment is expected to exhibit the fastest growth rate during the forecast period owing to the high nutritional value of different species of tuna fish. Tuna is canned along with various edible oils and sauces. Moreover, consumers are increasingly becoming aware of the health benefits of canned tuna, and as a result, the demand for canned tuna has been increasing globally. Also, the rising imports and exports of canned tuna indicated the flourishing trade of the market across the world.

This report provides an accurate prediction of the contribution of all the segments to the growth of the canned seafood market size and actionable market insights on post-COVID-19 impact on each segment.

 

Canned Seafood Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 4.28%
Market growth 2021-2025	$ 7.60 billion
Market structure	Fragmented
YoY growth (%)	3.57
Regional analysis	Europe, North America, APAC, MEA, South America, Europe, North America, APAC, MEA, and South America
Performing market contribution	Europe at 36%
Key consumer countries	US, Spain, Germany, Japan, and Canada
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	American Tuna Inc., Dongwon Group, Empresas AquaChile SA, F.C.F. Fishery Co. Ltd., LABEYRIE FINE FOODS, Mowi ASA, Nomad Foods Ltd., Thai Union Group PCL, Trident Seafoods Corp., and Wild Planet Foods Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Canned Seafood Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive canned seafood market growth during the next five years
• Precise estimation of the canned seafood market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the canned seafood industry across Europe, North America, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of canned seafood market vendors

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