Canned Seafood Market Size, Share & COVID-19 Impact Analysis, By Species (Tuna, Salmon, Sardines, Mackerel, and Others), By Distribution Channel (HoReCa and Retail [Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Retail, and Others]), and Regional Forecast, 2023-2030

The global canned seafood market size was valued at USD 48.94 billion in 2022 and is projected to grow from USD 51.67 billion in 2023 to USD 76.69 billion by 2030, exhibiting a CAGR of 5.80% during the forecast period. Asia Pacific dominated the canned seafood market with a market share of 56.27% in 2022.

The higher shelf life of canned food products is one of the significant factors driving the global market. A rise in the distribution of canned seafood through HoReCa and several retail channels, such as specialty stores, convenience stores, supermarkets/hypermarkets, and online retail, is driving market growth. Rapid innovations in e-commerce platforms are propelling the online retail segment's growth. Species, such as tuna, salmon, sardines, mackerel, and others are available in the global market. Mackerel is said to have a higher growth rate in the forecast period owing to the rising demand in the global market.

North America, Europe, and Asia Pacific hold a significant market share owing to increased adoption in the U.S., China, Germany, and others. Moreover, the rapid expansion of urban lifestyles in countries in Asia Pacific and South America boosted the consumption of canned seafood products.

Canned Seafood Market Trends

Rising Technological Advancements in Aquaculture Industry to Fuel Market Growth

The rising consumer inclination toward a healthy lifestyle has raised the demand for seafood and thus, has made major seafood manufacturers increase their production capacity, including canned products. However, the climate change and fishing quota set by governments to avoid adverse effects of overfishing restrains manufacturers from increasing the catch rate. Thus, there have been rising investments by major players toward advancement in aquaculture production. For instance, in July 2023, Morocco announced that the country had started the construction of its new hatchery for aquaculture. As per the country, the new project is said to produce up to 30 million high-quality species.

Furthermore, the aquaculture industry has shown rapid growth in recent years. The rising awareness toward climate change and sustainability has resulted in rising consumer inclination toward clean-label products. Thus, manufacturers want to produce more clean-label products and launch sustainable canned seafood. For instance, in October 2021, The Nature Conservancy (TNC), a leading conservation organization, announced a partnership with the Republic of the Marshall Islands (RMI) to provide sustainable canned tuna to Walmart stores.

COVID-19 IMPACT

COVID-19 Pandemic Moderately Affected the Market due to Rise in Demand for Ready-to-cook Food Products

The market for canned goods, including seafood, experienced a sudden increase in demand for retail channels globally. The rise in demand was owing to the convenience provided by the canned food products such as seafood while cooking. However, HoReCa channels were negatively impacted by lockdowns imposed by governments to control the spread of the virus.

Furthermore, increased awareness of healthy lifestyles among consumers in countries, such as the U.S., Germany, India, and others and the health benefits by seafood consumption positively impacted the market growth. Increased demand and difficulties caused by closing borders led to several supply chain disruptions. Moreover, the longer shelf life of canned seafood and a rise in consumer preference for products with longer shelf lives boosted market growth. For instance, as per the Organization for Economic Co-operation and Development (OECD), the demand for food products with longer shelf life, such as frozen and packaged, soared during the pandemic as consumers stockpiled.

Canned Seafood Market Growth Factors

Increased Canned Seafood Adoption due to Its Higher Shelf Life to Drive Market Growth

Canned seafood is highly economical as compared to fresh seafood. It is easy to cook and is convenient to buy, with higher availability in several retail channels. Furthermore, the rising number of e-commerce platforms further contributes to the canned seafood market growth. In addition to being highly economical and having a higher shelf life, this seafood is also rich in omega-3 fatty acids and does contain essential vitamins. Also, the saltiness of the fish assists in being convenient enough to be used as an appetizer, side, or main protein. Thus, it further contributes to market growth owing to consumers' rising inclination toward a healthy lifestyle. The rising number of health-conscious consumers is expected to fuel the market growth.

In addition, celebrities' rising social media influence in promoting the health benefits of canned seafood impacts the rising demand among consumers. For instance, as per Adam Bent, co-founder and CEO of Scout Canning, a U.S.-based Company, although canned seafood has been in the market for around 120 years, the recent rising social media trends have fueled the market growth and are driving its rapid expansion in different geographies and cultures, especially in the U.S.

The affordability of canned seafood is a key contributor to market growth due to the rising cost of living. For instance, according to Natalie Warb, a financial expert at CouponBirds, a U.S.-based coupon company, the ongoing crises caused by the rising cost of living and a rise in inflation are shifting consumer demand from costly fresh products to economic canned food products. Hence, the demand for the product is expected to witness significant growth over the forecast period.

RESTRAINING FACTORS

Reduced Availability of Raw Materials Due to Overfishing Hampers the Market Growth

Greenhouse Gas (GHG) emissions are the major cause of several global environmental disruptions. GHGs get trapped in the atmosphere, resulting in rising global temperatures, which increases the sea levels, causing droughts and heat waves, abnormal rainfall patterns, and intense storms—all of which threaten human well-being across the globe. For instance, as per the World Bank Data Organization, global greenhouse gas emissions increased to 4,61,20,921 kt in 2020 from 4,34,42,887 kt in 2010. At the same time, as per the Met Office Hadley Centre, a government U.K.’s climate change research center, the global temperature rose to 0.92 degrees Celsius in 2020 from 0.68 degrees Celsius in 2010.

The rising climate change has a significant impact on the fishery industry. For instance, as per the Food and Agriculture Organization, the fishery is said to modify the age and size structure, sex ratio, genetics, and species composition of the target resources and their associated and dependent species. When poorly controlled, fisheries develop excessive fishing capacity, leading to overfishing, with major ecosystem, social and economic consequences. Thus, governments have set fishing quotas to control and avoid excess fishing.

Thus, limitations caused by governments restrain the production rate of seafood. Furthermore, the rising climate change significantly impacts the seafood quality. The limited production and reduced seafood quality restrain the production. In addition, the limited supply toward top manufacturers further hampers the market growth as most of the seafood production is consumed live.

Canned Seafood Market Segmentation Analysis

By Species Analysis

Higher Affordability of Canned Tuna to Fuel Segment Growth

The global market is divided by species into tuna, salmon, sardines, mackerel, and others.

The tuna segment holds the highest share in the global market. The higher tuna fish consumption is due to the species' higher availability in more than 70 countries. Furthermore, the higher affordability of canned tuna, which is an economical source of protein, further contributed to segment growth.

The mackerel segment is expected to register the highest CAGR over the forecast period. A rise in the production of mackerel is boosting the segment growth. Manufacturers are focused on increasing production and launching new products to cater to consumer demand. For instance, in May 2021, the Thai Union Group announced the launch of its new SEALECT Gold premium skinless and boneless mackerel fillets. The new products are said to come in two flavors, which are tomato and spicy tomato.

By Distribution Channel Analysis

Wide availability of Product Variants in Supermarkets/Hypermarkets to Uphold Segment Dominance in the Market

The global market is segmented by distribution channel into HoReCa and retail.

The retail segment is further sub-segmented into specialty stores, supermarkets/hypermarkets, convenience stores, and online retail. The supermarkets/hypermarkets segment accounts for the highest market share. The easy accessibility of various products is driving segment growth.

Convenience stores are the second most significant distribution channel in the global market owing to their higher market penetration. Convenience stores are available at a significant grass root in tier 1 and 2 cities and a majority of rural areas, which makes it convenient for manufacturers to increase market penetration and thus have a significant share in the global market.

However, the online retail segment is expected to rise at the highest CAGR during the forecast period. Rapid technological innovations and easy doorstep delivery are fostering the segment growth. With the rising consumer inclination toward e-commerce, post-pandemic, the manufacturers and leading e-commerce players are launching new e-commerce platforms and increasing their market penetration with geographical expansion.

For instance, in June 2022, Yummyli Fish, an online meat and seafood delivery startup based in India, launched its Android app to provide more convenience to its consumers.

REGIONAL INSIGHTS

The global market regions are segmented as North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Asia Pacific held the highest canned seafood market share in 2022 owing to the higher per capita consumption in countries such as China, India, and others in the region. The higher per capita consumption is due to seafood being considered a staple food in the majority of regions, such as Bengal state in India. In addition, seafood is one of the significant parts of Chinese cuisine and is eaten in many different ways. Furthermore, the rising e-commerce development is driving the market growth in the region.

Europe holds a significant global market share due to the higher seafood consumption rate in countries, such as France, Italy, Spain, the U.K., and others. Furthermore, the rising consumer inclination toward cooking in the region is catering to the growth of the European market.

North America, followed by Europe, has a significant share in the global market, majorly driven by the higher demand for canned seafood in the U.S. Furthermore, seafood consumption in North America, specifically in the U.S., is significantly influenced by the demographic changes in the country's population. The influx of people from other countries impacts the U.S. market's food consumption and purchase patterns and simultaneously influences the product sales.

Market growth in South America is attributed to the rising fish production. Rapid expansion of the HoReCa sector is boosted market expansion in the Middle East & Africa and South America.

List of Key Canned Seafood Market Companies

Companies Focus on Sustainable Development of their Organizations to Fill Demand and Supply Gap

Leading companies are focused on the sustainable development of their organizations and collaborations to increase their production and meet the demand and supply gap. For instance, in May 2019, Nippon Suisan Kaisha Ltd. announced its new value optimization production plan to improve production.

Other key players in the market, such as Nippon Suisan Kaisha, Ltd., LDH (La Doria) Ltd., American Tuna, Inc., Universal Canning, Inc., and others, are focusing on new product developments, innovations, and partnerships to strengthen their presence in the market. For instance, in January 2020, Fong Chun Formosa Fishery Company (FCF), a Taiwan-based tuna trader, acquired the U.S. canned tuna brand Bumble Bee for USD 928 million.

LIST OF KEY COMPANIES PROFILED:

• Nippon Suisan Kaisha, Ltd (Japan)


• LDH (La Doria) Ltd (U.K.)


• American Tuna, Inc. (U.S.)


• Universal Canning, Inc. (Philippines)


• Connors Bros. Ltd. (Brunswick Seafoods) (Canada)


• Nueva Pescanova (Spain)


• Marine Harvest ASA (Norway)


• Thai Union Frozen Products (Thailand)


• Royal Greenland (Greenland)


• StarKist Co. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• July 2023 – Wild Planet Foods, a well-known sustainable seafood company, announced its all-new sustainably caught fish to make food items in the Whole Foods Market nationwide to meet the rising demand.


• March 2023 – Natural Grocers, a well-known U.S. family-owned organic and natural grocery retailer, announced the launch of its new variety of canned seafood, including albacore, wild pink salmon, Skipjack Tuna, and sardines in two varieties. With this launch, the company aims to expand its sustainable product range in the canned seafood market.


• October 2022 – Scout, a U.S.-based company, announced that it closed USD 4 million in funding in the seed round to increase the brand Omni channel strategy and invest in operational expansion.


• January 2022 – Minnow, a canned seafood product company, announced the launch of its inaugural product line, including Alaskan salmon, Icelandic cod liver, and Spanish sardines. The launch aimed to increase its market share in the U.S.


• September 2021 – Fishwife, a well-known U.S.-based seafood company, announced the launch of its all-new 100% traceable tinned smoked salmon with the rising demand for salmon in the market.

REPORT COVERAGE

The canned seafood market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, species, and distribution channels. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation: