Canned Seafood Market Size, Share & Industry 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, 2024-2032

The global canned seafood market size was valued at USD 29.25 billion in 2023. The market is projected to grow from USD 30.46 billion in 2024 to USD 45.11 billion by 2032, exhibiting a CAGR of 5.03% during the forecast period.

Canned seafood refers to processed fish products that are processed and sealed in airtight cans and are subjected to heat. These products have a high product life compared to fresh fish products.  The higher shelf life of canned food products is one of the significant factors driving the global market. These products are considered of great economic importance for the majority of the developed regions and are highly preferred by individuals owing to their beneficial health advantages and rich nutritional composition. Moreover, they offer a convenient solution for individuals looking for versatile and quick meals.

Market Dynamics

Market Drivers

Rising Practice of Aquaculture Farming Fuels the Availability of Canned Tuna

As compared to traditional fish farming methods, aqua farming offers various advantages that entice the consumer’s attention. Firstly, aquaculture improves food security by increasing seafood production, thus offering a reliable protein source for the thriving population. Secondly, aqua farming allows more control over the environment, which inhibits exposure to diseases and other contaminants and leads to healthier fish production. As a result, owing to the increasing emphasis on aquaculture, the employment of fish farmers is also expected to soar in regions in the future. The Food Agriculture and Organization,” a regulatory body of the U.S., stated that the number of fishers in aquaculture rose by 5.62% in 2020 and reached 94 thousand as compared to 89 thousand in 2015 Europe. As a result, this high employment rate in fisheries is projected to fuel the production capacity of a variety of fish, leading to increased availability of canned tuna in the market.

Increasing Demand for High Shelf-Life Products and Rise in Women Employment Rate Encourages the Use of Such Products

They offer a convenient solution for individuals looking for versatile and quick meals. In today’s rapid pace of life, the majority of the population does not have sufficient time to prepare meals from scratch. As a result, this makes it an ideal option for consumers seeking convenient yet nutritious food. Coupled with the increasing convenience, a surge in the demand for animal-sourced protein, prolonged shelf life, and an affordable price range of such products as compared to other various forms (frozen and fresh) further stimulates the sales of canned products.

Another factor promoting the utilization of canned products is the rising women’s employment rate across the globe. With the strict work deadlines, household chores, and family commitments, it becomes difficult for working women to invest enough time in cooking meals. As a result, this scenario has contributed to the high demand for ready-to-cook meal options, such as canned products and others.

Market Restraints

Changing Food Consumption Behavior to Hinder Market Growth

One of the crucial factors hindering the canned seafood market growth is the strong inclination toward the trend of veganism. In this modern era, consumers are opting for products that are produced naturally and are safe for consumption. The Good Food Institute India, a non-profit organization, claims that the consumption of plant-centric seafood rose by 42% from 2019 to 2021. As a result, this gives rise to the demand for plant-centric products as they are considered healthier and nutritious and also promote animal welfare. Also, the rising concerns for environmental health further contribute to the incorporation of plant-based products in daily diets. Thus, this factor inhibits the consumption of these products among consumers.

Market Opportunities

Technological Advancements to Support Market Growth

With time, advancements in technologies are required to improve the product’s overall nutritional quality and efficiency. Companies should focus on developing and using technologies that can enhance the transparency of tuna fish-catching methods. Also, the firms should build monitoring tools that can help in tracing illegal fishing, further opening opportunities for the key players who are engaged in sustainable production. As demand for ready to cook products is increasing, the need for advanced technology for manufacturing such products is expected to increase in the future as well.

CANNED SEAFOOD MARKET TRENDS

Rising Demand for Kid-Friendly Canned Seafood is the Current Trend Supporting the Market Expansion

In today’s busy world, easy-to-prepare/ready-to-eat meals are gaining huge traction among consumers, especially the dual working population. Owing to restricted time for preparing meals for their kids, parents are seeking kid-friendly healthy products that can add nourishment to their children’s diet. As a result, this gives rise to the demand for such products, which can be easily consumed as a standalone meal or can be incorporated with other foods in the kids' daily routine.

Due to increased demand, companies are now focusing on a new target group of kids. They are working toward launching an ideal products for kids, which consists of minimal preservatives.

Also, key players are trying to produce mini portions that can suffice the children’s needs. For instance, in January 2024, Tonnino, a producer of high-quality premium wild-caught tuna fish in the U.S., introduced the launch of its latest canned tuna, specifically for kids. The new range, “Tonnino Kids Tuna,” provides two new offerings, which include yellowfin tuna chunks with carrots and peas in vegetable oil and premium yellowfin tuna chunks with sweet corn in water. Moreover, the product has bright packaging, which appeals to kids, and the products provide 16 - 17 grams of protein.

COVID-19 IMPACT

Supply Chain Bottlenecks Negatively Impacted Market Growth During the Pandemic

The COVID-19 pandemic greatly influenced consumers' consumption of seafood products. Although food service consumption declined during the pandemic, the retail demand for the products increased. In the early months of lockdown, as the sales through restaurants declined, the demand for products with long shelf life increased. As the demand for ready-to-eat convenience products increased, the popularity of these products increased during the period. The sales of products increased in European nations such as Spain and Italy.

The pandemic affected the seafood market growth, including the demand for such products in restaurants and other food service areas. As supplies from the Asia Pacific region were delayed due to logistics restrictions, regional tuna packers in European countries, namely Spain, Italy, France, and Portugal, helped replenish the supplies of the European supermarket.

Segmentation Analysis

By Species Analysis

Higher Affordability of Canned Tuna Fueled Its Segment Growth

Based on species, the global market is distributed into tuna, salmon, sardines, mackerel, and others.

Among all, the tuna segment dominated the market and was valued at USD 11.10 billion in 2023. Tuna is recognized as one of the famous seafood as compared to other species due to its high protein value and low-calorie content. Also, tuna is highly affordable, thus making it an ideal choice for consumers. Moreover, with respect to canned forms, tuna can be stored for a prolonged period and can be easily transported, which further contributes to the product’s growth.

Sardines have emerged as one of the fastest-growing species of the global canned seafood market share and are expected to soar at a crucial pace in the future years. Canned sardines are recognized as a nutritional powerhouse as they are packed with tons of nutrients, such as minerals, vitamins, proteins, and omega fatty acids. The demand for such food products is growing due to high levels of omega-3 fatty acids.

By Distribution Channel Analysis

Wide Availability of Product Variants in Supermarkets/Hypermarkets Fosters Retail Segment Growth

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

Out of the two channels, the retail channel (supermarkets/hypermarkets, specialty stores, convenience stores, and online retail) leads in the global market. Among retail channels, supermarkets/hypermarkets secured the topmost position in the market due to their easy accessibility and availability of a broad range of products. Currently, one of the biggest advantages of supermarket channels is the availability of the majority of the products in one central location. This factor saves a lot of energy and time for consumers, thus strengthening the segment’s growth. Another benefit of visiting supermarkets is the wide availability of options for every product, which eases the buying behavior. Moreover, the option of bulk purchasing at discounted prices and the freedom of choosing the products further add to the channel’s growth.

The HoReCa sector is projected to grow at a significant pace in the coming years owing to various reasons. In today’s time, quick service/food service restaurants are focusing on catering to the consumer’s demand by utilizing convenient products. The HoReCa sector is using such products to cook food, such as canned tuna salads, sandwiches, and nachos as it requires minimal time for preparation. Other factors, such as the increasing rate of dual working population and rising trend of socialization, further support the use of these products at food service outlets.

CANNED SEAFOOD MARKET REGIONAL OUTLOOK

The global market segmentation includes regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Europe

The market size in Europe was valued at USD 17.20 billion in 2023 and accounts for the largest market share in the global market. The European market growth is poised for continued expansion, driven by consumer trends favoring convenience, health benefits, and sustainability. As the market evolves, opportunities for exporters, particularly from non-European countries, are likely to expand, especially in key markets, such as Spain, Germany, and France.

Spain is one of the largest consumers of such products in Europe. High consumption rates of seafood are significantly fueling the market in Spain. According to the U.S. Department of Agriculture (USDA), Spain was the 4th largest importer of fish and seafood after the U.S. This high consumption level underscores a strong cultural affinity for seafood, particularly canned varieties such as tuna, which represents a significant share of the total market volume consumed in the country.

Asia Pacific

Asia Pacific emerged as the fastest-growing region in the global market in 2023. Countries, such as Indonesia, South Korea, and Japan have a traditional significance of seafood in their culture, which can foster market growth in the region. For instance, as per the China Fishery Statistics Report, aquaculture production in China rose by 1.22% and reached 54.60 MMT in 2022 from 53.94 MMT in 2021. This significant transformation in the aquaculture industry is majorly driven by the scientific and technological advancements that the Chinese government sponsors.

North America

North America has been one of the major markets for seafood as consumers in the region are aware of the importance of a balanced diet, and to fulfill that requirement, they rely on various foods, including seafood. Also, owing to the increasing working population in the region, individuals are turning toward products that can save both cooking time and money. As a result, by seeing the above scenario, the companies/retailers are competing to introduce unique canned items and gain market share.

In North America, the U.S. is the biggest consumer of such packaged seafood, especially canned tuna after shrimp. Known to be nutritious, convenient, and economical, such products is recognized as one of the true and tried staples in the majority of home pantries. The “Vietnam Association of Seafood Exporters and Producers,” an association of seafood in Vietnam, stated that the imports of canned tuna to the U.S. reached 33,000 tons in the first half of 2024.

South America

The rising disposable income of consumers in South America, particularly in countries such as Brazil and Chile, is a significant driver of such products demand. As economic conditions improve, consumers are more willing to spend on higher-quality food products, which is often perceived as a convenient and nutritious option.

Middle East & Africa

The increase in disposable income in the Middle East & Africa positively influences the demand for such products by making it more affordable, promoting convenience, encouraging healthier eating habits, and supporting the growth of the middle class and tourism. These factors collectively create a favorable environment for the market in the region.

Competitive Landscape

Major Players in the Market

Companies such as Thai Union., Bolton Group, FCF Co. Ltd., Century Pacific Foods Inc., and Dongwon Industries are some of the largest players in the market. The global market is semi-consolidated, with the top 5 players accounting for around 45% of the market share.

Key Industry Players

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

The global market exhibits a moderately consolidated structure with the presence of several dominant players. The few prominent players in the industry hold significant shares in the entire market owing to their huge clientele base, strong brand loyalty, and distribution network. The consolidation in the market has started to intensify in recent years due to the growing demand for aquatic protein among consumers.

Prominent players are embarking upon two strategies – new product development followed by mergers & acquisitions and sustainable fishing practices to expand their offerings, along with strengthening their global presence. Thai Union., FCF Co. Ltd., Century Pacific Foods Inc., and Bolton Group., are among the most active players in the market. These manufacturers are able to dynamically cater to the evolving needs of the consumers, which in turn will aid in fueling the market growth in the upcoming years. Key players are also focusing on launching innovative and exotic seafood variants to address rising demand among consumers. These players are collaborating with ingredient and seasoning producers to develop exotic products.

LIST OF KEY CANNED SEAFOOD COMPANIES PROFILED:

• Bolton Group (Italy)


• Century Pacific Foods Inc. (Philippines)


• American Tuna, Inc. (U.S.)


• Crown Prince, Inc. (U.S.)


• Dongwon Enterprises Co. Ltd. (South Korea)


• FCF Co., Ltd. (Taiwan)


• Fishwife Tinned Seafood Co. (U.S.)


• Safe Catch Inc. (U.S.)


• Thai Union Group Inc. (Thailand)


• Trident Seafoods Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• January 2024 – Norway-based canned seafood manufacturer, King Oscar launched a new product line of Atlantic salmon in extra virgin oil. The skinless and boneless fish products are available in three varieties in the U.S. market.


• 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 products, 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 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.

REPORT COVERAGE

The canned seafood market 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 global market brands and market trends and highlights key industry developments. In addition to the factors mentioned above, the global market forecast encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation:

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Estimated Year	2024
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 5.03% from 2024-2032
Unit	Value (USD billion)
Segmentation	By Species Tuna Salmon Sardines Mackerel Others
By Distribution Channel HoReCa Retail Supermarket/Hypermarkets Specialty Stores Convenience Stores Online Retail Others
By Region North America (By Species, Distribution Channel, and Country) U.S. (By Distribution Channel) Canada (By Distribution Channel) Mexico (By Distribution Channel) Europe (By Species, Distribution Channel, and Country) Germany (By Distribution Channel) France (By Distribution Channel) Italy (By Distribution Channel) Spain (By Distribution Channel) U.K. (By Distribution Channel) Russia (By Distribution Channel) Rest of Europe (By Distribution Channel) Asia Pacific (By Species, Distribution Channel, and Country) China (By Distribution Channel) India (By Distribution Channel) Japan (By Distribution Channel) Australia (By Distribution Channel) Thailand (By Distribution Channel) Indonesia (By Distribution Channel) Malaysia (By Distribution Channel) Rest of Asia Pacific (By Distribution Channel) South America (By Species, Distribution Channel, and Country) Brazil (By Distribution Channel) Argentina (By Distribution Channel) Chile (By Distribution Channel) Peru (By Distribution Channel) Colombia (By Distribution Channel) Rest of South America (By Distribution Channel) Middle East & Africa (By Species, Distribution Channel, and Country) South Africa (By Distribution Channel) Saudi Arabia (By Distribution Channel) Turkey (By Distribution Channel) UAE (By Distribution Channel) Oman (By Distribution Channel) Qatar (By Distribution Channel) Rest of the Middle East & Africa (By Distribution Channel)