4th September 2019 – Global Canned Seafood Market is anticipated to reachUSD 27.8 billion by 2025. Preventing food from spoilage by storing it in jars or containers and heating it to a temperature that destroys micro-organisms causing it to spoil is termed as canning. It is considered as a key and safe method for preserving food, andit retains fat, protein, and carbohydrate constituents.
The essential nutrients added during canning process including vitamin D and A lead to the improvement of metabolism, and vitamin B12 improves eyesight. Canned sea food helps in lowering the risk of depression and raising the bone strength owing to its calcium content. Also, it possesses low cholesterol, high protein, and low-fat content in it. Boosting the immunity power is also one of the major health benefits offered by the product.
The factors that propel the growth of the canned seafood industry include rapid urbanization & industrialization, increasing demand, and product development & technological innovations, rise in the purchasing power of the consumers coupled with the change in eating patterns. Also, rising busy schedule of the consumers has raised the inclination towards the canned food such as ready-to-eat meals.
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On the other hand, there are also factors that may hamper the market growth such asharmful effects of canned seafood consumption. Several canned seafoods have excess amounts of sugar and salt that are used as preservatives. In addition, the antioxidants present in food are destroyed during the heating process in canning. Moreover, high presence of BPA in cans is themain factor hindering the market growth. This chemical can lead to birth disorders, infertility, heart diseases, cancerous tumors, etc. Canned seafood market is anticipated to grow at a significant CAGR of 3.2% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Canned seafood industry may be explored by product, distribution channel, and geography. The market may be explored by product as Sardines, Tuna, Salmon, Other fish, Shrimps, Prawns, and Other seafood. The “Canned Tuna” segment dominated the canned seafood market in 2016 and is anticipated to maintain its dominance by 2025, owing to Tuna that is a rich source of lean proteins, and it also containsthe other nutrients such as omega 3 fatty acid, which results in the improvement of personal health.
Canned seafood industry may be explored by distribution channels as retailers and independent dealers, online stores, supermarkets, and others. The “Retailers and Independent dealers” segment dominated the market in the forecast period owing to ease of availability of these products in food marts and supermarket.
Asia-Pacific accounted for the major share of the canned seafood market size in 2016 and will continue to lead in the forecast period; wherein China is a key contributor in this region tracked by India. The major factors that can attribute to the growth of Asia Pacific include ever increasing population, rapid urbanization, growth in working population, rise in disposable income, and changing eating patterns.
Some of the key players that fuel the development of the canned seafood industry comprise Bumble Bee Seafoods, merican Tuna, Inc., Wild Planet Foods, Icicle Seafoods Inc., Connors Bros. Ltd., LDH (La Doria) Ltd, Nippon Suisan Kaisha, Ltd, Princes Group, Maruha Nichiro Corporation, StarKist Co., Tri Marine Group, Trident Seafoods Corporation, Thai Union Frozen Products, Universal Canning, Inc., Sajo Industries, Dong Won Fisheries, and Mogster Group. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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