Market Synopsis —
The growth of the food & beverage industry is anticipated to fuel demand for seafood in the years to come. Of all the seafood products available in the market, canned seafood has gained much popularity and is anticipated to exhibit a similar pattern of growth in the foreseeable future. As per the report published by Market Research Future (MRFR), the global canned seafood market is poised to strike a steady CAGR of 3.6% across the projection period 2017 to 2023. The global market is expected to reach a valuation of USD 33.90 Bn by the end of the forecast period.
The nutrient profile of seafood is likely to attract a larger consumer base over the next couple of years. The growing shift towards the consumption of healthy food is expected to boost revenue growth of the canned seafood market in the forthcoming years. In addition, the increased shelf life of canned food products is another major factor that is propelling the expansion of canned seafood market. It is projected to demonstrate a similar pattern over the next couple of years.
The animal protein market is observing a rise in demand. It is likely to reflect on the growing demand for seafood. In addition, the health hazards associated with the excess consumption of meat products is poised to catalyze the growth of the canned seafood market in the foreseeable future.
The rising awareness about the benefits of omega 3 fatty acids is projected to generate further demand for canned seafood across the assessment period, thus supporting market growth. However, on the flip side, the growing vegan population is forecasted to check the expansion of the market over the assessment period. In addition, the increasing penetration of innovative plant-based products is projected to undermine the growth of the canned seafood market in the years to come.
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The key players in the global Canned Seafood Market profiled in this MRFR report are
• Thai Union Group PCL (Thailand)
• Universal Canning Incorporated (Philippines)
• StarKist Co. (US),
• Bumble Bee Foods, LLC (US),
• Nippon Suisan Kaisha Ltd (Japan),
• Icicle Seafoods, Inc. (US),
• LDH (La Doria) Ltd (UK),
• Maruha Nichiro Corporation (Japan),
• Wild Planet Foods, Inc. (US),
• American Tuna, Inc. (US)
In May 2019, Lithuania’s Viciunai Group has announced the launch of surimi “sea” noodles along with six other branded products in the U.S. retailer.
In May 2019, Canada's Ferro Import Export show focused on the sales of fresh tuna supplied by fishermen in Guinea and Sri Lanka.
The global canned seafood market, based on product type, has been segmented into tuna, lobsters, sardines, salmon, prawns & shrimps, and others.
On the basis of distribution channel, the global canned seafood market has been bifurcated into store-based and non-store based. The store-based segment has further been segmented into convenience stores, supermarkets and hypermarkets, and others.
The global Canned Seafood Market by Region has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Among these, Europe is poised to remain the largest market for canned seafood products. The shift towards a healthy diet is one of the prime reasons for market growth witnessed in the region. The region has also developed an inclination towards animal protein which is forecasted to support the expansion of the canned seafood market in the forthcoming years. The strong economy of North America is likely to reflect on the growth of the canned seafood market across the forecast period. The regional market is poised to exhibit substantial growth in the forthcoming years.
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