Global canned seafood market expected to rake in billions by 2025
The global canned seafood market is projected to surpass USD 27.8 billion (EUR 23.4 billion) by 2025, with a compound annual growth rate of 3.2 percent, according to new analysis from Grand View Research Inc.
Driving the estimated growth is increased demand for processed food, which facilitates ease of consumption – a top priority for the modern consumer, the research firm revealed. Moreover, the healthy components of canned seafood, such as the many essential nutrients added to products during canning, including vitamins B12, D and A, are also expected to translate into market growth for the next eight years, Grand View said.
Interest in healthy, metabolism-boosting products as well as simple, ready-to-eat seafood choices could play an increasingly large role in the future expansion of the market, the firm posited.
“The product offers health benefits including improvement of eye sight, reduced risk of depression, and increased immunity. In addition, the calcium content provided by this product helps in increasing bone strength thereby driving the demand for such products,” Grand View explained.
The continued use of sustainable fish farming techniques is expected to result in an increased yield, said the researchers, which in turn could generate an abundance of raw materials for the market. Advances in packaging and canning technologies are also anticipated to help the market blossom.
“Improved packaging procedures with the use of RFID tags to improve the product traceability and agglomeration is expected to increase the product adoption by the consumers, thereby contributing to the market growth,” Grand View said.
Additional key findings from the research firm’s canned seafood projections report were:
- The canned sardines sub-sector is expected to emerge as the fastest growing segment, growing at a compound annual growth rate of five percent, with revenue from 2017 to 2025 owing to the rising availability in e-commerce, coupled with increased health benefits offered by the product.
- The market for canned tuna is expected to account for 47.5 percent of the global volume due to high consumer adoption, coupled with the accustomed taste of the product. In addition, the industry is expected to benefit from the high production volume of tuna, primarily in the Asia Pacific region.
- The industry in the Asia Pacific region is expected to grow 4.1 percent by revenue from 2017 to 2025 due to high product consumption by the consumers who eat canned seafood as part of their staple diets, primarily in China, Japan, and Thailand.
- A majority of the products consumed across the globe are manufactured and canned in the Asia Pacific region due to the abundance of raw material, coupled with presence of a large number of canneries.
- Key players operate the business through mergers and acquisitions in order to increase the market share. In addition, the companies produced varying customized products in accordance to the export destinations of the product.