Numerous market factors drive the dynamics of the canned seafood industry, meeting the varying demands and tastes of customers around the globe. The worldwide seafood supply, which is inevitably influenced by elements including fishing methods, aquaculture, and environmental circumstances, is one important consideration. The availability of essential seafood components for canned goods may be impacted by fluctuations in fish stocks brought on by causes such as overfishing or climate change. As customers grow more environmentally concerned, sustainable and responsible sourcing techniques are becoming more and more popular, which is changing the trajectory of the industry.
Consumer lifestyle decisions and preferences have a major role in shaping canned seafood market dynamics. Because canned fish has a lengthy shelf life and is easily accessible, it provides convenience that meets the needs of contemporary. The industry is also being driven by the increased knowledge of the health advantages of eating seafood, which is high in omega-3 fatty acids and other minerals. Canned fish is a popular choice among consumers looking for quick, high-protein solutions, which helps to maintain market demand.
The macro and microeconomic elements that influence the canned seafood business are quite important. Global economic fluctuations can affect disposable income, which in turn affects consumers' purchasing power and preferences. In addition, costs associated with shipping, processing, and raw materials have an impact on the price of canned fish products. The general price and competitiveness of canned fish on the market can be impacted by changes in currency exchange rates and economic stability.
The competitive environment and industry structure are essential market elements that influence pricing policies, market share dynamics, and innovation. Leading companies in the canned fish industry consistently allocate resources towards research and development in order to provide novel goods, tastes, and innovative packaging. In order to fulfill the demands of an informed customer base, organizations must prioritize quality assurance and transparent labeling. Brand loyalty and consumer trust are critical in this competitive market.
Report Attribute/Metric | Details |
---|
Canned Seafood Market is projected to be worth USD 50.47 Billion by 2030, registering a CAGR of 5.8% during the forecast period (2022-2030). Seafood is a great source of protein and various nutrients. Canned seafood includes tuna, canned fish, sardines, salmon, frozen fish fillets, mollusks, and crustaceans. These seafood are loaded with vitamins, minerals, protein, and other nutrients that are necessary for our health. Many people are consuming canned seafood because of its health benefits and their busy schedules. Canned seafood offers ease of consumption without cooking hassle. They also offer lipids, carbohydrates, omega-3 fatty acids that help in the development of the human body.Ā
The health benefits of canned seafood will increase demand of theĀ market, and it is expected to be one of the major factors in theĀ Canned Seafood market growth.Ā They can help to improve eyesight, improves immunity, and reduce the risk of depression. Additionally, the calcium offered by this product can help to increase bone strength as well. People are now more aware of these health benefits of canned seafood which is expected to drive theĀ market revenue.Ā
The technological advancement in packaging technology has allowed keeping the products safe and fresh for days. There are many organic preservatives used that can improve the shelf-life of the products, which can be a major growth factor for theĀ market. Customers are serach9ng for healthy and tasty food options that can be cooked in minimal time, and canned food is one of the best solutions for them; as a result, the market is likely to witness rapid demand in theĀ Canned Seafood market forecastĀ period. The key players are adopting many creative marketing strategies for the promotion of these products that are likely to boost theĀ marketĀ size in the coming years.
Covid-19 Analysis
Just like almost all markets, theĀ Canned Seafood marketĀ was highly affected by the covid-19 pandemic. The covid-19 pandemic that started because of the spread of coronavirus is the major reason behind the decline of the world economy. Almost all the sectors struggled due to the disruption in the supply chain that was caused by the imposition of lockdown. The governments in all the countries strictly advised the people to stay at home and maintain social distance. The laborers also left their workplace, and the production works were at a halt. Additionally, the travel restrictions caused problems for the raw materials supply, and it further pushed down the production. Canned food production industries were highly affected by this, and due to lack of supply, the demand declined. But slowly, everything is coming back to normal, and the key players are trying their best to cover up the losses. TheĀ marketĀ is all set to grow and register a healthy CAGR rate in the future.
Drivers
Affordability is one of the major drivers in theĀ market. The canned seafood cost is reasonable for the common people, and these foods have vitamins, proteins, and other required minerals, etc. apart from that, the purchasing power of people rising with economic development; as a result, people can spend their money onĀ marketĀ which will propel theĀ Canned Seafood market.Ā
Apart from that, canned seafood offers various health benefits like weight loss, cancer prevention, blood pressure control, and high fiber content. Rising health problems like heart disease and diabetes have encouraged people to eat healthily.Ā Furthermore, rapid urbanization with high demand for ready-to-eat food is expected to drive the demand of theĀ market. Their products have a long shelf-life, and they donāt require refrigeration which is increasing its popularity, and it is a big factor behind theĀ market growth.Ā
Opportunities
There are many types of canned foods that can be stored safely for up to five years. There have been many advancements in storing technology in recent years that will increase the shelf-life of these products, and it is likely to generate opportunities for theĀ market. Apart from that people are searching for easy to cook foods because of their busy schedules and long working hours. Canned seafood is not only easy to make but also packed with health benefits, and it will bring opportunities to theĀ Canned Seafood market.
Restraints
A big problem is the canned seafood is highly dependent on climatic conditions. Weather can have a big impact on seafood products. So unexpected weather conditions can hinder theĀ Canned Seafood market trends.Ā Not all regions are favorable for seafood. North America and Europe have supportive weather conditions, whereas the Indian region heat climate doesnāt support theĀ market. Additionally, many people are scared about the contamination, and they prefer not to eat canned seafood.Ā
Challenges in the Canned Seafood market
The seasonal availability of seafood is a big challenge for theĀ Canned Seafood market. Apart from that low income of people in the underdeveloped regions is a challenging factor in theĀ marketĀ as well. People with low income canāt afford these products. The key players are trying to overcome these challenges by making affordable products that can be consumed by all backgrounds of people.
Cumulative growth analysis
The market has shown significant growth over the years, and it is expected to do the same in the next few years.Ā
TheĀ Canned Seafood marketĀ is segmented on the basis of product type, distribution channel, and geography.
The product type segment includes shrimp, Tuna, Salmon, Prawns, and Sardines. The Tuna segment holds the largest market share owing to its high lean proteins and omega3 fatty acids. Tuna also improves immunity power, reduces blood pressure, prevents cancer, and helps in weight loss.Ā
Based on the distribution channel, theĀ marketĀ is segmented into retail, food service, and institution. The retail segment was accounted for the highestĀ market share,Ā and it is expected to dominate theĀ Canned Seafood marketĀ in coming years.
Based on geography, theĀ marketĀ is segmented into North America, Asia-Pacific, Europe, and the rest of the world. The North American region will remain a crucial marketplace. The Asia-Pacific region is predicted to provide great opportunities to theĀ Canned Seafood market.
The major regions in theĀ marketĀ are North America, Europe, Asia Pacific, and the rest of the world. The North American region holds the highest share in theĀ Canned Seafood marketĀ because this region has favorable climate conditions. Also, the high purchasing power of people in this region is a big factor in the market growth as well.
Asia Pacific region is expected to grow at a higher CAGR rate owing to the high demand for ready-to-eat products in this region. In addition, presence of major key market players in the Asia-pacific region coupled with economic development is likely to be the primary reason for market growth in this region. The high demand for canned seafood in hotels, restaurants, and industries is likely to boost theĀ marketĀ in Europe. Additionally, the increased volume in production, with technological innovations, will propel the market according to theĀ Canned Seafood market analysis.Ā
There are major key players who highly influence theĀ Canned Seafood market, and some major key players among them are:
These are the major key players in theĀ Canned Seafood market, and among them, LLC contributes largely in the market.
Recent DevelopmentsĀ
In October 2021, Karavela launched a new plant-based seafood analog products brand, Fish Peas.
Report Overview
ThisĀ marketĀ report gives complete information on both qualitative and quantitative analysis of theĀ market. Furthermore, it gives detailed information on the drivers, opportunities, restraints, and challenges. Furthermore, this report covers the covid-19 impact on theĀ Canned Seafood market. This report also givesĀ market outlookĀ based on recent developments, regional analysis, and market segmentation.
Ā© 2024 Market Research Future Ā® (Part of WantStats Reasearch And Media Pvt. Ltd.)