With the concept of “open and eat” food products gaining popularity due to compact packaging and the fast lifestyle of consumers, the demand for canned seafood is growing. Market Research Future (MRFR) has published a research report about global canned seafood market that envisions boost for this market with 3.6% CAGR (Compound Annual Growth Rate) for this market between 2017 and 2023. In terms of value, the market that is worth the US $ 27.60 bn in 2017 is expected to be worth the US $ 33.90 bn in 2023.
Some of the key factors aiding the growth of global canned seafood market include high shelf life of the products, increasing consumer inclination to adopt healthy food habits, increasing popularity of ready to eat food products, mounting growth of food service industry, and new product development.
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Major Key Players:
Key players in the global canned seafood market include American Tuna Inc., Bumble Bee Seafoods, C-Food International LLC, Connors Bros. Ltd. (Brunswick Seafoods), Icicle Seafoods Inc., LDH (La Doria) Ltd, Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd, Pegasus Food Co. Ltd., StarKist Co., Thai Union Frozen Products, Trident Seafoods Corporation., Tri Marine Group, Universal Canning Inc., and Wild Planet Foods.
The global canned seafood market has been segmented on the basis of the distribution channel, type, and region. Based on the distribution channels, this market has been segmented into the store based and non-store based. Although store-based distribution channel holds the larger market share, the market share of non-store based is expected to rise rapidly during the forecast period. By types, the market has been segmented into prawns, salmon, sardines, shrimps, tuna, other fish, and others. Tuna is the largest market segment among these whereas the sardines have been estimated to emerge as the fastest growing market during the forecast period.
The regional segmentation of the global canned seafood market segments the market into continent-based regional markets known as North America, Europe, South America, Asia Pacific, and the Middle East & Africa (MEA). North America is a strong regional market due to technological advancement, good refrigeration facilities, rising health-conscious attitude among consumers, and the presence of many key market players in this region. The primary country-specific markets in this region are the United States of America (USA), Canada, and Mexico as these are the strongest economies in this region. In South America, the strongest economies that have the potential to emerge as strong markets include Argentina and Brazil, followed by the rest of South America.
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Europe is the largest regional market due to the high density of population, consumers with a health-conscious lifestyle, and the maximum technological advancement after North America. In this region, the major country-specific markets are France, Germany, Spain, Italy, and the United Kingdom (UK), followed by the rest of Europe.
According to the report, the Asia Pacific is expected to emerge as the fastest growing regional market and during the forecast period. The key reasons for the market growth are rapid urbanization, rising disposable income, speedy economic development, and growing awareness about health-conscious lifestyle among consumers. The primary country-specific markets in this region are Australia, China, India, Japan and New Zealand, followed by the rest of the Asia Pacific region.
The MEA region shows a limited market with slow and steady growth. The reasons for the slow market growth in this region are lack of awareness about healthy lifestyle, old food habits, and lack of technological advancement & proper refrigeration facilities.