North America Canned Seafood Market is estimated to witness a CAGR of 2.25% during the forecast period (2020 - 2025).
Key Highlights
- North America is one of the leading consumers of canned seafood in the world. Though rising sustainability and health concerns have led to a decline in the amount of canned seafood consumed over the years this trend is yet to impact the growth in terms of market value, which can mainly be attributed to rising prices. The market is expected to keep growing at a modest rate over the forecast period.
- Though Bumble Bee Foods, LLC one of the leading companies in the region had filed bankruptcy in late 2019 it does not indicate an unfavorable marketplace as at that time the company was facing criminal fines and civil lawsuits to a federal price-fixing case. In fact, the dramatic increase in the presence of branded private label products owned by major retailers in the regions such as Walmart and Costco & various small players, in the market reflects the growing potential of canned seafood in the region.
Key Market Trends
Increasing Demand For Sustainable Products
The demand for sustainably produced products has been growing year-on-year especially among the younger demographics in the region. In response to this demand, a significant number of retailers and key players in the market are now committed to sourcing high-quality sustainable products from certified fisheries engaged in Fishery Improvement Projects. With the increased availability of such products in the marketplace, it is anticipated that well-informed consumers will make repeat purchases despite slightly higher prices. This trend is expected to maintain the growth of the market over the forecast period.
United States to Hold A Significant Market Share
The United States is the largest consumer of canned seafood in the region, and one of the largest market in the world. Although canned tuna accounts for a significant share of the market, the demand for canned shellfish and canned salmon has been on the rise in recent years. Despite the decline in the amount of canned tuna consumed over the years, rising prices are expected to maintain growth in the market over the forecast period. Canned seafood has been observed to be consumed several times a month in US households, especially in large households. Lunchtime has been observed to be the most preferred time of the day to consume canned seafood, and sandwiches and salads account for the most popular means to consume it, especially during the summer.
Competitive Landscape
North America Canned Seafood market is consolidated, with few large players accounting for a significant share of the market. Key players are also focusing on sustainable production of seafood products to entice more consumers. Some of the major players in the market are FCF Co, Ltd. (Bumble Bee), Dongwon Enterprise Co., Ltd., Thai Union Group, Blue Harbor Fish Co., Crown Prince, Inc., Goya Foods, Inc., The Jim Pattison Group, GraceKennedy Limited, GRUPO PINSA, Grupo Marítimo Industrial SA de CV (Grupomar), among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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