South America canned seafood market is expected to grow with a CAGR of 5.64 % during the forecast period (2020 - 2025).
Key Highlights
- The South American market is expected to be witness a significant demand for canned seafood in the near future owing to the rising health concerns regarding the ill-effects of excessive consumption of red meat. The people of the country are turning to seafood for fulfilling their protein requirements.
- This is supported by the fact that access to diagnosis in the region is restricted and access to care is highly variable, particularly in regard to urban vs. rural settings, which is making the population shift more toward healthy eating, thus driving the growth of canned seafood products in the market.
- Vast opportunities for canned seafood are hence, anticipated to exist in the region as brands are compelled to meet consumer demands for clean, simple, and safe products.
- Brazil accounted for the largest share of the market for canned seafood products in South America as the growing middle-class population has fueled a change in the traditional buying pattern.
Key Market Trends
Increasing Fish Trade to Foster Market Growth
Brazil is the largest country in the region but still remains largely dependent on imports to satiate the demand of its consumers. The country has all the resources to become an aquaculture leader but the red tape and insufficient supportive legislation, infrastructure, and investments by both domestic and global seafood manufacturers have been discouraging for the growth of aquaculture in the country. On the contrary, Chile and Ecuador are greatly involved in the export of seafood and have been supplying their canned products to Brazil, Argentina, and the other countries of the region. Tilapia is among the most exported seafood in the region, traded both in canned and frozen formats due to its high demand among all other seafood in the region.
Brazil Dominates the Canned Seafood Market in the Region
Brazil is one of the countries with the highest potential for fishery production of the world. Brazil can count on growing investments and institutional commitment to foster businesses associated with regulation, tributary policy, research and technological development, credit lines, stimulation to consumption, among the other policies to set up a strong market for canned seafood in the country. The increasing disposable income of the locals as a result if the upgrading society in the country is a major reason for the inflated demand for canned seafood in the country. The companies are also expanding their distribution channel in the remote areas of their country analyzing the potential of the Brazilian market to prosper in the near future.
Competitive Landscape
Expanding the market presence in emerging economies of the region has been a key strategy behind the global companies’ growth. With growing income levels and an increasing level of knowledge regarding the consumption of healthy food in these economies, companies are catering to the dynamic needs of the people for canned seafood in the regional countries. Regional private-label brands hold a significant share due to the increasing consumer inclination towards low-priced products. Geographical expansion into the countries has been a major strategy to establish a large consumer base.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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