Asia Pacific canned seafood market is expected to grow with a CAGR of 6.89 % during the forecast period (2020 - 2025).
Key Highlights
- The countries of the Asia Pacific region have been developing at a rapid pace which is leading to the up-gradation of the society, improving the buying power of the people as the economies become stronger. Thus, progress in the lifestyles of the consumers is likely to bring in the concept of healthy eating. promoting the market of canned seafood in the region.
- Canned seafood has a long shelf life even when stored at room temperatures. Countries like China, Japan, and South Korea have a traditional significance of fish in their cultures and therefore, the high demand for fish in the countries is likely to foster the growth of the market.
- The Asia Pacific market is expected to be witness a significant demand for canned seafood in the near future owing to the rising health concerns as a result of excessive consumption of red meat.
Key Market Trends
Tuna Dominates the Market of Canned Seafood in the Region
Tuna is a delicacy among the Asian people due to its appealing taste and ability to blend well with multiple flavors. The canned tuna products invading the Asian market presently are flaunting unique flavors apart from the conventional ones that have a high demand. The canned tuna market in the region is mature and has been declining to an extent in recent years due to the consumers swaying towards other seafood, particularly shellfish. The manufacturers in the Asian countries have, therefore, been innovating their products in terms of base ingredients that can appeal to the consumers' palate. However, in Australia, the consumption of tuna turns out to more than the combined of all other fish types.
Australia is a Potential Market for Canned Seafood in the Region
Australia is full of fresh seafood, and yet canned and frozen fish remain the most frequently purchased seafood products by more than half of all Australians. As per the consumer data, commissioned by the non-profit Marine Stewardship Council, the largest global analysis of attitudes to seafood consumption, in 2016, 75% of Australians were revealed to consider sustainably sourced seafood a top priority, while more than 50% were willing to pay more for seafood that was certified sustainable. The international MSC is best known for its blue eco-label, displayed on products that are fully traceable and originate from independently certified wild-catch fisheries. In Australia, the majority of people purchased fish and seafood products in supermarkets, with Coles the most popular destination, followed by Woolworths, ALDI, and IGA as the latter three sell MSC-certified frozen and canned seafood.
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. Moreover, the convenience associated with the handling and storage of canned seafood further promotes the market potential. Regional private-label brands hold a significant share due to the increasing consumer inclination towards low-priced products. The global brands also hold a considerable share due to their esteemed reputation in the global market. Geographical expansion into the countries have been a major strategy adopted to establish a large consumer base. Product innovation by combining new flavors to the seafood has been another tactic to regulate the dynamic market.
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- The market estimate (ME) sheet in Excel format
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