Canned Seafood Global Market Report 2024

The canned seafood market has grown strongly in recent years. It will grow from $33.4 billion in 2023 to $35.27 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historical period can be attributed to several key factors. These include the globalization of culinary preferences leading to a broader acceptance of diverse cuisines, heightened awareness and recognition of the health benefits associated with certain foods, ongoing urbanization trends, increasingly busy lifestyles prompting the need for convenient food options, the rise in disposable income allowing for more varied spending, and the expansion of global trade facilitating the availability of diverse food products.

The canned seafood market is expected to see strong growth in the next few years. It will grow to $44.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. Anticipated growth in the forecast period is expected to stem from several factors, notably the emphasis on sustainability practices, the momentum of the clean label movement, the escalating growth of e-commerce, a shift towards premiumization of products, the rising popularity of plant-based alternatives, and heightened focus on regulatory compliance.

The upsurge in health concerns such as heart disease and diabetes is anticipated to be a driving factor behind the expanding canned seafood market. Heart disease encompasses various conditions affecting the heart or blood vessels, leading to issues such as coronary artery disease and heart rhythm problems. Canned seafood, rich in omega-3 fatty acids, offers several health benefits, including anti-inflammatory properties, lowered triglycerides, marginal blood pressure reduction, minimized blood clotting, decreased stroke and heart failure risks, and mitigation of irregular heartbeats associated with chronic diseases such as heart disease and diabetes. Notably, the British Heart Foundation reported in April 2023 that in the UK, one in eight men and one in fourteen women succumbed to coronary heart disease. Additionally, the International Diabetes Federation's data from December 2021 revealed approximately 537 million adults globally suffering from diabetes, with 3 out of 4 individuals residing in low- and middle-income countries. Hence, the surge in health issues such as heart disease and diabetes fuels the expansion of the canned seafood market.

The increasing favorability towards ready-to-eat seafood products is poised to drive the growth of the canned seafood market. Ready-to-eat seafood products encompass prepared and packaged seafood requiring no additional cooking or preparation before consumption. These products leverage canned seafood due to their sealed preservation, ensuring extended shelf life and convenience without refrigeration needs. For instance, according to ITC’s Trade Map in March 2023, the United States remained the top importer of processed and canned tuna products, expecting an increase in canned tuna imports to reach 141 thousand tons in 2022, marking a 25% surge from 2021. Consequently, the rising preference for ready-to-eat seafood products propels the expansion of the canned seafood market.

Product innovation emerges as a pivotal trend gaining traction within the canned seafood market. Key industry players focus on developing innovative products to fortify their market positions. For instance, in September 2021, John West Foods introduced a nutrient-rich canned tuna range under the functional food category. This range offers three distinct variants such as energy, heart, and immunity tailored to support heart function, enhance immunity, and provide substantial vitamin B content to alleviate tiredness and fatigue. The convenience of these ready-to-eat products caters to busy and active lifestyles, aligning with evolving consumer preferences.

Major companies operating in the canned seafood market prioritize advanced solutions, such as innovative seafood items, to meet evolving consumer demands and expand their market presence. Advanced seafood items encompass creatively canned products utilizing specialized ingredients, processing methods, or enhanced flavors. For example, in July 2023, Wild Planet unveiled a ready-to-eat tuna quinoa salad sourced ethically from small fishers, minimizing environmental impact. The sustainably sourced selection includes Wild Smoked Pink Salmon, Wild Smoked Mackerel Fillets in Extra Virgin Olive Oil, canned Skipjack Solid White Light Tuna, a three-pack of Wild Pink Salmon, and the convenient ready-to-eat lunch option, the Wild Tuna Quinoa Salad.

In May 2021, Thai Union Group, a Thailand-based producer of seafood-based food products such as canned and frozen fish products acquired Rügen Fisch AG (‘Rügen Fisch’) for an undisclosed amount. Through this acquisition, Thai Union Group is expecting to drive and accelerate business strategy and increase the synergies of the company group. Rügen Fisch AG is a Germany-based company that produces and sells canned seafood.

Major companies operating in the canned seafood market report are StarKist Co., Maruha Nichiro Corporation, Wild Planet Foods Inc., Trident Seafoods Corporation, Connors Brothers Limited, Thai Union Group, Bumble Bee Foods LLC, Dongwon Food Co. Ltd., Nissui Corporation, American Tuna Inc., Universal Canning Incorporated, Tri Marine Group, Mowi ASA, Sajo Industries Co. Ltd., Nueva Pescanova S.L, Royal Greenland A/S, The Calvo Group, Austevoll Seafood ASA, Marine Harvest ASA, Nippon Suisan Kaisha Ltd., Century Pacific Food Inc., Bolton Group, OKAM, John West Foods, Clover Leaf Seafoods Company, Brunswick Seafood, Chicken of the Sea, Empresas Aquachile SA, Gomes da Costa, Empress International Ltd.

Europe was the largest region in the canned seafood market in 2023. South America is expected to be the fastest-growing region in the global canned seafood market during the forecast period. The regions covered in the canned seafood market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the canned seafood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of canned seafood include canned fish, canned mollusks, canned crustaceans, and canned cephalopods. Canned fish, such as tuna, salmon, mackerel, and sardines, undergo processing and are tightly sealed in tin cans with water, oil, or sauces to extend shelf life. These varieties are rich in minerals, protein, omega-3 and omega-6 fatty acids, vitamin D, vitamin B12, choline, iron, and iodine, making them valuable components of protein-rich diets. Distribution channels for canned seafood primarily include hypermarkets, supermarkets, convenience stores, independent grocery outlets, specialty stores, and online retail platforms. They are utilized both in household consumption and commercial settings.

The canned seafood market research report provides canned seafood market statistics, including canned seafood industry global market size, regional shares, competitors with a canned seafood market share, detailed canned seafood market segments, market trends and opportunities, and any further data you may need to thrive in the canned seafood industry. This canned seafood market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The canned seafood market consists of sales of canned shellfish, canned tuna, canned salmon, canned sardines, canned herring and canned mackerel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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