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Canned Seafood Market

Fish & Seafood Packers

Updated on Jun 11, 2019

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Market Overview:

Canned Seafood Market is anticipated to grow at 4.33% CAGR from 2018 to 2023, and it is estimated that the global market was valued at USD 19.8 billion in 2018 and is expected to reach USD 24.5 billion by 2023. Canned seafood is seafood which has been processed, sealed in an airtight container such as a sealed tin can, and subjected to heat. Canning is a method of preserving food and provides an average shelf life ranging from one to five years.

Market Drivers and Restraints:

It is expected an increase in the popularity of the list to eat fish and seafood, due to the improvement of the distribution infrastructure to boost the growth of the industry. Besides, factors such as lifestyle changes in conjunction with increased affordability are likely to drive industry growth in the coming years. Demand for the product increases due to an increase in product consumption due to the health benefits associated with the adoption of sustainable fish farming techniques by the manufacturer.

Besides, it is expected that the opportunities offered by the benefits of this product, including the program useful life and ease of preparation, boost growth. The price of the product is influenced to a large extent by the unpredictability of the level of fish production. Lower income populations in developing countries, the product cannot be allowed to hamper the growth of the industry. In addition to the seasonal availability of the product will inhibit the growth that is expected. However, a decline in the prices of products such as canned tuna should boost growth. The industry is heavily influenced by weather conditions and seafood contamination that is likely to limit the market growth. However, it is expected that to boost the market growth in the coming years the recent recommendation of countries to increase the consumption of sea products in cans

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Report segmented as

By Product Type:

Tuna
Salmon
Sardines
Prawns
Shrimps
Other Seafood
Geographical Analysis:

Based on geography, the market is analyzed under various regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific accounted for the largest share of the market, followed by Europe and North America. Besides, the high demand for ready to eat meals and seafood products in the region is expected to drive the market growth. Furthermore, a rise in the need for top-shelf life seafood products is expected to result in increased consumption of canned seafood. The presence of major market players in the Asia Pacific region coupled with increased disposable income and gyrating consumer preferences towards ready to consume food is likely to emerge as the primary factor for market growth over the coming years.

The increased consumption of seafood by the population owing to its high health benefits is anticipated to propel industry growth. Growth in the use of such products in restaurants, hotels, industries in France is likely to drive growth in Europe. The durable purchasing power of consumers in this region is expected to propel the product demand over the coming years. The increased quality in seafood offered by distributors, coupled with new eco-friendly packaging technologies is expected to accelerate the market growth over the forecast period. Growing demand for the product in Germany and the U.K. is likely to result in an increased production volume. Besides, technological innovations, including aquaculture practices in this region, are anticipated to boost industry growth over the coming years.

Important Market Players:

Some of the major players in the influenza diagnostic market are Roche Diagnostics, Thermo Fisher Scientific, Becton, Dickinson and Company, Alere, Quidel Corporation, and others. The companies are always focused on the development of devices that are worthwhile and are technologically advanced for better initiations regarding better treatment. For example, on October 2014, Alere announced a contract with the U.S. Department for Health and Human Services Biomedical Research, i.e., known as Biomedical Advanced Research and Development Authority (BARDA), to develop better diagnostic countermeasures for the influenza virus.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

About Us:

Market Data Forecast is a firm working in the areas of market research, business intelligence, and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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