Canned Fish Market size is estimated to reach $11.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 3.8% over the forecast period of 2022-2027. Canned Fish is a food fish that has been processed and is rich in protein and many other essential nutrients. Canned fish has high levels of valuable omega-3 fatty acids that are important for overall wellbeing and is increasingly being adopted as preserving food. Canned Seafood, such as tuna, salmon, sardines, prawns, and shrimps are increasingly being adopted by the young population across the world owing to the growing demand for protein foods and the rise in awareness about the benefits of seafood.
The top 5 players in the Canned Fish Market industry are –
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1. Canned Fish market based on the type can be further segmented into Canned Albacore Tuna, Canned Anchovies, Canned Herring, Canned Pink Salmon, and Others. Canned Albacore Tuna held a dominant market share in the year 2021. The rise in the adoption of preserving foods and the increase in the number of product launches.
2. Canned Fish market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 36% in the year 2021 as compared to its other counterparts. It is owing to the rise in the demand for canned prawns and shrimps and the rise in awareness about the health benefits of seafood.
3. Canned Fish market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Online Channels, Convenience Stores, and Others. The Supermarkets/Hypermarkets segment held a dominant market share in the year 2021. The growing demand for Canned Seafood, such as sardines, prawns, salmon, tuna, and shrimps in supermarkets is propelling the growth of the market.
Canned Albacore Tuna, Canned Anchovies, Canned Herring, Canned Pink Salmon
Supermarkets/Hypermarkets, Online Channels, Convenience Stores
North America, Europe, Asia-Pacific, South America and Rest of World
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1. The growing demand for Canned Fish in the European region has readily aided the market growth : According to the European Market Observatory for Fisheries and Aquaculture Products (Eumofa), consumption of canned fish has significantly increased in Europe.he demand for canned fish has been experiencing a steady growth in the past years. The rise in trends, such as lunch at home and sustainability is further enhancing the consumption of canned seafood, such as sardines, prawns, salmon, and shrimps.
2. The Rise in the Adoption of Canned Tuna has enhanced the growth of the Canned Fish Market : According to the National Fisheries Institute, canned tuna is the second most popular seafood product in the United States. Consumers in the country eat about 1 billion pounds of pouched and canned tuna each year and about 83% of canned tuna is eaten for lunch by the consumers in the country.
3. The Lack of Responsible Investments in Tuna Processing is impeding the market growth : The Major challenges faced in the fisheries sector are not limiting the promotion of investment, particularly in onshore processing, but also ensuring that the investment promotes responsible fishing. Parties to Nauru Tuna Sector Agreement (PNA) have informed the tuna industry participants to work with the PNA or risk losing access to its rich fishing grounds.
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