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The increasing demand for essential fatty acids and proteins in consumer diets has contributed to growth of the seafood market in the recent years. The growing popularity of chemical-free packaged seafood with a higher shelf life has promoted developments and innovations in sefood industry. Fresh seafood is packed in a air-tight container and subjected to high heat that sterilizes food and prevents microbial degradation in canning process. The process extends the shelf-life of the product by preventing the spoilage. The growing popularity of ready-to-cook meals fuels the growth of the canned seafood market.
The other key factor fuelling the market growth is the growing popularity of exotic seafood offerings across foodservice channels. Restaurants, cafes and hotels nowadays serve seafood straight from the canned due to the rising awareness of food safety among consumers. The increasing popularity of prepared meal kits, grab and go foods and healthy snacking trend fuels the demand for canned seafood. Advancements in canning technology, new product launches and ever expanding distribution platform are expected to drive the growth of the market in foreseeable years.
The increasing number of individuals entering in a formal workforce has increased the demand for ready-to-cook products with a higher shelf life. The growing need for seafood products that can be preserved for longer time and that can be cooked with minimum efforts primarily drives the growth of canned seafood market. There an emerging trend of clean-label products which drives the demand for preservative-free packaged food options. The process of canning requires no other chemical additives to preserve the product. The increasing consumption of seafood for improved health is expected to fuel the market growth in foreseeable years.
Key Market Driver -
Rising Demand for Shelf-stable & Preservative-free Seafood
Key Market Restraint -
Growing Popularity of Minimally-processed Seafood
The growing awareness of adverse health effects due to the excessive consumption of processed foods drives the demand for minimally processed foods. There is an emerging trend of consumping fresh and natural products which retains their original properties and nutrition. Canning treatment uses high pressure which might alter the properties of the final product. The increasing demand for minimally-processed seafood products hampers the growth of the global canned seafood market.
The Union Group, Bumble Bee Foods, LLC, Dongwon Industries Co., Trident Seafood Corporation, Maruha Nichiro Corporation, The Calvo Group, Starkist Co., Wild Planet Foods, and Cornor Bros Ltd. are the key players operating I the global canned seafood market.
Canned fish products are expected to witness strong sales performance owing to the rising popularity of fish products across the globe. According to the Food and Agriculture Organization of the United Nations (FAO), the world average annual consumption of fish increased by 8% from 2005 to 2015. The trend of serving fish straight from the can or tin has contributed to their increasing sales in cafes, restaurants and bars. The rising demand for fish is also attributed to the growing consumer knowledge that consumption of fish provide omega-3 fatty acids, which maintains heart health. Other seafood offerings such as canned oysters & octopuses are also witnessing strong growth attributed to the rising consumer interest in trying exotic cuisines.
Supermarkets and hypermarkets segment is projected to witness robust growth owing to the availability of a wide variety of products and purchase convenience in these type of sales channels. Specific aisles are allocated for products in such stores providing a plethora of options to consumers. The discounts and offers launched by these mass merchandisers are also expected to boost their sales performance. Online retail is an emerging sector expected to exhibit promising growth in foreseeable years on account of the easy purchase and home delivery options.
North America is expected to witness substantial growth owing to the increasing popularity of protein-rich diets in the region. According to the US National Marine Fisheries Services (NMFS), the US market imported 158,200 tonnes of canned tuna during 2018, which is 15% more than in the same period of 2017. The rising trend of ready-to-cook foods has fuelled the growth of canned seafood sector. Well-established distribution channel and growth of online sales heavily contribute to the growth of the market in the region.
Europe is anticipated to exhibit promising growth attributed to the increasing consumption of seafood to reduce the risk of heart diseases. The high content of polyunsaturated fatty acids in fish & other seafoods has increased their demand in consumers. The growing popularity of sustainable seafood products in Germany, UK & France is expected to drive the demand for sustainable canned seafood. Asia Pacific is projected to exhibit promising growth owing to the booming foodservice sector in the region. The emerging culture of dining in cafes, bars and restaurants has led the innovations in seafood product offerings. The increasing demand for shelf-stable products in such channels fuels the demand for canned seafood. The strengthening supply chain in the region also fuels the growth of the market in Asia Pacific.
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