Canned Seafood Market Size, Share, Growth, Trends and Forecast Reportby Susan Hill Business Consultant
The global canned seafood market is expected to reach USD 27.8 billion by 2025, growing at a CAGR of 3.2% according to a new report by Grand View Research, Inc. The industry is anticipated to grow on account of rising demand for processed food due to ease of consumption.
The health benefits offered by canned sea food such as essential nutrients added during canning process including vitamin B12, D and A leading to the metabolism improvement, is expected to drive growth over next eight years. In addition, high demand for the ready to eat seafood is expected to translate into an increased product consumption.
The product offers health benefits including improvement eye sight, reduced risk of depression, increased immunity. In addition, the calcium content provided by this product helps in increasing bone strength thereby driving the demand for such products. Use of sustainable fish farming techniques is expected to result in an increased yield, leading to abundance of raw material for the market.
Technological advancements in tuna fishing with use of Fish Aggregating devices and advanced packaging technology for fish products is anticipated drive the industry growth over the eight years. In addition, improved packaging procedures with the use of RFID tags to improve the product traceability and agglomeration is expected to increase the product adoption by the consumers, thereby contributing to the market growth.
Further key findings from the report suggest:
- Sardines is
expected to emerge as the fastest growing segment growing at a CAGR 5.0%,
by revenue from 2017 to 2025 owing to the rising availability in ecommerce
coupled with increased health benefits offered by the product.
- The market for
canned tuna is expected to account for 47.5% of the global volume due to
high consumer adoption coupled with superior taste of the product. In
addition, the industry is expected to benefit from the high production
volume of tuna primarily in Asia Pacific.
- The industry in
Asia Pacific is expected to grow at a CAGR of 4.1% by revenue, from 2017
to 2025 due to high product consumption by the consumers as a part of
staple diet primarily in China, Japan, and Thailand.
- A majority of
the products consumed across the globe are manufactured and canned in Asia
Pacific due to abundance of raw material coupled with presence of a large
number of canneries in the region.
- Key players operate the business through mergers & acquisitions in order to increase the market share. In addition, the companies produced varying customized products in accordance to the export destinations of the product.
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Created on Dec 13th 2019 08:15. Viewed 225 times.