The Canned Seafood Market Is Predicted To Reach USD 21.53 Billion With A CAGR Of 4.29% According To Market Data Forecast Report.

The Canned Seafood Market Is Predicted To Reach USD 21.53 Billion With A CAGR Of 4.29% According To Market Data Forecast Report.

ID: 6599 | October 2018 | Region: Global

The Canned Seafood Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Canned Seafood Market is estimated to be USD 17.45 billion in 2016 and predicted to rise to USD 21.53 billion by 2021 with a CAGR of 4.29%. The market is segmented Product (Tuna, Salmon, Sardines, Prawns, Shrimps, Other Seafood). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.

A rise in the popularity of ready-to-eat seafood products due to improvement in distribution infrastructure is anticipated to drive the industry growth. In addition, factors such as changing lifestyles coupled with increasing affordability are likely to drive the industry growth over the coming years. Demand for the product is growing due to an increase in the product consumption because of the health benefits coupled with the adoption of sustainable fish farming techniques adopted by the manufacturers. In addition, advantages offered by this product including extended shelf life, ease of cooking, are anticipated to drive growth. The price of the product is highly affected by the unpredictability in the production level of fishes. Lower income levels of population in developing economies are unable to afford the product which is likely to hamper industry growth. Moreover, the seasonal availability of the product is anticipated to hamper the growth. However, a decrease in the price for products such as canned tuna is expected to drive growth. The industry is majorly influenced by climatic conditions, contamination of seafood which is anticipated to limit the market growth. However, recent recommendation by countries such as to increase the canned seafood consumption is likely to propel the growth in the market over coming years

The global Canned Seafood market is segmented on the basis of Product. On the basis of Type, it is segmented into Tuna, Salmon, Sardines, Prawns, Shrimps, and Other Seafood. Canned tuna emerged as one of the widely consumed products in the industry. On account of its superior properties including a rich source of lean proteins. In addition, other nutrients offered by the product such as omega 3 fatty acid that results in the improvement of personal health, is anticipated for increasing the consumption. Furthermore advantage of the product include improved immune system, reduced blood pressure, reduced depression, coupled with strengthened bones is likely to increase the consumption of this product. In addition, the products aids in weight reduction and cancer prevention, which is anticipated to raise the consumption of the product over the coming years. Canned shrimp market is expected to grow significantly during the forecast period owing to factors such as high nutritional value, use of the product across multiple cuisines adoption of the product by high-end restaurants. In addition, the product provides benefits such as low-fat content coupled with the high concentration of easily digestible protein, which is expected to drive the market growth. The growth of canned prawns is expected to be hindered by the high incidences of illegal trade of prawns leading to environmental damage. In addition, use of harmful antibiotics during processing of such prawns is expected to restrain the market growth. However, demand for is anticipated to increase on account of growing consumption by such products in South East Asia and Australia over the forecast period

On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific accounted for the largest share of the market followed by Europe and North America. In addition, 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 demand for high shelf life seafood products is expected to result in an increased consumption of canned seafood. The presence of major market players in 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 coming years. The increased consumption of seafood by the population owing to its high health benefits is anticipated to propel industry growth. Growth in consumption of such products in restaurants, hotels, industries in France is likely to drive growth in Europe. The strong purchasing power of consumers in this region is likely to propel the product demand over 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 UK is expected to result in an increased production volume. In addition, the technological innovations including aquaculture practices in this region are anticipated to increase industry growth over coming years.

The market is dominated by companies like Bumble Bee Seafoods, StarKist Co., Nippon Suisan Kaisha Ltd, Maruha Nichiro Corporation, Icicle Seafoods Inc., LDH (La Doria) Ltd, Thai Union Frozen Products, American Tuna, Inc., Universal Canning, Inc., Trident Seafoods Corporation and Connors Bros. Ltd.

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