Canned Seafood Market Pegged To Reach US$27.8 billion
Wednesday, January 10th, 2018 | 216 Views
The global canned seafood market is anticipated to grow on account of rising demand for processed food due to ease of consumption, according to market intelligence company Grand View Research.
The market is forecast to reach US$27.8 billion by 2025, growing at a compound annual growth rate (CAGR) of 3.2 percent during the forecast period from 2014 to 2025.
The health benefits offered by canned seafood such as essential nutrients added during canning process including vitamin B12, D and A leading to metabolism improvement, is expected to drive growth over next seven years. In addition, high demand for the ready to eat seafood is expected to translate into increased product consumption.
The 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 in the next seven years. In addition, improved packaging procedures with the use of RFID tags to improve product traceability and agglomeration is expected to increase the product adoption by the consumers, thereby contributing to the market growth.
The market for canned tuna is expected to account for 47.5 percent of the global volume due to high consumer adoption. In addition, the industry is expected to benefit from the high production volume of tuna primarily in Asia Pacific.
Sardines is expected to emerge as the fastest growing segment growing at a five percent CAGR, by revenue from 2017 to 2025 owing to the rising availability in ecommerce coupled with increased health benefits offered by the product.
The industry in Asia Pacific is expected to grow at a CAGR of 4.1 percent by revenue from 2017 to 2025 due to high product consumption by 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.