The Asia Pacific Canned Seafood market is predicted to reach USD 6.58 billion in 2024 and USD 8.36 billion by 2029, growing at a CAGR of 4.91% during the forecast period.
Canned seafood is seafood that has been processed, sealed in an airtight container such as a sealed tin can, and subjected to heat. Canning is a method of preserving food and provides a typical shelf life ranging from one to five years. 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's growth over the coming years. Demand for the product is growing due to an increase in 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 fish. Lower-income levels of the 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 and contamination of seafood which is anticipated to limit the market growth. However, recent recommendation by countries such as to increase canned seafood consumption is likely to propel the growth in the market over the coming years
Canned tuna emerged as one of the most 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 consumption. Furthermore, advantages of the product include the improved immune system, reduced blood pressure, and reduced depression, coupled with strengthened bones is likely to increase the consumption of this product. In addition, the products aid 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 a high concentration of easily digestible protein, which is expected to drive 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, the use of harmful antibiotics during the processing of such prawns is expected to restrain the market growth. However, demand for is anticipated to increase on account of the growing consumption by such products in South East Asia and Australia over the forecast period
Asia Pacific accounted for the largest share of the market followed by Europe and North America. In addition, the high demand for ready-to-eat meals and seafood products in the region is expected to drive market growth. Furthermore, a rise in the demand for high shelf life seafood products is expected to result in increased consumption of canned seafood. The presence of major market players in the 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 the coming years. The increased consumption of seafood by the population owing to its high health benefits is anticipated to propel industry growth.
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, Connors Bros. Ltd are some of the notable companies in the Asia Pacific Canned Seafood market.
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