Canned Seafood Market: By Product (Fish (Tuna, Salmon, Trout, Sardines, and Other Fishes (Mackerel, Herring, etc.), Shellfish (Shrimps, Oyster, Mussels, Crabs, Lobster, Clams, Abalone, Sea Urchin and Sea snails)): By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores and Online Retail) and Region Forecast 2019-2030

Canned seafood market size was valued at US$ 45,292.0 million in 2023 and is projected to reach a value of US$ 91,541.8 million by 2030, at a CAGR of 10.5% from 2024-2030. Moreover, North America accounted for 30% of the share in the global canned seafood industry in 2023 and is projected to grow at a CAGR of 9.4% from 2024 to 2030 and is projected to reach 10,436.9 Mn by 2030.

Strong demand for convenient food products from consumers is the major driver for the market. Consumers today are focusing more on ease of preparation, longer shelf life, and portability, of which canned seafood best delivers. Increasing awareness about environmental issues has made consumers prefer products sustainably sourced. Such demand, in turn, motivates companies to practice sustainable fishing that enhances sales of canned seafood labeled sustainable. Despite the associated health benefits, there still exist many marine biotoxins found in seafood that are naturally occurring chemicals caused by some types of toxic algae, with adverse health effects that include gastrointestinal and neurological symptoms and thus entail unique food safety concerns that can restrain the market growth. However, there's also growth opportunity with more environmentally aware consumers. Companies making investments in the use of ecologically friendly materials, and innovations in packagings, such as recyclable cans, BPA-free linings, or biodegradable labels, can feed off the 'eco-market’.

Key Players

The canned seafoods market players are Maruha Nichiro Corporation, Thai Union, The Bumble Bee Seafood company, StarKist Co, American Tuna, Inc., Trident Seafoods Corporation, Wild Planet Foods, Tassal, LDH (La Doria) Ltd, LDH (La Doria) Ltd and Others.

Key Takeaways

• Europe is the largest market, largely dominated by Spain. European demand constitutes 41.7% of the overall global demand for Canned seafood.
• North America accounted for 30.0% of the share in the global market in 2023 and is projected to grow at a CAGR of 9.4% from 2024 to 2030 and is projected to reach US$ 25,369.7 Mn by 2030.
• Based on Product, the Fish segment holds an 81.5% market share
• Based on Distribution Channel, the Supermarket/Hypermarket segment holds 55% market share

Facts & Figures  

• According to Fisheries of the United States, 2020 reports, consumption of all canned fishery products was 4.2 pounds per capita in 2020, up 0.3 pounds from 2019. In 2020 Per Capita Consumption of Canned Fishery Products was as 0.2 lbs was Salmon, 0.3 lbs sardine, 2.6 lbs Tuna, 0.4 shellfish and 0.8 lbs of others.
• NOAA estimates that Americans eat about 16 pounds of seafood every year, and 3.6 pounds of that comes from a can.
• Between April 2021 and March 2022, the number of MSC certified fisheries increased from 499 to 539. As a collective whole, these fisheries account for 15% of the entire wild marine catch; that is up from 14% compared to last year. Similarly, certificate holders in more than 46,000 sites have also increased by 5% to operate and supply/sell MSC certified seafood to companies.
• In 2021, UK government announces first investment from £100 million UK Seafood Fund to boost innovation in the fishing industry.
• In 2021, seafood consumption in Canada was 8.44 kg (18.6 lb)/per person per year and consisted of 6.6 kg (14.6 lb) of marine fish,6 0.89 kg (2 lb) of freshwater fish, and 0.95 kg (2.1 lb) of shellfish.

Key Developments in Canned Seafood Industry

• In 2024, Thai Union’s John West brand introduced ECOTWIST®, a packaging game-changer.
• In 2022, Maruha Nichiro Corporation acquired Alaska Pollock operations from Icicle Seafoods Inc. and their group companies. WSI has acquired a processing facility from Icicle and the fishing vessel owner company, newly established by MCII and a local partner, has acquired nine fishing vessels with Alaska Pollock quota from Icicle.
• In 2021, Thai Union Group (Thai Union), the world’s seafood leader, announced that it had acquired the remaining 49 percent of shares of Rugen Fisch AG (Rügen Fisch).

Top Companies

In the canned seafood market, top key players like Thai Union, which is leading the market. Thai Union Group is a global leader in the seafood industry, particularly known for its dominance in the market with different brands like Genova, Bellotta, Chicken of the Sea, Fisho, John West, and Others. Other companies in the market are Bumble Bee, Maruha Nichiro Corporation, StarKist, American Tuna Inc, and others which have a wide range of products including Tuna, Salmon, Crab, Oyster, and others.

Market Segmentation

By Product: The canned seafoods industry divisions based on the Product are Fish and Shellfish. In 2023, the Fish segment accounted for a larger revenue share of 81.5%. Moreover, fish such as tuna and sardines are easily canned in huge volume because their processing time is less while in the canning process. They can be canned in water, in brine, or oil. For Shellfish, although the market share is usually smaller compared to the fish segment, it remains an important component of the seafood industry, especially in countries or regions where shellfish is a staple food product or is perceived as a luxury good.

By Distribution Channel: Under the Distribution Channel, the segment is further subdivided into supermarkets/hypermarkets, convenience stores, specialty stores & online retail. The sales data for canned seafood indicate a predominant preference for Supermarkets/Hypermarkets, which account for a substantial 55% of the market share, while Convenience Stores represent a mere 14.1%. A growing purchasing power of consumers will likely push the product demand over coming years. Rising quality in seafood being offered by distributors supplemented with novel, more ecologically friendly packaging technologies will be expected to drive market growth over the forecast period.