Canned seafood is projected to accrue nearly $7 billion in incremental growth across the globe over the next five years, a recent report found.
“Increased demand for canned fish and seafood, rising disposable income of consumers, and the emergence of private labels are expected to render a positive influence on the market,” wrote Technavio, which authored the report, “Top 3 Emerging Trends to Impact the Canned Seafood Market in the Next Five Years.”
One area for growth is China, “the largest market for fish and seafood, [which] reported a high penetration of private labels in terms of volume,” the report stated.
The global canned seafood market came in at $29.75 billion in sales in 2016 and is expected to hit $36.70 billion by 2021.The worldwide market for canned tuna alone was valued at $13.98 billion last year.
When it comes to canned salmon, the report also found that athlete demand for this particular item is on the rise.
“Salmon is a rich source of iron, high-quality protein, omega-3 fatty acids, and vitamin B-12,” Manjunath Reddy, a lead analyst at Technavio, said on the company’s website. “This makes it a popular option among athletes.”
Convenience stores are a main driver of canned seafood, with the retail subsector holding nearly half the market share at 48%.
However, while brick and mortar may currently enjoy a strong position, Manjunath believes the digital side of the coin will boost the industry considerably. “There is a huge potential for players to increase their profitability by selling their products online, with the rising trend of e-commerce businesses,” he said. “Many consumers prefer to shop online due to the convenience factor of online shopping. This changing trend has encouraged numerous companies to focus on the new Internet-savvy customers and venture into this growing retail format.”
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