22-October-2018: The global canned seafood market is anticipated to reach a valuation of USD 27.8 billion by 2025, according to a market report by Grand View Research, Inc. Canned seafood comprises fish and other seafood such as sardines, tuna, salmon, and shrimp. Such foods are rich in nutrients, vitamins, and minerals and can boost immunity levels. Canning ensures the long shelf life of these products and preserves the natural color and taste of the food. Demand for convenience foods for snacking purposes can entice consumers to try these foods.
The concerns of high mercury levels in these fish have led to regulatory agencies such as the U.S. Food and Drug Administration (FDA) to blacklist fish such as shark, tilefish, and marlin in 2017. In order to cater to high demand for seafood, Safe Catch, a U.S. company has devised testing methods to retain fish with lowest mercury levels. This move can prevent food poisoning from high consumption of canned items and protect pregnant women, kids, and health-conscious consumers. The company managed to raise USD 5 million in funding in February 2018 to launch a new line of seafood items to leverage on changing food preferences of consumers.
The concerns of high mercury levels in these fish have led to regulatory agencies such as the U.S. Food and Drug Administration (FDA) to blacklist fish such as shark, tilefish, and marlin in 2017. In order to cater to high demand for seafood, Safe Catch, a U.S. company has devised testing methods to retain fish with lowest mercury levels. This move can prevent food poisoning from high consumption of canned items and protect pregnant women, kids, and health-conscious consumers. The company managed to raise USD 5 million in funding in February 2018 to launch a new line of seafood items to leverage on changing food preferences of consumers.
Sustainability seems to be the main mantra in the tinned food industry with big retail outlets such as Walmart demanding Marine Stewardship Council (MSC) certification on all canned food items from its suppliers. In January 2016, Canada’s purse seine herring industry gained MSC certification and achieved a sustainability ranking. This lets canned food producers to export their goods to North America and Europe. Restaurants in the U.S. are turning to canned fish to prepare delicious dishes to cater to evolving tastes of consumers. This trend emerged due to millennials willing to pay for branded canned foods.
The canned seafood market is expected to expand due to high demand for processed foods. Changing lifestyle and expendable income of consumers are factors predicted to drive market growth over the forecast period (2014-2025). The market is expected to exhibit a 3.2% CAGR, revenue-wise, from 2017 to 2025 driven by an upswing in online shopping on ecommerce portals. High demand for exotic seafoods and reduced tariffs is projected to positively impact the market. Concerns regarding mercury within fish can restrain market growth. Prominent market players include Thai Union Frozen Products; American Tuna, Inc.; Bumble Bee Foods, LLC; and Wild Planet Foods Inc.
In-Depth Research Report On Canned Seafood Market:
https://www.grandviewresearch.com/industry-analysis/canned-seafood-market
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