Country-Niche Players and Regional Players constitute ~55% and ~40% respectively Despite the Presence of about ~300 Competitors, find a Recent Market Study on Global Canned Seafood Market.
Fish and seafood products that have been commercially prepared, heated to sterilize them, and then pre-served in hermetically sealed containers are referred to as canned fish. It is being increasingly adopted for household and commercial consumption.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
Regional Players Hold Around 40% of the Market Share Followed by Large Global Players Holding ~35% of the Market Share
A comprehensive competitive analysis conducted during the Research Study found that the Global Canned Seafood Market is competitive with ~300 players which include globally diversified players, and regional players, as well as a large number of country-niche players.
According to the research study, the Regional Players held the dominant position in the market in 2021, with a revenue share of about ~40% followed by large global players which held ~35% of the market share. A large number of country-niche players operate in the market, however, certain restrictions and regulations regarding canned and packaged foods hamper their development and growth. Moreover, many global and regional players tie up with local players to expand their presence in a certain regional market providing them with the advantage of locally sourced material and local distribution channels.
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Players are Increasingly Investing in the Canned Seafood Industry which is Promoting the Market Growth.
There are several global companies in the fragmented Market For Canned Seafood. The market's major manufacturers, who have a sizable consumer base, well-established brands, and extensive distribution networks, compete fiercely with the market's players. To stay competitive, businesses have been putting numerous expansion tactics into practice, such as collaborations and the introduction of new products.
Not just key players but also emerging players are expanding in the Canned Seafood industry and are also investing in strategies like collaborations and technological development to compete in the industry.
- In October 2022, European canned fish manufacturer, Karavela, has introduced a line of plant-based canned seafood products under the name Fish Peas. The new line, which was created using the extremely sustainable yellow pea, was unveiled at the Anuga international trade show.
- In August 2020, Thai Union Group PCL agreed upon buying the final equity portion of Red Lobster Seafood Co., from Golden Gate Capital. Orlando will continue to be the headquarters of Red Lobster.
Increased Adoption of Canned Seafood in Various Parts of the World leading to Major Industry-Wide Developments, Acquisitions, and Deal-Wins
- In August 2021, the first Fair Trade canned tuna product has been introduced by Mind Fish Co. and is available in the North American market. Mind Fish teamed up with Fair Trade USA to support a project meant to rebuild healthy marine ecosystems, enhance livelihoods, and create resilient coastal communities in the Maldives.
- In March 2021, Rio Mare, a brand owned by the Bolton group, became the first seafood brand in the world to receive EPD accreditation, also known as Environmental Product Declaration, from DNV, a global certifying authority.
- In April 2021, Century Pacific Food Inc., acquired Pacific Meat Co. Inc. (PMCI), a newcomer in the major refrigerated food segment. With its own cold chain distribution, manufacturing facilities, and a strong pipeline of chilled goods, this segment presents Century Pacific Food Inc., with promising growth prospects.
For more information on the research report, refer to below link:
Global Canned Seafood Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research
