Report ID: PMRREP33382
Number of Pages: 250
Format: PPT, PDF, EXCEL
Industry: Food and Beverages
Published Date: March-2023
Newly-released Tinned Fish Market analysis report by Persistence Market Research reveals that global sales of the market in 2022 were held at US$ 9.5 Billion. With a projected CAGR of 5.7% from 2024 to 2033, the market is expected to reach a US$ 17.2 Billion valuation by the end of the forecast period.
Tuna-tinned fish is expected to be the significant revenue-generating type in the market and is projected to grow at a CAGR of over 5.4% from 2023 to 2033. Supermarkets/Hypermarkets are expected to be the prominent revenue-generating distribution channel in the market, which is projected to grow at a CAGR of over 5% from 2023 to 2033.
| Attributes | Details |
|---|---|
| Market Size (2024) | US$ 10.4 Billion |
| Market Size (2033) | US$ 17.2 Billion |
| Global Tinned Fish Market CAGR (2024 to 2033) | 5.7% |
| United States Tinned Fish Market CAGR (2023 to 2033) | 4.6% |
| Key Companies Covered |
|
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As per the Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 3.6% CAGR. With an absolute dollar opportunity of US$ 7.3 Billion, the market is projected to reach a US$ 17.2 Billion valuation by 2033.
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Get a Customized VersionThe key factors that are influencing the market are the shifting preference of people from traditional food to ready-to-eat food, which has enabled the production of high-quality tinned fish products.
Tinned fish is often considered an easy and healthy food option as it provides omega-3 fatty acid which is good for heart and brain health, and prevents blood clots in the arteries. It is a rich source of selenium that helps to prevent the adverse effects caused by mercury. In 2018, it was recorded that household consumption of tinned fish reached around 727 thousand tons.
The reasons behind fish consumption growth are urbanization and the growing population. Global consumption is annually increasing at a rate of 3.1%, which is higher among other protein products obtained from animals like meat and milk. In 2022, the total fish consumption volume was about 185 billion kilograms, which grew by around 7 thousand tons from 2021.
Tinned food is processed food that is preserved for a long period of time by packing it in containers such as tin cans and steel. Food contamination is a key concern because of the corrosive property of tin cans, which leads to bisphenol-A (BPA) formation. To deal with this problem, can manufacturers Institute came up with a solution of producing tin with polyester and acrylic linings. Such advances in technology have made it possible to produce high-quality tinned fish products that retain their flavor, freshness, and nutritional value. These technological advancements in the canning industry are likely to fuel the market growth worldwide.
Europe accounted for a market size of US$ 3.8 Billion in 2022 and is estimated to reach a valuation of US$ 3.9 Billion in 2023. The regional market is expected to be worth US$ 6.9 Billion by 2033.
In recent years, Europe has seen a staggering increase in the consumption of tinned fish, particularly after COVID-19. In 2019, Europe imported about 775 thousand tons of tinned fish and exported around 104 thousand tons, of which Spain alone contributes to around 70% of canned tuna. With this figure, it is evident that Europe will play a prominent role in the demand.
United States Tinned Fish Market Analysis:
The market in the United States is expected to grow to be worth US$ 3.4 Billion by 2033, with an absolute dollar growth of US$ 1.2 Billion from 2023 to 2033. The market in the country has grown at a CAGR of 2.2% from 2018 to 2022 and is expected to grow at a CAGR of 4.6% from 2023 to 2033.
Americans consider seafood products as a rich source of protein. In 2019, the United States became the second most prominent seafood consumer with a total consumption of 6.3 billion pounds. Around 81% of the total fish caught are consumed by Americans. In 2020, fish and fishery products were imported for worth over US$ 22 billion. Due to the high consumption rate of seafood, the United States can be a prospective market for tinned fish.
United Kingdom Tinned Fish Market Analysis:
In the United Kingdom, the market is expected to grow to be worth US$ 1.3 Billion by 2033, with an absolute dollar growth of US$ 483 Million. The market in the country has grown at a CAGR of 2.5% from 2018 to 2022 and is expected to grow at a CAGR of 4.9% from 2023 to 2033.
The United Kingdom is surrounded by oceans, which leads to an abundant supply of fish in the country. Due to the geographical advantages and the government’s ample amount of funding to the fishing sector, there are numerous market players. In 2022, around US$ 6 million of revenue was generated by 40 companies in the United Kingdom.
China Tinned Fish Market Analysis:
The market in China is expected to grow to be worth US$ 1.5 Billion by 2033, with an absolute dollar growth of US$ 699 Million. The market in the country has grown at a CAGR of 5% from 2018 to 2022 and is expected to grow at a CAGR of 6.7% from 2023 to 2033.
In China, consumption of seafood is significantly high which is over 2 billion kilograms for over 1 billion people. In 2020, the revenue of the country reached US$ 27 billion in terms of processed seafood and fish. Hence, growth in the consumption of fish will directly impact the market growth.
Japan Tinned Fish Market Analysis:
The market in Japan is expected to grow to be worth US$ 1.2 Billion by 2033, with an absolute dollar growth of US$ 489 Million. The market in the country has grown at a CAGR of 2.9% from 2018 to 2022 and is expected to grow at a CAGR of 5.1% from 2023 to 2033.
Salmon and Tuna are the preferable types of fish in Japan. In 2020, it was recorded that the consumption of seafood was around 23 kilograms per person in the country. The production of tinned tuna was more than 22 thousand tons in 2020. Fish is a prominent part of Japanese cuisine thus its consumption rate is also high. With the increasing labor culture, people are more likely to prefer ready-to-cook food items over traditional food. Thus, the demand for tinned fish is expected to see a steady increase in the coming years.
South Korea Tinned Fish Market Analysis:
The South Korean market is expected to grow to be worth US$ 694 Million by 2033, with an absolute dollar growth of US$ 309 Million. The market in the country has grown at a CAGR of 4.3% from 2018 to 2022 and is expected to grow at a CAGR of 6.1% from 2023 to 2033.
Rice has been a prominent part of Korean cuisine for a long period of time. However, in recent years, people are choosing seafood as an alternative to rice, as it is a rich source of proteins and vitamins. In 2021, the consumption of rice was 57 kilograms per person whereas the consumption of seafood was around 66 kilograms. Thus, Korea is going through a big transition phase, which will have a positive impact on the market.
Why demand for Tuna Tinned Fish is projected to Witness Securely Growth?
Tinned-Tuna Fish is projected to witness secure growth as it has grown at a CAGR of 3.5% from 2018 to 2022 and is expected to grow at a CAGR of 5.4% from 2023 to 2033.
According to the United Nations report, Tuna is the most prominently consumed type of fish worldwide. Tuna is a resource of protein and vitamins which is leading to its increased consumption. More than 51% of tuna is used for the production of canned tuna. As per the survey conducted in 2020, the United States consumed over 266 million canned tuna, which accounts for around 31% of the world’s total canned tuna production. Also, around 454 million kilograms of canned tuna are consumed in the United States per year.
Key players in the Tinned Fish Market Are Natural Sea, Crown Prince, Inc., Roland Foods, LLC., Bumble Bee Foods, LLC., Chicken of the Sea, John West, Karavela, Wild Planet, King Oscar, and Bar Harbor.
A few of the recent developments in the Market are:
By Type:
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The market was reported at US$ 9.5 billion in 2022.
The market is estimated to be valued at US$ 9.9 Billion in 2023.
The market is expected to reach a valuation of US$ 17.2 billion by 2033.
The market registered a CAGR of 3.6% over the last 4 years.
The market is projected to witness a CAGR of 5.7% from 2023 to 2033.
Tuna-tinned fish amongst Mackerel, Salmon, and Sardines is expected to garner a significant value share by 2033 and are expected to grow at a CAGR of 5.4% from 2023 to 2033.
The market in the United States is projected to witness size of US$ 3.4 Billion by 2033 and is expected to grow at a 4.6% CAGR from 2023 to 2033.
The key companies in the market include Natural Sea, Crown Prince, Inc., Roland Foods, LLC., Bumble Bee Foods, LLC., Chicken of the Sea, John West, Karavela, Wild Planet, King Oscar, and Bar Harbor.
