Canned Meat Market - Growth, Trends, and Forecasts (2023-2028)

During the time frame of the forecast, the canned meat market is expected to grow at a CAGR of 8.23%.

The market is mainly driven by the rising urban population that prefers easy and convenient food and the demand for healthy food rich in protein, functional fibers, vitamins, and omega-3 fatty acids. Consumers willing to spend a little more for the products offering such properties, coupled with the demand for small, manageable, remanageable-to-cook meat, seafood, and organic canned fruits and vegetables, are thus fueling market sales. The canned meat market is driven by various other factors such as shelf stability, perceived hygiene associated with canned meat products, convenience, and other such factors. Additionally, there has been a growth in the demand for canned seafood due to the fact that the protein content of seafood is superior to that of meat and poultry and is a great source of high-quality protein. Omega-3s, iron, B and D vitamins, and protein are just a few of the essential components found in seafood that are necessary for health and wellness at any age. The proteins, vitamins, and omega-3 fatty acids found in fish and shellfish are crucial for developing strong bones, the brain, a strong heart, and a robust immune system.

Furthermore, the rising awareness of the ills of plastic packaging and the demand for a sustainable solution, as well as the increasing recycling rates globally, have been further driving the market. Local enterprises understand the tastes of local consumers, whereas overseas brands frequently manufacture food with a Western flavor. However, as the population across the globe is more open to Western food, this could be a strength of foreign brands. For example, in the year 2022, the Australian Trade and Investment Commission (Austrade) partnered with Vietnam’s key seafood importers to launch the Australian Seafood Festival from June to July 2022.

Canned Meat Market Trends

Increasing Demand for Canned Seafood

The demand for canned fish and seafood has witnessed steady growth, especially in western countries and Europe. Owing to consumer awareness regarding the nutritional benefits of seafood, coupled with the convenience in consumption it provides and the long shelf life it possesses, Although the consumption of canned seafood is considerably lower in the remaining regions, as most of the regional population in Europe prefers to eat fresh seafood when compared to frozen seafood, the demand for canned seafood mainly originates from seafood that is not available locally. Furthermore, changing food habits is a driving force encouraging consumers to shift to consuming convenience foods, such as canned seafood, as they are perceived to be safer and more convenient due to their longer shelf life. The importance of a long shelf life was paramount during this period. Pasteurized crab meat, for example, is one of the most popular canned seafood products in Asia and the Pacific, following canned fish such as tuna. As a result, the consumption of canned seafood has been on the rise. Different regions have been engaging in imports and exports of canned seafood owing to the rise in demand for the same. For example, according to the Department of Fisheries (Thailand), when compared to other canned seafood goods, canned tuna from Thailand had the greatest export value in 2021, topping in at around USD 1.68 billion. Thailand exported about 572 thousand tons of canned seafood goods in that year, which is evidence of the rise in demand for canned seafood across various regions across the globe.

Asia Pacific is the Fastest-Growing Region

Asia-Pacific is the fastest-growing region in the global market for canned meat, especially canned fish, seafood, and fruits. Countries like Japan, Korea, and China import canned crab meat in high quantities. China is the region's most important and promising hub for canned seafood consumption.The country also accounts for one of the highest per capita consumptions of seafood. According to the National Bureau of Statistics of China, in 2021, the average seafood product consumption per person amounted to around 16.7 kilograms in urban China and 10.9 kilograms in rural China. As the demand for processed food includes marinated fish and meat products and ready-to-cook meals, the canned seafood segment is poised to grow across the Chinese market during the forecast period.

According to the Japan Ministry of Agriculture, Forestry, and Fisheries (MAFF), around half of the seafood in Japan is processed and consumed salted, dried, smoked as fish paste, or canned. The seafood processing industry has become increasingly important as consumers' preferences for easier-to-use processed products have increased. Also, with the presence of major supermarkets, such as 7-Eleven, E-Mart, Big C, etc., and the increasing internet penetration, the online market for the purchase of canned meat products is therefore surging.

Canned Meat Market Competitor Analysis

The market for canned meat is competitive and highly fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given to the merger, expansion, acquisition, and partnership of the companies, along with new product development, as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Some key players in the canned meat market include Hormel Foods Corporation, Conagra Brands, Inc., Thai Union Group, Trident Seafoods Corporation, and Dongwon Enterprise Co., Ltd. Key players are putting more effort into online distribution channels for their online marketing and branding of their products in order to reach more people in more places and get more customers.

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• The market estimate (ME) sheet in Excel format
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