Japan’s canned seafood market is estimated to accelerate at a sluggish 2.5% CAGR between 2023 and 2033. The global canned seafood market is expected to be worth US$ 33.6 billion in 2023. The market is anticipated to exceed US$ 48.2 billion after registering expansion at a slow 3.7% CAGR between 2023 and 2033.
Convenience coupled with mounting disposable incomes and a rising labor force is driving the progress of canned seafood consumption in Japan. The convenience food business in Japan is primarily driven by busy people and individuals with limited cooking skills. In 2013, the popularity of canned mackerel skyrocketed in Japan to such an extent that certain Tokyo supermarkets had to limit sales as the supply was not sufficient to meet the demand. Similar booms were reported across 2018 and 2021. Based on these trends from the recent past, FMI believes that more booms are likely in the future.
Apart from mackerel, fish such as salmon and tuna are also popular among Japanese consumers. In recent years, several companies have also tasted success in Japan canned seafood market by offering cooked preparations. For instance, fish boiled in miso is now widely available across stores in Japan. Soy sauce flavored canned seafood is also a hit with the Japanese masses.
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The market for canned mackerel is expected to continue expanding from 2023 to 2033 due to its high nutritional value, low-fat content, and high concentration of digestible protein. The use of canned seafood by fine dining restaurants is also set to increase fuel demand. Estimates suggest that a whopping 100,000 tons of canned mackerel is produced by Japan each year. FMI does not expect that number to come down anytime soon.
Key Takeaways from the Canned Seafood market
- The Japan market for canned seafood is estimated to rise at a slow 5% CAGR between 2023 and 2033.
- Demand for canned seafood is expected to develop between 2023 and 2033 as Japan continues to focus on promoting and consuming it primarily for convenience.
- Canned mackerel is likely to generate maximum sales in Japan canned seafood market in the years to come.
- In 2023, the global canned seafood market is expected to be worth US$ 33.6 billion.
- From 2023 to 2033, a slow 7% CAGR, is likely to propel the global market to a US$ 48.2 billion valuation by 2033.
“Japan is an island nation and like all other places that are surrounded by oceans, it is a prominent consumer of seafood. However, despite seafood’s cultural relevance and importance, there are challenges for Japan canned seafood market. Increasing awareness of veganism in Japan is leading to numerous consumers transitioning from non-vegetarian foods to vegan alternatives. This is likely to restrain market acceleration in Japan.” -Says an FMI Analyst.
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Competition Landscape in the Canned Seafood Market
Increasing competition in Japan canned seafood market is forcing market participants to innovate, invest, and launch new products. The canned seafood market is highly competitive and key companies are investing heavily in product development by stepping up their research & development initiatives in the long term. Strategic partnerships and contracts with regional players are among the approaches preferred by manufacturers to boost sales and expand their geographic footprint. Certain companies are also likely to explore mergers as a way to cement their presence not only in Japan, but in the greater Asia Pacific region as well.
Universal Canning Inc., Thai Union Frozen Products and Nippon Suisan Kaisha Ltd. are the key players in Japan canned seafood market.
Recent Developments
- In April 2021, Century Pacific Foods acquired Pacific Meat Co. (PMCI), a fast-growing large chilled food category company. PMCI had its manufacturing services, cold chain circulation, and a strong pipeline of refrigerated products that Century Pacific Foods saw as a development opportunity prior to the acquisition.
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Key Segments
By Product Type:
- Caviar
- Mackerel
- Salmon
- Sardines
- Tuna
- Others
By Sales Channel:
- Hypermarkets/Supermarkets
- Convenience Stores
- Independent Grocery Stores
- Specialty Stores
- Online Retail
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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