Canned Mackerel Market Expected to Reach $1.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Canned Mackerel Market," The canned mackerel market size was valued at $771.70 million in 2021, and is estimated to reach $1.5 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031. 

The canned mackerel processed by oil occupied more than half of the share in the global market in 2021.

The vitamins and proteins found in mackerel encourage its consumption because of the apparent health benefits. Mackerel is one of the healthiest sea foods. The market for canned mackerel is expanding because to the flavor, longevity, and nutritional value. Mackerel in cans is convenient to sell and has the same nutritional value as fresh or frozen versions. Customers find the product valuable because of its utility and canned mackerel market demand. The potential for the global market is rising as a result of consumers' increasing desires for high-quality seafood in a variety of tastes. These canned mackerel market trends are creating lucrative canned mackerel market opportunity. 

According to global canned mackerel market analysis, the global market is segmented based on processing, application, distribution channel, and region. On the basis of processing, the market is classified into oil, sauce, and others. Among these, oil occupied the major canned mackerel market share of the market in 2021, and is projected to maintain its dominance during the forecast period. Canned mackerel processed with sauce is anticipated to grow at highest CAGR in the future.

On the basis of application, the market is segmented into households and commercial. The households segment is anticipated to grow at the highest rate during the forecast period, owing to the growing trend for ready to eat food products. Moreover, nutritious and healthy food preference is growing at a rapid pace among households.

On the basis of distribution channel, it is categorized into supermarkets & hypermarkets, convenience stores, specialty stores, and online sales channel. The online sales channel segment is anticipated to grow at highest CAGR during the forecast period, due to the rise in internet penetration and usage of smartphones and tablets.

In 2021, Asia-Pacific accounted for more than half of the global canned mackerel market, and is expected to maintain its dominance during the forecast period. Moreover, North America and Europe are expected to possess the highest CAGRs, owing to rise in health concerns among people and increase in popularity of canned mackerel in these regions.

Porter's five forces analysis for the canned mackerel market highlights market competition in terms of the power of buyers, suppliers, manufacturers, and new entrants. Furthermore, shift in living standards of the consumers, as well as an increase in per capita income of the consumers has resulted in the launch of new products and the entry of new players in the market over the canned mackerel market forecast period.

The impact of the COVID-19 pandemic on the global market was moderate, due to the supply chain disruption. All manufacturing and production units were halted during the outbreak. On the other hand, the surge in online sales resulted into positive impact on the canned mackerel market growth. Thus, the market is expected to recover from the pandemic in the upcoming years.

Mackerel is one of the healthiest sea foods due to its high levels of vitamin B-12, omega-3 fatty acids, and other minerals. Heart disease can be avoided due to their anti-inflammatory properties. As a result, mackerel help to enhance cardiovascular health, the immune system, brain function, cholesterol levels, blood sugar regulation, and Alzheimer's disease prevention.

These advantages have encouraged the usage of canned mackerel in daily diets because it is readily available and naturally healthful. Mackerel is preferred for disease prevention and treatment, and as a result, the product's attractiveness has increased in the health and nutrition markets. Due to the growing list of health benefits, canned mackerel is growing in popularity.

The factors that are anticipated to impede the growth of the canned mackerel industry are lower income levels of the populace in developing economies, who are unable to purchase the product, and seasonal availability of the commodity. The widespread use of preservatives in canned food, which can have negative health effects on consumers if consumed in large quantities, is anticipated to limit the market's growth for canned mackerel.

The major players analyzed for global canned mackerel industry are American Fishing Family, Bolton Group, Brunswick, Diavena, EC plaza network Inc., FCF Co, Ltd, Kumpulan Fima Berhad, LDH (La Doria) Ltd, Maruha Nichiro corporation, Marushin Canneries Malaysia, Mitsubhi Corporation, Thai Union Group PCL, Tropical Food Manufacturing (Ningbo), Universal Canning Inc., and Xiamen Amoytop Import & Export Co., LTD. These major market players have adopted various strategies to expand their market reach. The strategies adopted in the market are product launch and acquisition. The new market players are also entering the market with new products.

KEY FINDINGS OF STUDY

• By processing, the oil segment was the highest revenue contributor to the canned mackerel market size, with $396.4 million in 2021, and is estimated to reach $722.2 million by 2031, with a CAGR of 6.0%.
• By application, the household segment was the highest revenue contributor to the market, with $504.3 million in 2021, and is estimated to reach $934.6 million by 2031, with a CAGR of 6.2%.
• By distribution channel, the specialty stores segment was the highest revenue contributor to the market, with $275.3 million in 2021, and is estimated to reach $523.3 million by 2031, with a CAGR of 6.5%.
• Region wise, Asia-Pacific was the highest revenue contributor, accounting for $269.3 million in 2021, and is estimated to reach $540.8 million by 2031, with a CAGR of 7.1%.