The Future of the Canning Industry: Trends for the Next Decade

The fish canning industry continues its impressive expansion. If by the end of 2024, the sector could reach $1.261 billion, it is expected that the growth continues at an annual rate of 3.9% over the next decade. These are the findings from the industry status report by Future Market Insights consultancy (FMI), which projects a value of $1.853 billion by 2034.

Technological Advancements Will Be Key

The report highlights that technology is making a significant impact on the canned fish market, especially in improving packaging and preservation methods. Pulsed Electric Fields (PEF) and High-Pressure Processing (HPP) technologies have been gaining ground in the industry because of their cost-effectiveness relation. These methods streamline the production process and enhance the quality of the final product by reducing spoilage and preserving the nutritional value of the food.

Moreover, research in materials has enabled the diversification in the use of raw materials for can production. This innovation not only increases the durability of the containers but also contributes to reducing waste and enhancing the sustainability of the packaging process

The Volatility Challenge of Commodity Prices

The FMI report emphasizes that the volatility of commodity prices is a significant hurdle for the canned goods market. This volatility has a strong correlation with the seasonality of the fishing industry, which is vulnerable to changing weather conditions, the sustainability of fishing areas, and fishing policies.

Apart from the fish itself, the price of raw materials used to produce the cans, like steel, aluminum, and chromium, are also encountering fluctuations in the global market. Elements such as shifts in global demand for these metals, trade policies and tariffs can impact prices, introducing an extra layer of uncertainty.

Asia-Pacific, North America, and Europe: Thriving Markets

Asia-Pacific, North America, and Europe are at the forefront of demand in the industry, spurred by advancements in technology, rising urbanization and an increased call for sustainable packaging solutions.

• Asia-Pacific: The Asia-Pacific region stands out for providing brighter prospects for the food industry at large, including the canning sector, due to its increasing population and swift economic growth. The demand for packaged food is on the upswing as consumers’ disposable incomes rise, and enhancements in transport and distribution infrastructure enable better access to these products. In countries like India, institutions are fueling the growth of industries such as fisheries through incentives and progress in logistics infrastructure. This is fuelling the production and consumption of canned marine products in the region.
• North America: In North America, specifically in the United States, the market is expanding due to shifts in lifestyle. Consumers are progressively focusing on nutritious food, encompassing canned products like tuna or sardines, rich in crucial proteins and nutrients. The surge in trends advocating healthy eating and preference for meals with little preparation time is amplifying demand.
• Europe: Both consumers and governments are insisting on more eco-friendly packaging solutions. It is expected that regulations endorsing the use of recyclable materials and waste reduction will drive the demand for canned goods made from environmentally sound materials, like biodegradable or recycled steel and aluminum cans.

E-commerce Growth Opens Up New Opportunities

The proliferation of e-commerce platforms across various markets has enhanced the accessibility to canned fish products, thereby amplifying consumer touchpoints and elevating the profitability of businesses. This trend is unveiling new investment avenues, as consumers now can access a broader spectrum of products with options for bulk purchases, premium or gourmet.

Conclusions

To conclude, the canned fish market is slated for consistent growth, underpinned by technological advancements in packaging techniques, rapid urbanization, and the surge in demand for healthy food options. Progress in processing materials and techniques, coupled with the embracement of sustainable packaging, is setting the trajectory for key market players to adapt to the evolving needs of consumers, particularly in crucial regions such as Asia-Pacific, North America, and Europe. Nevertheless, the instability in the cost of raw materials and variations in fishery production remain significant hurdles that the sector needs to handle to sustain its growth.

Source: Fish Can Market Outlook from 2024 to 2034, FMI