CAGR: 4.1%Current Market Size: USD 8 BillionFastest Growing Region: Europe
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global canned tuna market is expected to grow from USD 8 billion in 2022 to USD 11.0 billion by 2030, at a CAGR of 4.1% during the Projection period 2023-2030. The growth of the canned tuna market is mainly driven by the rising consumption of seafood.
Canned tuna is widely used in a variety of everyday foods and luxuries, such as salads, tacos, croquettes, pasta, sandwiches, burgers, and sushi. These foods are easily prepared at home in less time, and as a result, they are highly regarded by consumers who value home cooking and a healthy way of life. These consumer trends are expected to increase global demand for the item over the Projection period. Tuna is a mackerel fish that is an important part of the global fishing market. Fresh-cooked, frozen, tinned, and sushi tuna are all popular around the world. Typically, the West and Central Pacific Oceans supply 60% of all tuna (WPCO). The global canned tuna market is growing primarily as a result of the rising consumption of various packaged foods and beverages. Canned foods include various types of meat, vegetables, organic products, and fish that have been precooked or are ready to cook for quick consumption. Because of hurried lifestyles and an increase in the working population, the use of convenience food items has increased in recent years. This legitimately contributes to the growth of this market. European countries and the United States are the largest consumers of canned tuna, with a tiny part of Asian countries such as Japan and South Korea also driving the consumption graph.
Sample Request: - Global Canned Tuna Market
Market Dynamics:
Drivers:
The growing knowledge of climate change, environmental deterioration, and the severe consequences for humanity has heightened the need of implementing sustainable development approaches. Seafood is becoming the primary source of protein for consumers since it has a lower carbon impact than beef. Tuna is quite nutritious. As it contains omega 3, which is an important fatty acid, vitamin, and mineral that meet the nutritional needs of the human body. Because tuna is abundant in ocean bodies, its processing is a sustainable method. The rich flavor of seafood provides consumers with a different taste palette to explore. Given its popularity as a convenience food, tuna is among the most consumed seafood worldwide. It is available in ready-to-eat and ready-to-cook varieties, making it quite popular among busy millennials all over the world.
Restraints:
The high mercury levels in tuna would stymie the growth of the canned tuna business. Mercury is a heavy metal that is extremely hazardous to human health. High mercury levels in the body can produce weariness and can impair the central nervous system. Mercury levels in aquatic bodies have risen due to increased water contamination caused by anthropogenic activities. Furthermore, because tuna fish feed smaller fish that may already have excessive mercury levels, canned tuna will have heightened mercury levels as well. The increasing research and publications demonstrating the negative consequences of mercury from canned tuna will hinder market expansion.
Opportunities:
The population's hectic schedules have enhanced the popularity of ready-to-eat and ready-to-drink packaged food. Packaged goods are handy, quick, economical, and easily available, thus their rising popularity bodes well for the canned tuna business. Even with tight schedules, people today do not want to compromise on product quality and choose healthier options. Canned tuna is high in protein, vital fatty acids, and vitamins and minerals. It promotes bone health, lowers disease risk through increasing immunity, and increases metabolism to encourage growth. Growing consumer knowledge of the benefits of canned tuna will help the market flourish. Increased internet penetration and the e-commerce boom have boosted demand for canned tuna even more.
Challenges:
There is a growing understanding of the negative consequences of consuming animals. More people are becoming vegan as vegan cuisine becomes more readily available and accessible. Social media influencers' activism against animal cruelty and promotion of plant-based nutritional meals contribute to the rise of vegan culture among millennials and Generation Z. Non-vegetarians are being persuaded to go vegan as the ethical peer pressure to consume animals grows. Being vegan helps the environment by lowering the demand for meat and fish, which minimizes the overexploitation of natural resources and restores equilibrium. Veganism's ethical, environmental, and health benefits are gaining popularity around the world, posing a threat to the canned tuna market's growth.
Segmentation Analysis:
The global canned tuna market has been segmented based on product type, distribution channel, and region.
By Product Type
The product type segment is skipjack, bigeye, yellowfin, bluefin, albacore, and others. The skipjack segment led the largest share of the canned tuna market with a market share of around 32.34% in 2022. This species is widely available in the market and provides a varied and nutritious seafood experience. According to Fish20.org, Skipjack accounts for around 58.0% of total tuna capture, with the majority of it being canned. According to the Institute for the Promotion of Imports, skipjack species account for 75.0% of canned tuna imported into Europe.
By Distribution Channel
The distribution channel segment is supermarkets/hypermarkets, online, convenience stores, business-to-business, specialty stores, and others. The supermarkets/hypermarkets segment led the largest share of the canned tuna market with a market share of around 35.98% in 2022. Leading manufacturers promote their products in traditional retail outlets such as hypermarkets and supermarkets. Furthermore, numerous organizations are expanding their consumer base by creating new brick-and-mortar stores worldwide. According to a press release from Target Brands, Inc., the firm plans to establish over 25 different shops across the United States by the end of 2020 and seven more by the end of 2021. In the near future, an increasing number of offline retailers will broaden the scope of this distribution channel.
Global Canned Tuna Market - Sales Analysis.
The sale of the canned tuna market expanded at a CAGR of 2.9% from 2016 to 2022.
Increasing product demand, rising output, and widespread use in the food business are the factors driving market expansion and influencing consumer behavior, resulting in canned tuna sales in the global marketplace. Canned tuna is a popular meal since it is a cheap source of protein and is available in approximately 70 countries globally. The health benefits of eating tuna include a high dose of vitamin B12, which is essential for DNA production. The high concentration of omega-3 fatty acids in tuna fish helps to lower the concentration of LDL cholesterol and omega-6 fatty acids that build inside the heart's arteries. Consumption of omega-3 fatty acids has been linked to a lower risk of heart attack and cardiovascular disease.
Other vitamins and minerals found in tuna include vitamin B6, selenium, iron, iodine, and potassium. While demand for canned tuna remains generally steady in most traditional Western markets, consumption habits in Asia, particularly in Southeast Asia, show that fresh/frozen fish is still favored over canned tuna when available. This choice pattern of South Asian customers inhibits market growth, particularly in South Asia, which has a large consumer base and a high need for low-cost protein and seafood.
Thus, owing to the aforementioned factors, the global canned tuna market is expected to grow at a CAGR of 4.1% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the canned tuna market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the canned tuna market and held a 39.1% share of the market revenue in 2022.
Global Canned Tuna Market - Country Analysis:
Germany's canned tuna market size was valued at USD 0.72 billion in 2022 and is expected to reach USD 1.02 billion by 2030, at a CAGR of 4.5% from 2023 to 2030. According to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), tuna was the most consumed marine species in Europe in 2018. Germany is one of the region's top consumers of canned tuna. These trends are expected to drive regional market expansion over the Projection period.
China’s canned tuna market size was valued at USD 0.49 billion in 2022 and is expected to reach USD 0.68 billion by 2030, at a CAGR of 4.3% from 2023 to 2030. The large Chinese migrant population has also raised the appeal of traditional seafood in these countries. Tuna salads and tuna sandwiches, for example, have emerged as the region's go-to healthful and nutritious meals.
India's canned tuna market size was valued at USD 0.38 billion in 2022 and is expected to reach USD 0.52 billion by 2030, at a CAGR of 4.2% from 2023 to 2030. The extensive use of canned tuna for its high protein content and important omega-3 fatty acid content has increased demand in this region. The canned tuna industry in India is expanding due to increased demand for canned tuna.
Key Industry Players Analysis:
To increase their market position in the global canned tuna market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
4.1% |
Market Size |
8 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Frinsa del Noroeste S.A., Century Pacific Food Inc., Thai Union Group PCL., Ocean Brands GP, Bumble Bee Foods, LLC., Wild Planet Foods Inc., Jealsa, Grupo Calvo, American Tuna Inc., and PT. Aneka Tuna Indonesia. |
By Product Type |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Canned Tuna Market By Product Type:
Global Canned Tuna Market By Distribution Channel:
Global Canned Tuna Market By Region:
Global canned tuna market is expected to reach USD 11.0 billion by 2030.
The canned tuna market is projected to have a CAGR of 4.1%.
Leading market players active in the global canned tuna market are Frinsa del Noroeste S.A., Century Pacific Food Inc., Thai Union Group PCL., Ocean Brands GP, Bumble Bee Foods, LLC., Wild Planet Foods Inc., Jealsa, Grupo Calvo, American Tuna Inc., PT. Aneka Tuna Indonesia among others.
The growing knowledge of climate change, environmental deterioration, and the severe consequences for humanity has heightened the need of implementing sustainable development approaches. Seafood is becoming the primary source of protein for consumers since it has a lower carbon impact than beef.
Based on the product type, the canned tuna market is segmented into skipjack, bigeye, yellowfin, bluefin, albacore, and others.
Political Factors- The administration is running deficit budgets at national and local levels, which boosts growth in the short term but may lead to an increase in inflation in the medium term. The federal government's bond rating is investment grade. The administration is following all World Trade Organization rules and regulations. There is consistency in both policy formulation and policy implementation. The government has a strong track record of upholding international treaties signed with diverse global partners. Each party's government has followed through on previous governments' treaties, ensuring uniformity in both the rule of law and regulations.
Economic Factors- In comparison to the US market, where family income is still below 2007 levels and has not climbed in real terms since the early 1980s, the country's household income has increased steadily over the last decade and a half. Fishbay.By utilizing a differentiated marketing effort, Fish may use this tendency to extend the market beyond its typical clients. If the employment rate is high, it will have two effects on Fishbay.in Fish strategies: first, it will provide enough clients for Fishbay.in Fish items, and second, it will make it more expensive for Fishbay Fish to hire talented and skilled personnel. Credit binge consumption has resulted from rising spending and stagnating household income in the United States.
Social Factors- With recent occurrences such as Brexit and immigrant detention on the United States' southern border. Immigration attitudes have come into sharp focus. Fishbay.in Fish should be able to navigate in this very sensitive environment. When there is a higher level of social concern in a society, there is often more consumer activism and pressure from non-governmental organizations and pressure groups. The attitude towards health and safety is frequently reflected in product quality and cost structures of industrial operations. Fishbay.in Fish has severe health and safety standards, thus it may have to compete with players who do not have the same high-cost structures as Fishbay.in Fish in growing markets.
Technological Factors- Governments all around the world are attempting to prepare for the deployment of 5G infrastructure. Fishbay Fish should examine how prepared the local market is to bring out the 5G connection. Fishbay. should investigate areas where technology might help supply chain partners. This can aid Fishbay.in Fish in increasing transparency and making the supply chain more flexible. Fishbay.Fish should consider the environment for intellectual property rights before entering a new market.
Environmental Factors- What is the country's per capita carbon emission, and what is the overall level of carbon emissions? This will aid in better Projectioning the country's environmental policy. National and municipal environmental policies are frequently at odds. This can assist Fishbay.in Fish in a variety of decisions, including factory site, product development, and price strategy. What are the recycling policies in the projected market, and how can Fish comply with such policies? Fishbay.in Fish needs to know how concerned consumers are about environmental issues. It will aid Fishbay.in Fish in both developing environmentally friendly products and overcoming public relations stumbling barriers.
Legal Factors- What are the country's employment rules, and are they compatible with the business strategy of Fishbay? For example, Uber's employment arrangement does not comply with French law and is facing legal problems in the country. Before entering a new market - Fishbay.in, Fish must examine what the business laws are and how they differ from the home market. Even if the country has the best laws, they are meaningless if they are not enforced in a timely manner. Given the legal hurdles that Fishbay.in Fish may encounter, Fishbay.in Fish should conduct primary research on how long it typically takes to finish a court case in the country.
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