Canned Tuna Market Size is projected to reach USD 13.36 billion by 2031, growing at a CAGR of 4.5%: Straits Research

New York, United States, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The Scombridae family includes the diversified saltwater fish genus Tuna, which includes 15 distinct species. This fish is an excellent source of vitamin D, selenium, and protein. Additionally, this fish is high in protein and antioxidants while low in sodium and saturated fat. The USDA National Nutrient Database states that the selenium, phosphorus, iron, magnesium, and potassium levels in tuna fish are suitable. The heart-healthy omega-3 fatty acids included in Tuna in cans aid in avoiding various cardiovascular disorders.

The market is growing due to the expanding trend of online shopping, which drives demand for canned tuna fish and cuts export taxes on frozen tuna loins and fillets. Several fishing equipment types include pole-and-line, longline, and purse seining. These various fishing techniques increase the effectiveness of capturing fish.

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Rising E-Commerce Firm and The Increase in Dependency On Ready to Cook Food Is Driving the Market Growth.

Consumers rely extensively on ready-to-cook and ready-to-eat food products because they are simple to prepare. The rise in working women and the reduction in cooking time are to blame for the widespread usage of canned Tuna. The millennial generation is particularly drawn to these convenience food items because of how simple they are to prepare, how nutritious they are, and how little time is needed for food preparation. Many firms focus on launching new products and certifications to provide customers with high-quality goods and excellent service. For instance, in February 2019, Chicken of the Sea debuted a new resealable, single-serve recyclable cup of wild-caught Tuna to meet the rising demand from millennials for on-the-go food.

The canned tuna market has grown favorably due to the development of e-commerce and the strengthening of the supply chain. Recent improvements in the accessibility of processed food products have increased the number of online food-buying platforms. New e-commerce opportunities have arisen due to the internet's growing popularity. The millennial generation is more technologically savvy and prefers making purchases on various online platforms because it's more practical. Customers' attention has been piqued by the opening of numerous new malls and convenience stores in recent years. As a result, the supply chain has improved in some aspects, and sales of processed commodities like Tuna have skyrocketed.

Technology developments that enable efficient manufacturing, a more extensive product selection, creative design and packaging, practical operational maintenance, and sales monitoring are the primary growth drivers in the canned tuna market.

Customers' growing preference for plant-based foods has hampered market expansion. Due to their increasing concerns for the environment and animal welfare, consumers are gravitating toward plant-based products. The rising vegan trend in developing nations has also contributed to an increase in the consumption of plant-based products. Customers have also been influenced to choose them by the availability of various plant-based fish meat substitutes and their robust flavor and taste compliance.

Report Scope

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Regional Insights

North America is the dominating region and is expected to grow at a CAGR 4.4% during the forecast period. The demand for processed and ready-to-eat food products is predicted to increase, leading to a significant increase in the North American canned tuna market during the forecast period. Due to rising seafood consumption, the U.S. is anticipated to hold the most significant share of the regional canned tuna market over the projected period. U.S. canned tuna is the second most popular seafood item in the nation, according to the National Fisheries Institute. Furthermore, Americans eat around 1 billion pounds of canned and packed Tuna each year. Additionally, roughly 83% of Americans eat Tuna from cans for lunch. As a result, the country's canned tuna market is being driven by increased consumption and desire for canned Tuna.

Due to increased production, particularly in countries like Spain, Europe is anticipated to experience significant expansion in the global canned tuna market throughout the projected period. During the predicted period, the Europe area is anticipated to increase significantly. The market for canned Tuna in this area is expanding due to the rising demand for prepared and processed foods. Spain is the world's top producer of canned food and the eighth largest exporter overall, according to the Food and Agriculture Organization of the United Nations. According to estimates, more than 43% of the production of canned fish is exported, making this nation the fifth-largest exporter in terms of value. For instance, in August 2018, Spain was one of the leading exporters of canned Tuna, exports of canned, semi-preserved. Prepared fish, as well as shellfish, has experienced an increase of 3.85% in volume and 7.41% in value during the first five months of 2018 compared to the previous year.

APAC is anticipated to experience significant global canned tuna market growth due to rising consumer demand for healthy food items and an aging population. The high protein and nutritional content of tuna fish drive up the demand for canned Tuna in the APAC region.

Due to the low standard of living and unfavorable economic circumstances, LAMEA is anticipated to increase steadily during the anticipated timeframe. Fish and fish products are essential for the economies of the Middle East and African nations. The people's principal place of employment is the fisherman's market. Eight million tonnes of fish, or roughly 4.9% of the world's fish trade, are produced on African fish farms, according to ARSO (African Regional Organization for Standardization). Some of Africa's top producers are Egypt, Morocco, and South Africa. 18% of the protein consumed by animals is in the form of fish products.

Key Highlights

• The global Canned Tuna market size is expected to grow at a CAGR of 4.5% during the forecast period 2023-2031.
• The market is further bifurcated based on type into Skipjack Tuna, Yellowfin Tuna, and Bluefin Tuna.
• Based on the sales channel, it is sub-segmented into Retail Outlets, Supermarkets, hypermarkets, and Online markets, where supermarkets dominate.
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.

The major players in the market are 

• Thai Union Group (Thailand)
• StarKist (U.S.)
• Ocean Brands (U.S.)
• Wild Planet (U.S.)
• American Tuna (U.S.)
• Trader Joe (U.S.)
• Safeway (U.S.)
• Trimarine International (Singapore)
• Bumble Bee Foods (U.S.)
• Thunnus Overseas Group (TOG) (France)

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Global Canned Tuna Market Segmentation

By Type

• Skipjack Tuna
• Yellowfin Tuna
• Bluefin Tuna
• Others

By Sales Channel

• Retail Outlets
• Supermarket
• Hypermarket
• Online Market
• Others

By Regions 

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Canned Tuna Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Type Overview
   1. Introduction
      1. Market Size & Forecast
   2. Skipjack Tuna
      1. Market Size & Forecast
   3. Yellowfin Tuna
      1. Market Size & Forecast
5. Sales Channel Overview
   1. Introduction
      1. Market Size & Forecast
   2. Retail Outlets
      1. Market Size & Forecast
   3. Supermarket
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Type
         2. By Sales Channel
      3. Canada
         1. By Type
         2. By Sales Channel
      4. Mexico
         1. By Type
         2. By Sales Channel
      5. Latin America
         1. By Type
         2. By Sales Channel
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Type
         2. By Sales Channel
      3. France
         1. By Type
         2. By Sales Channel
      4. U.K.
         1. By Type
         2. By Sales Channel
      5. Italy
         1. By Type
         2. By Sales Channel
      6. Spain
         1. By Type
         2. By Sales Channel
      7. Rest of Europe
         1. By Type
         2. By Sales Channel
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Type
         2. By Sales Channel
      3. China
         1. By Type
         2. By Sales Channel
      4. Australia
         1. By Type
         2. By Sales Channel
      5. India
         1. By Type
         2. By Sales Channel
      6. South Korea
         1. By Type
         2. By Sales Channel
      7. Rest of Asia-Pacific
         1. By Type
         2. By Sales Channel
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Type
         2. By Sales Channel
      3. South Africa
         1. By Type
         2. By Sales Channel
      4. Kuwait
         1. By Type
         2. By Sales Channel
      5. Rest of Middle East & Africa
         1. By Type
         2. By Sales Channel
7. Company Profile
   1. StarKist
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Ocean Brands
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Wild Planet
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/canned-tuna-market/toc

Market News

• In October 2022, SELECT, BELLOTA, and MARVO products from Thai Union and ITC are given to residents in Ubon Ratchathani Province who have been affected by flooding.
• In April 2022, StarKist will open a new corporate office in Reston, Virginia.
• In October 2022, New StarKist® Smart BowlsTM will be released by StarKist®.
• In September 2022, Ocean Brands will release new sardine and mackerel tins onto the U.S. market.
• In September 2022, on its website, Trader Joe's disclosed that it intended to open new locations in Oregon and Rhode Island as part of its ongoing growth.

News Media

Global Fish Oil Market Size Worth USD 3603 Million By 2030 | CAGR of 6%

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