Wilmington, Delaware, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The canned tuna market was valued at US$ 8.9 billion in 2022. The market is expected to expand at a CAGR of 4.9% between 2023 and 2031. The canned tuna market is expected to reach US$ 13.8 billion by the end of 2031.
The food industry is increasingly focusing on sustainable packaging. The creation of eco-friendly packaging may be an effective way for companies to reduce their environmental impact while meeting consumer demands at the same time.
A comprehensive monitoring system and improved fishing methods may contribute to the sustainability and efficiency of tuna fishing. Changes in consumer preferences may also influence the types of canned tuna products that become popular in the future, for example, a shift towards convenience or a desired flavor profile.
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Key Findings of the Market Report
- Based on species type, yellowfin tuna is expected to create a market for canned tuna in the coming years.
- The retail sector is likely to drive the demand for canned tuna in the market until 2031.
- A substantial increase in canned tuna sales is expected in hypermarkets/supermarkets.
- The increased demand for private label products provides manufacturers with lucrative opportunities in the canned tuna market.
- By 2022, North America held the largest share of the global canned tuna market.
Global Canned Tuna Market: Key Players
Several prominent tuna producers emphasize ethical sourcing and sustainability in their product lines. Fishing has increased due to concerns about overfishing. To improve the shelf life of canned tuna, vendors are investing heavily in packaging innovations.
- Thai Union Group PCL
- Bumble Bee Foods LLC
- Century Pacific Food Inc.
- Jealsa
- Grupo Calvo
- Wild Planet Foods Inc.
- PT. Aneka Tuna Indonesia
- Ocean Brands
- Alliance Select Foods International, Inc.
- SAFE CATCH
- The Bolton Group
- Genova
- StarKist Co.
- CHICKEN OF THE SEA
- Sadr Darya Co.
- American Tuna Inc.
- Alliance Select Foods International, Inc.
- Conga Foods (Sole Mare)
Global Canned Tuna Market: Growth Drivers
- Health-conscious consumers are increasingly seeking low-fat, protein-rich foods. The omega-3 fatty acids and lean proteins found in canned tuna make it an attractive option for health-conscious consumers. As a convenient and portable food option, canned tuna is popular for quick snacks and meals. Tuna in canned form is convenient for busy lifestyles, leading to its popularity on the market.
- Compared to fresh tuna, canned tuna has a long shelf life, making it a convenient storage option without compromising quality. Food supplies for emergencies are made easier with this convenient pantry staple. Increasing international trade has led to increased availability of tuna species from various regions. In turn, this diversification has made canned tuna more appealing to consumers and contributed to the market's growth.
- With the advent of lids that are easy to open and pouches that are more convenient and accessible, canned tuna has become more convenient and accessible. Product differentiation is also made possible by packaging innovations, which appeal to a wider audience. Sustainable food choices and their environmental impact are increasingly important to consumers. Sustainable tuna brands can gain a competitive edge by fishing with pole and line and dolphin-safe techniques.
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Global Canned Tuna Market: Regional Landscape
- North America is expected to see a rise in canned tuna consumption in the coming years. Consumers in North America are becoming more health-conscious, making canned tuna a valuable protein source. As healthy eating habits become more prevalent, canned tuna is increasingly in demand as part of a well-balanced diet.
- With the growing population and more people using ready-to-cook and canned items, the global market is expected to grow significantly in the coming years. Canned tuna's popularity is growing in the United States, along with food products that are processed and ready for consumption.
- There are specific criteria pertaining to the fishing methods used in tuna labeled as "dolphin-safe" in the United States. Several conditions must be met for tuna products to be labeled as dolphin-safe under the Dolphin Protection Consumer Information Act, implemented by NOAA Fisheries. As part of United States regulations and laws concerning tuna fishing operations, this labeling has been formulated to demonstrate compliance.
Global Canned Tuna Market: Segmentation
By Species Type
- Albacore Tuna
- Skipjack Tuna
- Yellowfin Tuna
- Longtail Tuna
- Bluefin Tuna
- Bigeye Tuna
By End Use
- Retail/Household
- Foodservice Industry
By Distribution Channel
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Channels
- Convenience Stores
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
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