Canned Tuna Market Size Expected to Reach USD 43.99 Bn by 2033

Ottawa, March 15, 2024 (GLOBE NEWSWIRE) -- The global canned tuna market size was valued at USD 32.23 billion in 2023 and is projected to surpass around USD 42.82 billion by 2032, According to Precedence Research. The canned tuna market is driven by consumer awareness, changing eating choices, and a rise in e-commerce preference.

United States is poised to expand at a CAGR of 2.59% between 2024 and 2033. Revenue generated by the U.S. canned tuna market is likely to reach USD 3.99 billion by 2033 compared to USD 3.1 billion in 2024.

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The canned tuna market refers to the industry involved in the production, distribution, and sale of canned tuna products. Canned tuna, a popular seafood product, is made by cooking and canning various species of tuna fish, typically skipjack, albacore, yellowfin, or bigeye tuna. These canned tuna products may be packed in oil, water, or brine and are widely consumed for their convenience, long shelf life, and nutritional benefits.

The canned tuna market is expanding due to its nutritional benefits, long shelf life, and ease of use, driven by consumer preferences for ready-to-eat and convenient seafood items. Canned tuna is an affordable protein source that can last for 2-5 years in your pantry. It is low in calories yet high in protein, which can help with weight loss. Canned tuna is also a good source of omega-3 fatty acids, essential for heart, eye, and brain health. Canned tuna is also a good source of vitamins and minerals, especially vitamin D and selenium. Many brands are minimally processed, containing only tuna, water or oil, and salt.

Key insights

• Europe region dominated the market with the highest market share of 41.70% in 2023.
• By Product Type, the flavored segment has contributed the largest market share in 2023.
• By Tuna Species, the skip jack segment captured the biggest revenue share of 61.60% in 2023.
  

Global Canned Tuna Market, by Regions (Kilo Tons)

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The Europe canned tuna market size was USD 13.44 billion in 2023, calculated for USD 13.91 billion in 2024 and is anticipated to reach around USD 18.13 billion by 2033, growing at a CAGR of 2.99% from 2024 to 2033.

Europe led the canned tuna market in 2023 with an evident market share, primarily due to health-conscious consumers' preference for high protein and omega-3 fatty acid content. Factors such as customer preferences, economic conditions, and sustainability concerns impact the market. Consumers are increasingly interested in environmentally responsible brands, particularly tuna in cans. Certification schemes like the Marine Stewardship Council (MSC) are becoming more significant in the industry.

European consumers have a discerning palate and often seek premium-quality canned tuna products made from high-grade tuna species, such as yellowfin or albacore. Premium-quality canned tuna is associated with superior taste, texture, and nutritional value, making it a preferred choice among European consumers willing to pay a premium for higher-quality products. European markets offer a wide range of canned tuna products, including various flavors, textures, and packaging formats to cater to diverse consumer preferences. This extensive product variety appeals to European consumers seeking options that suit their taste preferences and dietary needs.

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Scope of Canned Tuna Market

Report Highlights:

By Product Type

The flavored segment dominated the canned tuna market in 2023, the flavored segment within the global market offers a wide range of tastes such as smoky tuna, sun-dried tomato products, basil, herbs and spices, hot peppers, citrus, and extra flavor-infused oils or sauces.

Exotic mixtures of spices or truffle-infused tuna items are examples of high-end products that have unique and different flavor combos. Products with an Asian influence, such as Thai chili or soy ginger, offer a variety of flavors that suit a broad spectrum of palates. All things considered, the flavored market gives consumers a distinct and mouthwatering choice.

By Tuna Type

The skip jack tuna segment, also known as Katsuwonus pelamis, dominated the canned tuna market in 2023. It is distinguished by its dark-colored flesh and petite stature. Skipjack chunks, commonly called "light tuna," are popular because of their milder flavor. The market may also cater to customers looking for specialized flavor characteristics, such as smoked or sauce-based skipjack tuna. The nutrient factors of skipjack tuna are that it is a healthy food high in protein, potassium, manganese, vitamins B1 and B6, and vital fatty acids that boost the market growth. It boosts omega-3 levels, supports cardiovascular health, and regulates heart rhythm. It also reduces homocysteine levels, improves heart rate variability, and lowers the risk of stroke. Skipjack tuna protects the skin from sunburn, detoxifies the body, and helps with ovarian, digestive, kidney, and cognitive decline, Alzheimer's, and depression.

The yellowfin segment is predicted to expand fast over the forecast period, with yellowfin tuna being a popular choice because of its delicate and delicious flesh. This extremely migratory species, found worldwide, is used in canned tuna products, which account for a substantial portion of the global canned tuna market. Some canned tuna brands have built a reputation for quality and trustworthiness, with yellowfin tuna being a flagship product in their product portfolio. Consumers often gravitate towards established brands known for their commitment to quality, safety, and sustainability, further driving the dominance of the yellowfin segment in the canned tuna market.

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By End Use

The B2C segment dominated the canned tuna market in 2023, which sells goods through grocery stores, convenience stores, supermarkets, and online merchants. It's critical to comprehend consumer preferences, including favored species, flavors, package dimensions, eco-friendly practices, and health-related issues. To increase awareness and build a positive reputation, producers spend money on marketing and branding. Products made from canned tuna include chunk light tuna, solid white albacore, flavored tuna, and tuna that has been packed in water, oil, or seasonings. Packaging is crucial, and consumers who care about the environment will be drawn to innovative and sustainable packaging solutions. The market for canned tuna has also been altered by e-commerce since companies are now able to sell directly to customers or through third-party platforms.

By Sales Channel

The direct segment dominated the canned tuna market in 2023, with many manufacturers and brands utilizing e-commerce to reach a wider audience. Some tuna brands also have physical locations for direct purchases, giving brands more control over marketing and sales. Some tuna producers use direct-to-consumer tactics, such as tailored marketing, loyalty schemes, and subscription services, to strengthen customer relationships and establish closer customer ties. Direct distribution offers several benefits, including collecting customer data, distinguishing oneself from competitors, responding to product performance and feedback, delivering products faster, avoiding third-party profit sharing, and building customer relationships.

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Market Dynamics

Driver: Rising use of e-commerce channel

The expansion of the e-commerce channel and the strengthening of the supply chain have contributed to the rise of the canned tuna market. Online food shopping platforms have developed recently as processed food goods have become more widely available. Increasing familiarity with the internet has created new e-commerce opportunities. Customers can choose from a huge variety of goods and services offered by any source in the globe through e-commerce, which eliminates geographical restrictions. Because clients may purchase from anywhere, at any time, and without using currency, it provides comfort and convenience. Because consumers bear the expense of the middlemen, e-commerce goods are typically less expensive than those found in physical storefronts.

Another significant advantage of e-commerce is time savings since clients may get anything they require online, including food items and culinary tools. Customers can shop at any time with e-stores since they are open 24/7/365. Online purchases normally take 15 minutes or less to choose, pay for, and receive the merchandise; delivery takes around a week. In conclusion, e-commerce appeals to customers since it provides a vast array of goods and services.

Restraint: Increased consumer demand for plant-based food products

The canned tuna market's growth is hindered by the growing preference for plant-based foods, driven by environmental concerns, animal welfare concerns, the growing vegan movement in developing countries, and the availability of diverse plant-based fish meat substitutes with high flavor and conformity. Consumer expectations have risen as people become more aware of the importance of clean, simple, and sustainable food ingredients. The concept of wellness has increased demand for plant-based foods, making them an excellent choice for sustainable meat replacements.

Opportunity: The growing consumer demand for packaged foods

The canned tuna market is experiencing a surge in demand due to the busy lifestyles of the population. Packaged foods are becoming more accessible, convenient, and affordable, making canned tuna a promising option. However, consumers still prioritize quality and health benefits. Canned tuna is a rich source of protein, essential fatty acids, vitamins, and minerals, which can improve bone health, reduce disease risk, and boost metabolism. The e-commerce boom and increased internet penetration are also driving demand, particularly among tech-savvy millennials. Major market players are also introducing canned tuna online.

Recent Developments

1. In Aug 2023, the United States Food and Drug Administration proposed a rule to alter the identity and filling standards for canned tuna containers. The rule would change weighing procedures, allow safe flavorings and spices as optional ingredients, and state that packing materials are optional.
   
2. In Aug 2023, as part of the IJEPA amendment protocol, Indonesia's Trade Minister Zulkifli Hasan asked that Japan promptly eliminate four tariff barriers on Indonesian imports of canned tuna. Hasan feels that optimizing the relationship between Japan and ASEAN members, including Indonesia, is a prerequisite for concluding the negotiations.

Key Market Players:

• Wild Planet Foods, Inc.
• Frinsa del Noroeste SA
• Albacora S.A.
• C.F. Fishery Co., Ltd (Bumble Bee Foods, LLC)
• Thai Union Group PCL
• Jealsa Rianxeira SA
• Centuary Pacific Food, Inc.
• American Tuna, Inc.
• Ocean Brands GP (The Jim Pattison Group)
• Golden Prize Canning Co. Ltd.

Market Segmentation:

By Product Type

• Flavored
• Unflavoured

By End use

• B2C
• B2B

By Sales Channel

• Direct
• Indirect

By Tuna Species

• Albacore
• Skip Jack
• Yellowfin
• Others

By Type

• Ready-To-Eat
• Ready-To-Cook

By Geography

• North America
  
  
  • U.S.
  • Canada
• Europe
  
  
  • U.K.
  • Germany
  • France
• Asia-Pacific
  
  
  • China
  • India
  • Japan
  • South Korea
• Rest of the World
  

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