Newark, Sept. 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global canned tuna market is expected to grow from USD 7.96 billion in 2021 to USD 11.30 billion by 2030, at a CAGR of 3.97% during the forecast period 2022-2030.
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Given the lower carbon footprint than meat, consumers are turning to seafood as their main source of protein. Tuna contains omega 3, important fatty acids, vitamins, and minerals, making it the ideal source of nutrition for the body. Since there is a lot of tuna in the ocean, processing it is a sustainable activity. Given its status as a convenient food, tuna is among the most popular seafood in the world. Due to their availability in ready-to-eat and ready-to-cook versions, they are very well-liked by the time-constrained millennials worldwide. The growing popularity of ready-to-eat/cook packaged goods is increasing as they are easy to make, time efficient, economical, and accessible. The rising popularity of convenience foods is good news for the canned tuna business. Furthermore, people today, especially those with busy schedules, do not want to sacrifice product quality and seek healthier goods like tuna. Tuna contributes to improving bone health, lowers disease risk by boosting immunity, and speeds up metabolism to encourage growth. The market will develop favorably as more people become aware of the advantages of canned tuna. The demand for canned tuna is also increasing as manufacturers offer the product online for the tech-savvy millennial and gen-Z generation. However, the growing concern about the high levels of mercury in canned tuna and their adverse health effects will restrict the market's growth. Furthermore, the growing adoption of plant-based nutrition or vegan culture as an ethical and environmental choice for animals and nature will challenge the canned tuna market.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 7.96 billion |
| Revenue Forecast by 2030 | USD 11.30 billion |
| CAGR | 3.97% from 2022 to 2030 |
| North America Market Share | 39.44% in 2021 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | American Tuna Inc., Bumble Bee Foods LLC, Century Pacific Food Inc., Frinsa del Noroeste SA, Grupo Calvo, Jealsa, Oceans Brands GP, StarKist Co., Thai Union Group PCL, Wild Planet Foods Inc. |
Competitive Strategy
To enhance their market position in the global canned tuna market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• The purchase of "Ligo," a company noted for its premium sardines and other marine products, was announced by Century Pacific Food, Inc. in December 2021. The company is situated in the Philippines and produces food and beverages.
• The Bolton Group of Italy bought Wild Planet Foods, a market leader in canned fish, beginning of August 2021. Bolton Group and Wild Planet will work together to establish an ethical supply chain.
Market Growth & Trends
Around 3 billion people rely on seafood as their primary source of nutrition. The consumption of seafood is approximately 150 million tons per year. The increasing disposable income of the population is also propelling the demand for seafood globally. Canned tuna is an inexpensive source of protein and leaves fewer carbon footprints than meat, making it a popular choice among consumers. Additionally, it is simple to prepare or can be consumed immediately. Given the busy lifestyles of today's population and the rising consumption of convenience meals, canned tuna's ready-to-eat/cook status will present market expansion potential. The canned tuna industry is a sustainable business due to the quantity of tuna in the oceans. Rapid globalization has led to new hybrid cuisines combining traditional seafood recipes with modern food habits. For instance, the growing popularity of avocado tuna salad, Asian tuna salad, pasta with tuna, tuna patties, tuna sandwiches, and much more have gained prominence in western societies, thereby propelling the growth of the canned tuna market.
Key Findings
• In 2021, the skipjack segment dominated the market with the largest market share of 54% and market revenue of 4.29 billion.
The product type segment is divided into skipjack, yellowfin, bigeye, albacore, bluefin, and others. In 2021, the skipjack segment dominated the market with the largest market share of 54% and market revenue of 4.29 billion.
• In 2021, the supermarkets/hypermarkets segment accounted for the largest share of the market, with 62% and market revenue of 4.93 billion.
The distribution channel segment is divided into supermarkets/hypermarkets, business-to-business, convenience stores, specialty stores, online, and others. In 2021, the supermarkets/hypermarkets segment accounted for the largest share of the market, with 62% and market revenue of 4.93 billion.
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Regional Segment Analysis of the Canned Tuna Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global canned tuna market, with a market share of around 39.44% and 2.78 billion of the market revenue in 2021. North America is expected to be the largest market during the forecast period. The canned tuna market in North America has been expanding rapidly. The USA dominates canned tuna in North America. North America is the largest importer of canned tuna. The large migrant population of the country is also driving the development of canned tuna as these individuals prepare their traditional seafood dishes at home. Furthermore, the growing presence of Asian restaurants serving traditional and fusion dishes contributes to the increasing demand for canned tuna.
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Key players operating in the global canned tuna market are:
• American Tuna Inc.
• Bumble Bee Foods LLC
• Century Pacific Food Inc.
• Frinsa del Noroeste SA
• Grupo Calvo
• Jealsa
• Oceans Brands GP
• StarKist Co.
• Thai Union Group PCL
• Wild Planet Foods Inc.
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global canned tuna market based on the below-mentioned segments:
Global Canned Tuna Market by Product Type:
• Skipjack
• Yellowfin
• Bigeye
• Albacore
• Bluefin
• Others
Global Canned Tuna Market by Distribution Channel:
• Supermarkets/Hypermarkets
• Business-To-Business
• Convenience Stores
• Specialty Stores
• Online
• Others
About the report:
The global canned tuna market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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