NEWARK, Del, Sept. 06, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the worldwide canned tuna ingredients market is valued at US$ 4,500.7 million in 2023 and it is anticipated to reach US$ 7,689.2 million by 2033. Over the next decade, global canned tuna ingredients demand is likely to increase at a CAGR of 5.5%.
Creating creative and distinctive flavors can draw customers looking for new culinary experiences. To accommodate a wide range of consumer preferences, producers can experiment with various seasonings, herbs, spices, and ethnic flavor profiles.
The demand for natural and clean-label products that contain few artificial ingredients and preservatives is rising. To satisfy this need, manufacturers may consider employing natural flavors and seasonings, alternative additives, or clean-label preservation techniques.
Convenience is a key factor in food decisions due to busy lifestyles and an on-the-go culture. A simple, ready-to-eat choice that takes little preparation is canned tuna. Demand exists for packaging that is single-serve or portion-controlled, as well as container styles that improve portability and simplicity of consumption. Brands that emphasize giving customers quick options will fit in with their hectic lifestyles.
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There is a growing market for plant-based substitutes for conventional animal-based products as the acceptance of plant-based diets grows. With the introduction of plant-based tuna substitutes produced from materials like soy, lentils, or seaweed, this trend has spread to the canned tuna market. Companies that provide vegan- and vegetarian-friendly canned tuna products can satisfy the growing demand from customers.
Key Takeaways from the Canned Tuna Ingredients Report:
- The global canned tuna ingredients market is currently valued at around US$ 4,500.7 and is anticipated to progress at a CAGR of 5.5% to reach US$ 7,689.2 by 2033.
- Tuna species type is predicted to dominate the canned tuna ingredients market, holding a market share of 56% in 2023
- The United States canned tuna ingredients market is projected to reach a valuation of US$ 1,661.5 million by 2033.
- India’s canned tuna ingredients market is projected to reach a valuation of US$ 210.6 million by 2033.
- Germany is projected to hold a dominant value share of 11.0% in the global market by 2033.
- Japan is projected to hold a dominant value share of 13.0% in the global market by 2033.
“By promoting their commitment to environmental stewardship, these brands can attract environmentally conscious consumers who are willing to pay a premium for ethically sourced products.” – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Thai Union Group, Bumble Bee Foods, Dongwon Industries, Bolton Group, Century Pacific Food, Wild Planet Foods, Grupo Calvo, Maruha Nichiro Corporation, Princes Ltd, John West Foods, Crown Prince, Inc., are key canned tuna ingredients manufacturers listed in the report.
Processors and brand owners are developing innovative and value-added product lines that use less tuna raw material to combat high raw material prices and meet changing consumer preferences. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- unMEAT, a plant-based protein brand owned by seafood giant Century Pacific Food, is launching its new fish-free canned tuna into online retailers and select supermarkets across the US.
- In 2021, Century Pacific has launched four new unique flavors for its canned tuna flakes segment: lemon butter, salpicao, and lime and tuna flakes in sunflower oil. Interestingly, the product label does not specify the amount of tuna or the species used in the value-added cans.
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global canned tuna ingredients market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the canned tuna ingredients market based on ingredient type (tuna species type, vegetable broth, sea salt, oils & brine, and flavoring agent), and by end-user (food processing industry and food service industry).
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Canned Tuna Market by Category:
By Ingredient Type:
- Tuna Species Type
- Albacore
- Skipjack Tuna
- Yellowfin Tuna
- Bigeye Tuna
- Longtail Tuna
- Bluefin Tuna
- Vegetable Broth
- Sea Salt
- Oils and Brine
- Flavouring Agent
By End User:
- Food Processing Industry
- Food Service Industry
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Authors:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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