The global canned tuna market size was valued at USD 9 billion in 2022 and is expected to grow to USD 13.36 billion by 2031. The market is expected to grow at a CAGR of 4.5%.
Tuna is a diverse saltwater fish belonging to the Scombridae family; this genus consists of 15 different species of Tuna. This fish is a rich source of nutrients such as protein, selenium, and vitamin D. This fish is also enriched in antioxidants and protein without much-saturated fat or sodium. According to the USDA National Nutrient Database, tuna fish contains appropriate levels of selenium, phosphorous, iron, magnesium, and potassium. Canned Tuna is an excellent source of heart-healthy omega-3 fatty acids, which helps in preventing various cardiovascular diseases.
The increasing demand of the rising trend of E-commerce offers potential for canned tuna fish and lowering of export duty over the frozen tuna loins/fillets and different fishing gear propel the market growth. Different types of fishing gear like purse seining, longline, and pole-and-line fishing. These different fishing-catching methods improve fish-catching efficiency.
Due to the ease of preparation that ready-to-cook and ready-to-eat food products provide, consumers rely heavily on them. The widespread use of canned Tuna is due to the increase in working women and the decrease in cooking time. Due to their ease of preparation, nutritional value, and reduced time required for food preparation, the millennial demographic is highly attracted to these convenience food products. Many manufacturers are concentrating on introducing new products and certifications to give consumers high-quality products and superior service.
For instance, to meet the growing demand of millennials for on-the-go food, Chicken of the Sea introduced a new resealable, single-serve recyclable cup of wild-caught Tuna in February 2019.
The expansion of the e-commerce sector and the fortification of the supply chain have favorably contributed to the growth of the canned tuna market. The availability of processed food goods has recently been made more accessible, which has led to an increase in online food shopping platforms. The popularity of the internet has opened up new e-commerce opportunities. The millennial generation is more tech aware and favors buying things on numerous internet platforms because it's more convenient. The establishment of numerous new malls and convenience stores in recent years has caught customers' interest. As a result, sales of Tuna and other processed foods have soared, and the supply chain has been enhanced in some ways.
Market expansion has been hindered by customers' increased preference for plant-based foods. Consumers gravitate toward plant-based products due to their growing worries about the environment and animal welfare. The increased use of plant-based products is also a result of the growing vegan trend in developing countries. The availability of various plant-based fish meat substitutes and their strong flavor and taste compliance have also influenced consumers to choose them.
Key growth drivers in the canned tuna market are technological advancements that allow for effective manufacturing, an expanded product portfolio, innovative design and packaging, efficient operational maintenance, and sales monitoring.
| Study Period | 2019-2031 | CAGR | 4.5% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 9 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 13.36 Billion |
| Largest Market | North America | Fastest Growing Market | Europe |
Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.
North American canned tuna market is expected to witness significant growth during the forecast period owing to increasing demand for processed and ready-to-eat food products. The North American region is expected to grow at a CAGR of 4.4% in the forecast period. The U.S. is expected to hold the largest share of the regional canned tuna market during the forecast period owing to increasing consumption of seafood products. According to the National Fisheries Institute, the U.S. canned tuna is the second most popular seafood product across the country. Additionally, Americans eat about 1 billion pounds of canned and pouched Tuna each year. Moreover, about 83% of canned Tuna is eaten for lunch by the American population. Thus, the rising consumption and preference for canned Tuna are fueling the country's canned tuna market.
Europe is expected to witness considerable growth in the global market during the forecast period owing to the higher production, especially in the country such as Spain. Europe region is expected to grow at a significant CAGR during the forecast period. The increasing demand for processed and ready-to-eat food is fueling the growth of the canned tuna market in this region. According to the Food and Agriculture Organization of the United Nations, Spain is the top producer of canned food and the 8th largest exporter in the world. It is estimated that more than 43% of the canned fish production is exported, representing this country as a fifth 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 as compared to the previous year.
Asia Pacific (APAC) is expected to grow significantly in the global market owing to the increasing demand for healthy food products and the increasing aging population (requiring high protein content). Tuna fish offers high proteins and nutrient values that force the demand for canned Tuna in the APAC region.
LAMEA is expected to grow steadily during the forecasted period due to the low living standard and poor economic conditions. The Middle East and African countries are bolstered by fish and fish products. The fishers market represents the primary source of employment for the people. According to ARSO (African Regional Organization for Standardization), African Fish Farms account for 8 million tons of fish production, nearly 4.9% of the global fish trade. Egypt, Morocco, and South Africa are some of the largest producers in Africa. Fish products account for 18% of the animal protein intake. According to the ARSO, by 2020, sub-Saharan Africa is expected to produce 5.9 million tons of fish from capture fisheries and 1, 32,000 tons from aquaculture, representing an annual growth of 2% and 6%, respectively.
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For a better understanding of the market, the market is segmented by type, sales channel, and region.
The market is further bifurcated based on type into Skipjack Tuna, Yellowfin Tuna, and Bluefin Tuna.
Skipjack Tuna
The skipjack segment is expected to grow at a CAGR of 4.0% during the forecast period. This has both commercial and sporting value. The Skipjack Tuna segment is expected to hold a significant market share during the forecast period. Skipjack is a highly migratory fish found worldwide within tropical water. The school of skipjack avoids swimming with dolphins, saving the school of skipjack fishes.
Yellowfin Tuna
The bigeye and the southern bluefin tuna are slightly smaller than the yellowfin tuna, which is among the larger tuna species and can weigh over 180 kg (400 lb). However, the yellowfin tuna is significantly smaller than the Atlantic and Pacific bluefin tunas, which can weigh over 450 kg (990 lb).
Bluefin Tuna
Bluefin tuna is one of the most treasured fish in Japanese raw fish dishes. Japan consumes over 80% of the bluefin tuna caught in the Atlantic and Pacific. Sashimi made from bluefin tuna is a specialty in Japan.
Based on the sales channel, it is sub-segmented into Retail Outlets, Supermarkets, hypermarkets, and online markets, where supermarkets dominate.
Supermarket
Supermarkets are expected to hold the leading position in the canned tuna market owing to the wide presence of a superstore chain nearer to the feeder town, which provides affordable and very convenient foods in low price brackets both at retail and wholesale levels to sustain increasing consumption.
Hypermarket
and hypermarkets made up the majority of the distribution channel market. Major producers advertise their goods in physical retail establishments like supermarkets and hypermarkets. In addition, several businesses are opening new physical storefronts worldwide to increase their consumer base.
Online Market
The distribution channel is expected to develop the fastest in the online market. Businesses are gradually moving away from brick-and-mortar storefronts and toward online sales, thanks to fast digitalization, increased smartphone adoption and expanding internet connectivity. To further increase their product visibility, particularly in emerging markets, manufacturers are increasingly showcasing their goods on various online platforms, including portals owned by their companies and e-retailers. In addition, due to changing consumer preferences, online behemoths like Tesco.com, Walmart, Amazon Prime Pantry, Alibaba, Godrej Nature's Basket, Honestbee, and Yihaodian are expanding quickly.
