Home Food & Beverages Canned Tuna Market Size, Outlook, Growth, Report to 2031

Canned Tuna Market

Canned Tuna Market Size, Share & Trends Analysis Report By Type (Skipjack Tuna, Yellowfin Tuna, Bluefin Tuna, Others), By Sales Channel (Retail Outlets, Supermarket, Hypermarket, Online Market, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRFB427DR
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
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Market Overview

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.

Market Dynamics

Market Drivers

 Dependency on Ready to cook food

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.

Rising E-commerce firm

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 Restraints

Preference for plant-based products

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.

 Market Opportunity

 Technological Advancements

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.

Regional Analysis

Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.

North America

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

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

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

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.

Report Scope

Report Metric Details
Segmentations
By Type
  1. Skipjack Tuna
  2. Yellowfin Tuna
  3. Bluefin Tuna
  4. Others
By Sales Channel
  1. Retail Outlets
  2. Supermarket
  3. Hypermarket
  4. Online Market
  5. Others
Company Profiles Thai Union Group (Thailand) StarKist (U.S.) Ocean Brands (U.S.) Wild Planet (U.S.) American Tuna (U.S.) Trader Joes (U.S.) Safeway (U.S.) Trimline International (Singapore) Bumble Bee Foods (U.S.) Thunnus Overseas Group (TOG) (France)
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

For a better understanding of the market, the market is segmented by type, sales channel, and region. 

By Type Analysis

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.

By Sales Channel Analysis

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.

Market Size By Type

Recent Developments

  • In October 2022, SELECT, BELLOTA, and MARVO products from Thai Union and ITC are given to residents in Ubon Ratchathani Province who have been affected by flooding.
  • In April 2022, StarKist will open a new corporate office in Reston, Virginia.
  • In October 2022, New StarKist® Smart BowlsTM will be released by StarKist®.
  • In September 2022, Ocean Brands will release new sardine and mackerel tins onto the U.S. market.
  • In September 2022, on its website, Trader Joe's disclosed that it intended to open new locations in Oregon and Rhode Island as part of its ongoing growth.

Top Key Players

Canned Tuna Market Share of Key Players

Thai Union Group (Thailand) StarKist (U.S.) Ocean Brands (U.S.) Wild Planet (U.S.) American Tuna (U.S.) Trader Joes (U.S.) Safeway (U.S.) Trimline International (Singapore) Bumble Bee Foods (U.S.) Thunnus Overseas Group (TOG) (France)

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Canned Tuna Market?
Canned Tuna Market size will grow at approx. CAGR of 4.5% during the forecast period.
Some of the top prominent players in Canned Tuna Market are, Thai Union Group (Thailand), StarKist (U.S.), Ocean Brands (U.S.), Wild Planet (U.S.), American Tuna (U.S.), Trader Joe's (U.S.), Safeway (U.S.), Trimline International (Singapore), Bumble Bee Foods (U.S.), Thunnus Overseas Group (TOG) (France), etc.
North America has held a dominant position in the Canned Tuna Market, with the largest market share.
The region with the most rapid expansion in the Canned Tuna Market is Europe.
The global Canned Tuna Market report is segmented as follows: By Type, By Sales Channel


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