The global canned tuna market, valued at $8.9B in 2022, is set to grow at a 4.9% CAGR, reaching $13.8B by 2031, driven by demand for affordable.
WILMINGTON, DE, UNITED STATES, December 20, 2024 /
EINPresswire.com/ -- The global
canned tuna market continues to grow steadily, driven by rising consumer demand for convenient, nutritious, and affordable seafood options. Valued at US$ 8.9 billion in 2022, the market is projected to grow at a CAGR of 4.9% from 2023 to 2031, reaching an estimated value of US$ 13.8 billion by the end of the forecast period.
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Market Size and Growth
The canned tuna industry is experiencing significant expansion, propelled by shifting consumer preferences and advancements in processing technologies. As a rich source of protein, omega-3 fatty acids, and other essential nutrients, canned tuna continues to appeal to health-conscious consumers. The affordability and long shelf life of canned tuna further contribute to its widespread adoption across households and the foodservice industry.
The growing demand for ready-to-eat meals and the increasing popularity of private-label products are also accelerating market growth. Innovations in packaging and sustainability initiatives have strengthened the market’s outlook.
Competitive Landscape
Key players in the global canned tuna market include:
• Thai Union Group PCL
• Bumble Bee Foods LLC
• Century Pacific Food Inc.
• Jealsa
• Grupo Calvo
• Wild Planet Foods Inc.
• StarKist Co.
• Ocean Brands
These companies are focusing on product innovation, sustainability, and geographic expansion to strengthen their market presence. Investments in ethical sourcing and packaging technologies remain at the forefront of their strategies.
Market Segmentation
The global canned tuna market can be segmented based on:
• Product Type: Light tuna, white tuna, and others.
• Distribution Channel: Supermarkets, hypermarkets, online retail, convenience stores, and foodservice.
• End-User: Household consumers, restaurants, and catering services.
Light tuna, primarily a blend of yellowfin and skipjack tuna, holds the majority market share due to its affordability and widespread availability. Online retail channels are gaining traction, offering consumers convenience and access to a broader product range.
Regional Analysis
North America
North America dominated the market in 2022, driven by the high consumption of processed seafood. Canned tuna is a staple in U.S. households, with approximately 88% of households purchasing it annually. The region’s preference for ready-to-eat and shelf-stable food products continues to fuel market growth.
Europe
Europe is a significant market for canned tuna, with countries like Italy and Spain leading consumption. Tuna’s popularity in Mediterranean diets and increasing awareness about sustainable fishing practices are key growth drivers in this region.
Asia-Pacific
The Asia-Pacific region is witnessing robust growth due to increasing disposable incomes and a growing preference for convenient meal options. Countries such as Japan and Indonesia are key contributors, with canned tuna becoming a household staple in many parts of the region.
Market Drivers and Challenges
Drivers
• Rising Demand for Private-Label Products: Consumers increasingly favor private-label canned tuna for its affordability and quality, enabling retailers to strengthen brand loyalty.
• Outsourcing of Processing Activities: Outsourcing allows manufacturers to reduce costs, improve quality, and meet sustainability goals, thereby driving market revenue.
• Health and Convenience Trends: Canned tuna’s health benefits and ease of preparation align with modern lifestyles.
Challenges
• Sustainability Concerns: Overfishing and environmental degradation are significant concerns. Efforts toward ethical sourcing and sustainable fishing practices are crucial.
• Supply Chain Disruptions: Events like the COVID-19 pandemic highlighted vulnerabilities in the global seafood supply chain, impacting production and distribution.
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Market Trends
• Sustainability and Ethical Sourcing: Companies are increasingly focusing on sustainable fishing practices and traceability to address environmental concerns.
• Innovative Packaging Solutions: Advancements in packaging technology aim to extend shelf life and ensure product safety, catering to consumer preferences for convenience.
• Expansion of Online Retail Channels: The growth of e-commerce platforms has made canned tuna more accessible to a broader consumer base.
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