Canned Tuna Market Outlook
According to the report by Expert Market Research (EMR), the global canned tuna market size reached nearly USD 23.68 billion in 2023. Aided by the growing health consciousness and nutritional awareness among consumers, the market is estimated to grow at a CAGR of 3.91% in the forecast period of 2024-2032, reaching a value of around USD 32.94 billion by 2032.
Canned tuna is a popular and versatile seafood product made from tuna fish, which is processed, cooked, and preserved in cans. It is a convenient and nutritious food option that can be used in a variety of dishes, from sandwiches and salads to casseroles and pasta.
The global canned tuna market has shown remarkable resilience and growth over the years, driven by a confluence of factors, such as evolving consumer preferences, technological advancements, sustainability concerns, and expanding distribution channels.
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A significant trend propelling the canned tuna market growth is the increasing health consciousness and nutritional awareness among consumers. Tuna is widely recognised for its high protein content, low fat, and rich omega-3 fatty acids, which are essential for cardiovascular health. As consumers become more health-conscious and seek to incorporate nutritious and protein-rich foods into their diets, the demand for canned tuna has surged. This trend is particularly pronounced in developed regions where the emphasis on healthy eating and balanced diets is driving the consumption of nutrient-dense foods like canned tuna.
Convenience and shelf stability are key factors contributing to the global canned tuna market. In an era where busy lifestyles and time constraints are prevalent, consumers are increasingly opting for convenient meal solutions that require minimal preparation. Canned tuna fits this criterion perfectly, offering a ready-to-eat protein source that can be easily incorporated into various dishes such as salads, sandwiches, and casseroles. Moreover, its long shelf life makes it a practical choice for consumers looking to stock up on non-perishable food items, particularly in times of uncertainty or emergency preparedness.
Innovation and diversification in product offerings are pivotal trends driving the canned tuna market expansion. Manufacturers are continually expanding their product portfolios to cater to evolving consumer tastes and preferences. This includes the introduction of new flavours, packaging formats, and value-added products such as tuna in olive oil, organic tuna, and gourmet tuna varieties. Additionally, the development of easy-open cans, single-serve pouches, and flavoured options has enhanced the appeal of canned tuna, making it more accessible and attractive to a broader consumer base. These innovations not only provide consumers with greater choice but also help manufacturers differentiate their products in a competitive market.
Sustainability and ethical sourcing have become critical considerations propelling the global canned tuna market growth. Concerns over overfishing, bycatch, and the environmental impact of tuna fishing practices have prompted consumers and regulatory bodies to demand more sustainable and responsibly sourced tuna. In response, many companies are committing to sustainable fishing practices and obtaining certifications from organisations such as the Marine Stewardship Council (MSC). These certifications assure consumers that the tuna they purchase is sourced in an environmentally responsible manner, thereby promoting sustainable fishing practices and protecting marine ecosystems. The emphasis on sustainability is not only a response to consumer demand but also a strategic move to ensure the long-term viability of the tuna supply chain.
The global canned tuna market is witnessing increasing demand in emerging markets, driven by rising disposable incomes, urbanisation, and changing dietary habits. In regions such as the Asia Pacific, Latin America, and the Middle East, the growing middle class is seeking convenient and nutritious food options, leading to higher consumption of canned tuna. Additionally, the expansion of modern retail channels, including supermarkets, hypermarkets, and online retail platforms, has improved the accessibility and availability of canned tuna in these markets. This trend is creating new growth opportunities for manufacturers and expanding the global footprint of canned tuna products.
Technological advancements in processing and packaging are playing a crucial role in enhancing the canned tuna market expansion. Innovations in canning technology, such as high-pressure processing (HPP) and retort packaging, have improved the preservation of tuna, ensuring longer shelf life and maintaining nutritional value. These advancements also enhance food safety by effectively eliminating pathogens and contaminants. Furthermore, improvements in packaging materials and designs, such as BPA-free cans and recyclable packaging, are addressing consumer concerns about food safety and environmental impact. These technological innovations are critical for maintaining consumer trust and driving the market growth.
Strategic marketing and branding initiatives are essential for gaining a competitive edge in the global canned tuna market. Companies are investing in marketing campaigns that emphasise the health benefits, convenience, and sustainability of their products. Branding efforts that highlight quality, traceability, and ethical sourcing resonate well with consumers who are increasingly discerning about the origins and attributes of their food. Social media and digital marketing platforms are being leveraged to engage with consumers, share stories about sustainable practices, and promote new product launches. These initiatives are crucial for building brand loyalty and attracting a diverse consumer base.
The COVID-19 pandemic has had a notable impact on the canned tuna market. During the initial stages of the pandemic, there was a surge in demand for shelf-stable foods, including canned tuna, as consumers sought to stockpile essential items. This led to a temporary boost in sales and highlighted the importance of canned tuna as a reliable and convenient food source during times of crisis. However, supply chain disruptions and logistical challenges also posed significant hurdles for manufacturers. As the market stabilises post-pandemic, the growing emphasis on supply chain resilience and adaptability is expected to forecast its trajectory.
Canned Tuna Market Segmentation
The global canned tuna market can be divided based on product, distribution channel, and region.
Market Breakup by Product
- Skipjack
- Yellowfin
- Others
Market Breakup by Distribution Channel
- Hypermarket and Supermarket
- Speciality Stores
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global canned tuna market. Some of the major players explored in the report by Expert Market Research are as follows:
- American Tuna, Inc.
- Thai Union Group Public Company Limited
- Bumble Bee Foods, LLC
- Century Pacific Food Inc.
- Balton Group
- Golden Prize Canning Co., Ltd
- Frinsa Del Noroeste S.A.
- KSD Interfoods Vietnam CO., LTD
- StarKist Co.
- Foodtech JSC
- Conservas Ortiz S.A.
- Others
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