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The global canned tuna market size was USD 7.74 billion in 2019 and is projected to reach USD 9.22 billion by 2027, exhibiting a CAGR of 2.26% during the forecast period (2020-2027).
The market growth is fuelled mainly due to the increasing consumption of various packaged food products and beverages. Canned foods consist of various meat, fruits, vegetables, and fish that are precooked or are ready to cook for ease of consumption. Owing to the busy lifestyle and rise in the working population the consumption of convenience food products has spurred in recent years. This directly aids in the growth of this market.
However, the current situation of the market is expected to be affected due to the global COVID-19 pandemic. Since most of the countries are experiencing a lockdown, the availability of food products has declined due to many production units being shut down, thus lowered the purchasing power of the consumers. This has negatively impacted the sales performance of processed food products. Various governments have imposed new rules and regulations for the purchase of food products and beverages. The rise in product prices and reduced stocks of various food products in many emerging economies have become a threat to the market. However, the market finds its pace as the consumers are relying on various packaged and canned food products due to their convenience and easy availability. The hygiene quotient of canned goods also plays a major role in boosting the market growth. Also, due to the wide consumption of packaged food products, it is expected to grow in the upcoming years.
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Growing Incorporation of High-nutritious Food in Daily Diet
The growing incorporation of high-nutrition food in daily diet to improve healthy functioning has led to an increase in the consumption of tuna. Consumers are inclined towards consuming tuna as it is a rich source of protein and its usage convenient. Tuna contains healthy fatty acids which are crucial for growth and development and often being recommended to pregnant and breastfeeding women to fulfill the nutritional requirements. The wide availability and increased consumption of tuna offer numerous growth opportunities for the market.
Rising Consumer Dependency on Ready-to-Cook and Ready-to-Eat Food to Aid Development
Consumers are highly dependent on ready-to-cook and ready-to-eat food products due to the convenience of cooking offered by them. The rise in the working women population and the less time spent on cooking has led to the wide utilization of canned tuna. The millennial population is highly inclined towards such convenience food products as it is easy to prepare, nutritious as well as saves the food preparation time. Many manufacturers are focusing on the launch of new products and certifications to provide the consumers with quality products and for serving them better.
For instance, In February 2019, Chicken of the Sea launched a new resealable, single-serve recyclable cup of wild-caught tuna to suffice the growing demand of the millennials for on-the-go food.
Rising E-Commerce Channels to Boost Supply Chain
The growing e-commerce channel and the strengthening of the supply chain have positively aided in the canned tuna market growth of canned tuna market. The online food purchasing platforms has grown in recent times as it has eased up the availability of processed food products. The growing familiarity with the internet has paved new ways for e-commerce. The millennial population is highly tech-savvy and prefers to purchase their products from various online platforms due to the ease of purchasing. In recent years, many new malls and convenience stores have been established which has drawn the consumers’ attention. This has in a way has strengthened the supply chain and increased the sales of tuna and other processed food products.
Increasing Consumers’ Demand for Plant-based Food Products
The growing inclination of consumers towards plant-based food products has hampered market growth. The growing environmental and animal welfare concerns among consumers have influenced them to shift towards plant-based products. The growing vegan trend in developing economies has also contributed to the increased utilization of plant-based products. The availability of various plant-based fish meat alternatives and their high compliance with the taste and flavor has also nudged the consumers for opting for them.
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Canned Light Tuna Holds the Largest Market Share, as it has Numerous Health Benefits
The canned light tuna accounts to hold the largest market share in the market, owing to the numerous health benefits associated with it. The canned light tuna is obtained from skipjack or yellowfin tuna and has a light tan pink colored flesh, soft texture, and more flavourful than white tuna, which makes it a desirable choice of fish meat. The canned light tuna is a great source of essential nutrients such as omega 3 and 6 fatty acids, a high quantity of protein and vitamin D. Various food chains and restaurants are utilizing the canned light tuna in many culinary dishes such as pasta and tuna casseroles to enhance the taste and flavor of the food. Along with this factor, the storage and utility of canned light tuna is easier and convenient as it saves the preparation time before cooking. The younger cohort prefers their foods to be incorporated with exotic fishes as it improves the taste and texture of the food, and at the same time being highly nutritious. Many manufacturers are engaging in the production of canned light tuna and expanding their production facilities due to the high demands.
On the other hand, the canned white tuna market is expected to witness significant growth in the foreseeable years, owing to its easy availability and low-calorie content. The white tuna is obtained from albacore tuna, has a whitish appearance and the meat is firm compared to the light tuna. The canned white tuna helps in fulfilling the nutritional requirements of the body as it is abundant in vitamins, minerals, protein, and essential fatty acids
Supply Chain Strengthening and Expansion for High Revenue Generation
The supermarkets/hypermarkets are the preferred channel for purchasing essential and non-essential products by the consumer due to the wide availability of a different range of products under a single roof. The presence of product distinct aisles and various bundling schemes offered by the mass merchandisers enhance the purchasing experience of the consumers. Along with this, it offers convenient purchasing as various tuna products are available in different brands and price ranges. The rapid urbanization and changing lifestyle have led to many new mass merchandisers being established which have drawn the consumers' attention.
The emergence of allergen-free and gluten-free bakery products has created a positive impact on the market. The marketers are focusing on developing the modern trade and retailing sectors for providing a convenient and affordable shopping experience to the consumers. The online retail sector is also gaining popularity due to consumers due to the wide exposure of consumers to various product purchasing platforms on the internet. Online retail offers a diverse range of products from numerous brands and at a discounted price range along with the ease of doorstep delivery options.
North America Canned Tuna Market Size, 2019 (USD Million)
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North America to Exhibit the Highest Growth Owing to the Increase in Consumption of Canned Foods
The global market is experiencing an upward growth trend due to the extensive consumption of processed food products and beverages. North America is a developed economy and consists of a huge consumer base. The region is experiencing a significant rise in the number of working professionals. The established supply chain and increasing demand for convenience food will aid market growth. Many multinationals are expanding their production units, especially in the major markets in the region such as the U.S, Canada, and Mexico which has led to their collaborations with many local players. The presence of a large migrant population in the region leads to its authentic food consumption and various restaurants serving the same. The rise in cross-culture food consumption trend in the region has led to the wide consumption of various cuisines Japanese and Indian cuisines such as tekkadon, sushi, and curries. A steep downfall in the market is being observed due to the global outbreak of the COVID-19 pandemic due to the increasing number of COVID-positive patients in the region especially, in the U.S. Many canned food manufacturing companies have been shut down which has halted the production of canned tuna. This is hampering the regional market growth.
Followed by North America, Europe is expected to hold the second-largest canned tuna market share in the market. This is due to the growing demand from the millennial population. The rise in the working women population and busy lifestyle has led to less investment of time for cooking. This has led to their reliance on various ready-to-eat/cook food products as it saves time and also fulfills all the nutritional requirements. The consumers in the U.S. have a Japanese and Indian influence. The leading tuna-consuming markets in the region are Spain, Italy, France, and Portugal. According to a study by European Market Observatory for Fisheries and Aquaculture Products (EUMOFA) tuna is the most consumed fish in the region. The per capita consumption of tuna in the year 2018 was 2.78 kg, most of which was accounted for an 11% share of all the fishery and aquaculture products. However, due to the global pandemic COVID-19, there is a dip in the consumption of tuna as among the most affected countries in the region are Spain and Italy. The rising number of patients in the region has led to the closing of malls and stores. This has declined the sales of the market in the region and has thus, negatively impacted the market.
Aisa Pacific holds the third-largest market share owing to the large consumer base in the region. The growing millennial population in the region and their rising inclination towards convenience food has contributed to boosting the regional market. The rapid urbanization and incorporation of western lifestyles have increased the demand for the market. The consumers are now widely using canned tuna for food preparation due to its convenience of cooking and longer shelf stability. This has further fuelled the market growth.
South America and the Middle East and Africa hold the least market share, however, the evolving taste preferences and rising demand of consumers for protein-rich food has boosted the market in the region. The tuna fish is incorporated in many Latin-American dishes due to its mild and flavourful taste. This has positively aided in its regional market growth.
Industry Focus on New Product Launches for Development of Canned Tuna
In January 2020, the Thai Union has partnered with a local producer of mixed chili paste to launch five new flavors of spicy tuna flakes for the Thai market. The SEALECT spicy tuna flakes come in five flavors, combining key Thai spices such as galangal, turmeric, bird’s eye chili, pepper, and lemongrass. The new product was launched by the manufacturer due to the increasing demand of consumers for innovative food variants. This way it helps increase production and introduce improved quality products in the market. Thai Union Group PCL, Bumble Bee Foods LLC, StarKist Co., and American Tuna Inc. are the prominent market players among the others.
An Infographic Representation of Canned Tuna Market
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The canned light tuna segment has witnessed significant growth in the overall market globally. The growing world population is stepping towards increased usage of canned and ready-to-eat/cook products due to its convenience, which is anticipated to fuel the global market growth in the upcoming years.
The canned tuna market report provides qualitative and quantitative insights into the market. It also offers a detailed picture of the market by analyzing different aspects such as analysis of utility, types of canned tuna, distribution channel, market size & forecast, and growth rate for all possible segments in the market. The report includes data from multiple sources and offers a detailed tuna market analysis using several research methodologies.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent canned tune industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Million)
By Distribution Channel
Fortune Business Insights says that the value of the canned tuna market was at USD 7.74 billion in 2019 and is projected to reach USD 9.22 billion by 2027.
Growing at a CAGR of 2.26%, the market will exhibit steady growth in the forecast period (2020-2027).
The canned light tuna segment is expected to be the leading segment based on type in the global market during the forecast period.
Rising consumer inclination towards convenience food is a key factor that drives the growth of the market.
Thai Union Group PCL, Bumble Bee Foods LLC, StarKist Co., and American Tuna Inc. are few key players.
North America is expected to hold the highest market share in 2019.
Supermarkets/hypermarkets are expected to grow at a faster rate.
Increased consumption of processed food products and beverages is a major growth factor for the market.
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