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The global canned tuna market size is predicted to reach USD 9.22 billion by 2027. The busy lifestyle of people has led to a huge demand for convenience food products, which, in turn, will promote the growth of the market during the forecast period, mentioned in a report, titled “Canned Tuna Market Size, Share & Covid-19 Impact Analysis, By Type (Canned Light Tuna and Canned White Tuna), Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, and Online Retail), and Regional Forecast, 2020 – 2027” the market size stood at USD 7.74 billion in 2019 and is predicted to exhibit a CAGR of 2.26% between 2020 to 2027.
Introduction of Canned Tuna by Grupo Calvo to Augment Growth
Grupo Calvo, a major leader in the processing and distribution of canned goods announced the launch of MSC-certified tuna. The product contains an added value, including filled with organic extra virgin olive oil certified by the Galician Regulatory Council of Ecological Agriculture (CRAEGA, by its acronym in Spanish). MSC certification ensures that tuna is caught in line with criteria pertaining to responsible and environmentally-friendly fishing practices. The new product is filled with flavor, convenience, and health for its consumers. The launch of MSC-certified tuna by the company will encourage the speedy growth of the market during the forecast period owing to the management and the sustainability of the raw materials used in the products. Moreover, growing consumer awareness regarding ecological and sustainable products will create lucrative business opportunities for the market in the forthcoming years. Besides, the increasing range of convenience products by major brands to cater to the demand of consumers will foster healthy growth of the market in the foreseeable future.
Booming E-Commerce to Consolidate Global Supply Chain
The increasing popularity of e-commerce channels will subsequently bolster the healthy growth of the market during the forecast period. The rising inclination towards purchasing food products online through e-commerce will positively enable speedy expansion of the market in the foreseeable future. The penetration of the internet and the availability of processed food products online will enhance the sales prospects of the market. The increasing cognizance about the benefits of e-commerce among customers owing to the ease of purchase and availability of products will promote the growth of the market during the forecast period. The shift from convenience stores to online shopping will consequently create lucrative opportunities for the market in the forthcoming years. The rising sales of canned tuna and other processed food products can be a vital factor bolstering the growth of the market.
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Enhanced Production Capabilities of Market Players to Aid Industry Expansion
The global market is steered by the presence of major market players such as Thai Union Group PCL, Bumble Bee Foods LLC, StarKist Co., and American Tuna Inc. The eminent players are focused on enhancing their production capabilities to strengthen its position in the market. Major OEMs are adopting strategies such as product launches, acquisitions, and partnerships to expand their distribution channels. The introduction of innovative and quality processed food items will simultaneously improve the production and boost market sales in the forthcoming years.
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Value (USD Million)
By Distribution Channel