The global Canned Tuna Market is estimated to be valued at US$ 19.54 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Canned tuna is a convenient and portable source of protein. It has a long shelf life without refrigeration and offers various health benefits due to presence of essential nutrients such as omega-3 fatty acids.
Market key trends:
One of the key trends in the canned tuna market is the rising demand for sustainable and organic canned tuna products. The increasing health concerns among consumers regarding use of chemicals in fishing and canning process has boosted demand for organic and sustainable canned tuna. Companies are focusing on eco-friendly fishing and canning techniques to cater to this demand. For instance, American Tuna focuses on pole-and-line caught and troll caught tuna to minimize environmental impact and bycatch compared to other fishing methods such as purse seining.
Market key trends:
One of the key trends being witnessed in the canned tuna market is the growing demand for organic and sustainably-sourced canned tuna products. There is increasing consumer awareness about the negative environmental impact of overfishing and commercial fishing practices. This has driven the demand for tuna that is caught using sustainable methods and is free from contaminants, pollutants, and preservatives. Canned tuna manufacturers are responding to this demand by sourcing tuna from fisheries that follow sustainable practices and employ techniques like pole-and-line fishing and handline fishing.
SWOT Analysis
Strength: Canned tuna has a long shelf life and remains edible for several years without refrigeration. This makes it very convenient to store and transport.
Weakness: Canned tuna is perceived to be low in nutrition and healthy fats compared to fresh tuna. It also contains high sodium levels from preservatives.
Opportunity: Growing health-conscious consumer base is driving the demand for low-sodium and healthier canned tuna variants prepared without cooking oils and preservatives. Adoption of sustainable fishing practices also presents an opportunity.
Threats: Regulations limiting overfishing pose threats to supply availability. Natural calamities like cyclones and hurricanes can damage fisheries.
Key Takeaways
The global Canned Tuna Market Share is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period 2023 to 2030, due to increasing health consciousness and changing dietary preferences. The Asia Pacific region currently dominates the canned tuna market and is expected to continue its domination during the forecast period.
Regional analysis:
The Asia Pacific region is expected to be the fastest growing as well as the dominating regional market for canned tuna. Countries like China, Japan, Indonesia, and Thailand are the major markets in this region. Factors such as growing disposable incomes, increasing urbanization, and changing consumption patterns are driving the demand for canned tuna in Asia Pacific.
Key players:
Key players operating in the canned tuna market are Frinsa, Thai Union Group PCL, Century Pacific Food Inc., Bumble Bee Foods, LLC, Jealsa, Grupo Calvo, PT. Aneka Tuna Indonesia, American Tuna, The Jim Pattison Group, Bolton Group, and Dongwon Group.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it