Canned Tuna Market size is set to grow by USD 3.56 billion from 2024-2028, Launch of new products to boost the market growth, Technavio

NEW YORK, June 28, 2024 /PRNewswire/ -- The global canned tuna market size is estimated to grow by USD 3.56 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.83%  during the forecast period.  Launch of new products is driving market growth, with a trend towards growth in online retailing. However, adverse effects associated with overconsumption of canned tuna poses a challenge. Key market players include A.E.C. CANNING Co. Ltd., American Tuna Inc., Bumble Bee Foods LLC, Century Pacific Food Inc., Conservas La Gaviota SL, Crown Prince Inc., Diavena Ltd., Dongwon Group, Frinsa del Noroeste SA, Golden Prize Canning Co. Ltd., Jealsa Rianxeira SAU, King Bell Producer Co. Ltd., LUIS CALVO SANZ SA, Ocean Brands GP, Otis McAllister Inc., Princes Ltd., Private Label Tuna, PT. Bali Maya Permai, Thai Union Group PCL, and Wild Planet Foods Inc..

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Key Market Trends Fueling Growth

The global canned tuna market is experiencing significant growth due to the increasing popularity of online shopping. With more consumers preferring the convenience of buying products online, vendors such as StarKist and Bumble Bee are collaborating with retailers like Amazon and Alibaba to expand their sales channels. In emerging markets like China, e-commerce platforms are providing new opportunities for seafood suppliers to reach tier-2 and tier-3 cities. B2B platforms like Yorso in Russia are streamlining supply chains and logistics to ensure seamless delivery of seafood to consumers. The trend towards online shopping is expected to continue, driving up sales of canned tuna products worldwide. 

The canned tuna market has seen significant growth in recent years. Plenty of funds and investments have poured into this sector. The demand for canned tuna is increasing due to its convenience and long shelf life. Environmental concerns have driven the industry to focus on sustainable practices. Annalore and Skipjack are popular types of canned tuna. The market is competitive with players like Princte and Fattery vying for market share. The trend is towards more value-added products like flavored and organic canned tuna. The sector is expected to continue growing with technologies like canned tuna in pouch and improved preservation methods. Canned tuna is a staple food in many households and its popularity shows no signs of waning. 

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Market Challenges

• The global canned tuna market experiences significant demand due to convenience, affordability, and nutritional benefits. However, health concerns, particularly the presence of mercury and heavy metals, limit consumption and growth. Overconsumption can lead to vision and hearing problems, neurological abnormalities, and developmental delays. Mercury inhibits cell growth and can impact fetal development. Children may experience learning disabilities and nutrient absorption issues. These health risks may deter consumers and hinder market expansion during the forecast period.
• The canned tuna market faces several challenges. Production and supply of canned tuna require large quantities of fish, making sustainability a significant concern. The use of preservatives and additives in canned tuna may raise health concerns for consumers. Additionally, competition from other protein sources, such as chicken and beef, can impact market demand. Technological advancements in canning processes aim to improve product quality and reduce environmental impact. Regulations on labeling and packaging also pose challenges for manufacturers. Consumers seek transparency and ethical sourcing practices, adding to the complexity of the canned tuna market.

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Segment Overview 

This canned tuna market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Hypermarket and supermarket
• 1.2 Speciality stores
• 1.3 Online
2. Product 
• 2.1 Canned skipjack tuna
• 2.2 Canned yellowfin tuna
• 2.3 Canned albacore tuna
• 2.4 Other canned tuna
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Hypermarket and supermarket-  The Canned Tuna Market experiences consistent demand due to its versatility and nutritional value. Businesses produce and distribute this staple food in large quantities, catering to various industries such as food service and retail. Its affordability and long shelf life make it a popular choice for consumers worldwide. Canned Tuna is an essential ingredient in numerous dishes, contributing significantly to the global food industry.

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Research Analysis

The canned tuna market holds significant popularity due to the seafood's high nutritional value, which includes essential proteins, vitamins, and minerals. Tuna, a popular choice for meat alternatives, is rich in protein and fatty acids, making it a preferred option for those seeking healthy functioning. Canned tuna's convenience and long shelf life add to its appeal. Seafood consumption, an integral part of a balanced diet, is linked to animal welfare concerns. However, the canned tuna industry ensures ethical sourcing practices to address these issues. High-nutrition foods, such as canned tuna, play a crucial role in maintaining overall health.

Market Research Overview

The Canned Tuna Market is a significant sector within the global fisheries industry. This market caters to the demand for convenient and affordable protein sources, particularly in regions with high seafood consumption. The production process involves the use of advanced technologies to preserve the nutritional value and taste of the tuna. Various types of canned tuna are available, including skipjack, yellowfin, and albacore. The market is driven by factors such as increasing consumer awareness of the health benefits of fish, growing demand from the foodservice industry, and rising disposable incomes in developing countries. Additionally, the market faces challenges such as overfishing, fluctuating raw material prices, and increasing competition from other protein sources. The market is expected to grow at a steady pace in the coming years, driven by these factors and ongoing innovation in the sector.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Hypermarket And Supermarket
• Speciality Stores
• Online
• Product
• Canned Skipjack Tuna
• Canned Yellowfin Tuna
• Canned Albacore Tuna
• Other Canned Tuna
• Geography
• Europe
• North America
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio