Canned Tuna Market Size 2023, SWOAT Analysis and Forecast To 2029 | American Tuna, Bumble Bee Foods, Dongwon Industries, Thai Union Group | Brandessence Market Research

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17 Apr, 2023, 14:01 GMT

LONDON, April 17, 2023 /PRNewswire/ -- The Global Canned Tuna Market was worth USD 8.91 billion in 2021 and is expected to reach a valuation of USD 12.2 billion by 2028, registering a CAGR of 4.6% over the assessment timeline of 2022-2029.

Tuna is a type of saltwater fish belonging to the family of Scombridae. Also known as Thunnini, these fish are high in protein but low in calories and therefore offer a wide range of health benefits. They are also enriched with the goodness of omega 3, b-complex vitamins, minerals, and iron, among others.  They can be preserved for a long time. Tunas are preserved in cans and are sold across delis, food outlets, retail stores, and supermarkets. Canned tuna has been gaining immense popularity across the globe since they are healthy, affordable, easily accessible and have a long shelf life.

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Global Canned Tuna Market Outlook (2022-2029)

Growing health cognizance among the masses, rising popularity of ready-to-eat items, and technological advancements in the food processing sector are primarily augmenting outlook of this business sphere.

Alongside, rising prevalence of chronic and lifestyle disorders, the booming e-commerce sector, along with the affordability of canned tuna are creating lucrative opportunities for this market vertical to prosper. 

Moreover, escalating demand sustainably caught and packaged tune is another crucial expansion propellant for this industry.

Furthermore, surging disposable income levels of the masses, elevating nutritious seafood demand, and rising popularity of frozen food are adding momentum to the progression of the Global Canned Tuna Market.

On the contrary, rising veganism trends are likely to hinder the remuneration scope of this business vertically in the ensuing years.   

Competitive Hierarchy

American Tuna, Bumble Bee Foods, Dongwon Industries, Thai Union Group, The Tuna Store, Wild Planet, Crown Prince Inc., Natural Sea, Century Pacific Food, Frinsa del Noroeste, Hagoromo, and Others are the prominent players defining the competitive terrain of the Global Canned Tuna Market.

Segmental Outlook

By Type:

  • Albacore
  • Skipjack Tuna
  • Yellowfin Tuna
  • Bigeye Tuna
  • Bluefin Tuna

By End-user:

  • Foodservice
  • Households

By Sales Channel:

  • Direct
  • Indirect
  • Specialty Stores
  • Hypermarkets/Supermarkets
  • Online Retailers
  • Others

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Region-Wise Outlook

Which is the most dominant region in the Global Canned Tuna Market?

North America is slated to dominate the industry in terms of volume share. This is due to the increasing popularity of seafood, growing health cognizance among the masses, and the presence of noteworthy players.

How is Asia Pacific performing in this industry sphere?

Asia Pacific is reckoned to accrue substantial returns over 2022-2029. This is ascribed to the availability of affordable raw materials, the booming e-commerce sector, and escalating demand for convenience food.

Category-Wise Outlook

Which is the leading type of segment in this market?

The bluefin tuna segment is presently leading the market owing to its unique taste and texture, high fat content, richer flavour, and tenderness.

Which is the fastest growing sales channel segment in this industry?

The hypermarkets/supermarkets segment has emerged as one of the fastest growing segments in this market.  This is attributable to the high shopping convenience provided by supermarkets and hypermarkets since customers can find a wide array of items under a single roof.

Which end user segment is expected to exhibit the highest growth?

The households segment is projected to showcase significant growth. This is credited to the increasing health cognizance among the masses and escalating demand for ready-to-eat food among the masses.

Comparing the historical outlook and ongoing trends of this market

This industry sphere has been garnering significant returns over the forecast duration of 2022-2029 due to numerous facts.

Tuna is nutritionally rich in nature. It has high omega 3 fatty acids and protein content along with other beneficial components. As per medical experts, the moderate consumption of tune leads to a decreased risk of cardiovascular diseases including heart attacks. Apart from that, it also aids in weight loss. It further reduces body cholesterol levels while enhancing brain function and eye health. Due to all these health benefits associated with tuna, it is regarded as a form of superfood. These factors together are stimulating the overall dynamics of this market vertical.

There has been a shifting inclination of the masses towards ready-to-cook and convenience food. Canned tuna is always pre-cooked and therefore can easily be prepared within no time. The hectic lifestyle of the masses is pushing them to consume ready-to-eat meals. It is evident that everyone wants to have a balanced diet without missing out on any beneficial nutrients. But due to time constraints it gets difficult for many to prepare full course meals. Convenience food like canned tuna instantly comes to their rescue in such scenarios as they are not only pre-cooked but are also rich in beneficial nutrients. This in turn is adding traction to the development of this industry sphere.

On Special Requirement Canned Tuna Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Major Developments

In 2021, Dongwon Industries, a South Korean seafood company, acquired the assets of Bumble Bee's US subsidiary. These acquisitions reflect the ongoing consolidation of the canned tuna industry and the increasing importance of Asian companies in the global seafood market.

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