Canned Tuna Market will worth to USD 13.4 billion by 2029 & it will grow at a CAGR of 4% till 2029 : GreyViews
Canned Tuna Market Size By Product Type (Skipjack and Yellowfin), By Distribution Channel (Hypermarket & Supermarket, Specialty Stores, and Online), and Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the *Canned Tuna** market *is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Canned Tuna market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as product type, distribution channel, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Canned Tuna market are Frinsa del Noroeste S.A., Thai Union Group PCL., Grupo Calvo, Wild Planet Foods Inc., PT. Aneka Tuna Indonesia, Bumble Bee Foods, LLC., Century Pacific Food Inc., Jealsa, American Tuna Inc., Ocean Brands GP., among others. To achieve a substantial market share in the worldwide Canned Tuna market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Tuna in a can is one of the cheapest available and healthiest sources of protein. The fish has 20 to 25 g of protein per can and is low in carbs, high in vitamin D, omega-3 fatty acids that fight inflammation and protect the heart. The majority of Americans face a deficiency in omega-3 fatty acids in their diet, therefore tuna is an easy and economical way to remedy this. The mackerel fish family includes tuna, a major actor in the fishing industry. All across the world, tuna is eaten raw, cooked, frozen, canned, and in sushi. Oceans in the West and Central Pacific account for over 60% of global tuna catches. All tuna harvests in this region are controlled by the Pacific Island Countries (PICs), hence the economy of these countries are heavily dependent on tuna resources. This is partly because the tuna population is many of these countries' primary source of income. It is a product that consumers, restaurants, and the canning business commonly buy. The rise in demand for canned tuna is one of the key reasons currently driving the worldwide tuna business.
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*Scope of **Canned Tuna** Market Report*
*Report Metric* *Information*
*Study Period* 2021-2029
*Base Year * 2021
*Forecast Period* 2022-2029
*Market Share Unit* USD billion
*Segments Covered* By Product Type, By Distribution Channel, By Region
*Regions Covered* North America, Europe, Asia-Pacific, South America and Middle-East and Africa
*Major Players* Frinsa del Noroeste S.A., Thai Union Group PCL., Grupo Calvo, Wild Planet Foods Inc., PT. Aneka Tuna Indonesia, Bumble Bee Foods, LLC., Century Pacific Food Inc., Jealsa, American Tuna Inc., Ocean Brands GP., among others
*Segmentation Analysis*
*Skipjack **is expected to be the fastest growing segment in 2021. *
The product type segment is skipjack, yellowfin, and others. Skipjack is expected to witness the highest growth rate during the forecast period. The majority of the Skipjack tuna caught, or about 58.0% of the entire catch, is canned, according to information provided by Fish20.org. This species has a robust and nutrient-rich seafood experience and is easily accessible in the market. The Centre for the Promotion of Imports' figures show that skipjack species make up 75.0% of the canned tuna imported into Europe.
*The **hypermarket & supermarket* *segment is expected to be the fastest-growing segment in 2021. *
The distribution channel includes hypermarket & supermarket, specialty stores, and online. Hypermarket & supermarket is expected to witness the highest growth rate during the forecast period. In the near future, an expanding number of offline retailers will broaden the reach of this distribution channel. Major producers advertise their goods in physical retail establishments like supermarkets and hypermarkets. In addition, a number of businesses are opening new physical storefronts all around the world to increase their consumer base. For instance, according to a press release from Target Brands, Inc., the company has plans to add seven additional shops by the end of 2021 and over 25 new stores nationwide by the end of 2020.
*Regional Analysis *
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Canned Tuna include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
· Europe region witnessed a major share. Due to consumers' increased preference for simplified, ready-to-eat seafood options, the industry in the region is expanding. The most popular marine species in Europe in 2018 was tuna, according to a report by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA). Some of the biggest consumers of canned tuna in the region include Italy, Spain, and the United Kingdom. Over the forecast period, these factors are expected to support the regional market's expansion.
*Country Analysis*
· *Ge**r**many*
*Germany's **canned tuna** market size was valued at USD **1.4** billion in 2021 and is expected to reach USD **1.8 **billion by 2029, at a CAGR of **3.4**% from 2022 to 2029. *
The market demand and increased imports are fueled by the region's rising tuna consumption. According to data from Eurostat, the total amount of tuna imported into Germany in the first half of 2020 was over 58 thousand MT, an increase of 47% over the same time in 2019, or more than 18.5 thousand MT. Nearly 98% of the entire volume of imported tuna into Germany remains in canned form.
· *China*
*China **Canned Tuna**’s market size was valued at USD **1** billion in 2021 and is expected to reach USD **1.26** billion by 2029, at a CAGR of** 3**% 2022 to 2029. *Usage of tuna in most of the cooking style such as in salad, sushi, sandwich, pasta, and more fuels the demand for canned tuna in the country. Due to the country's fast urbanisation, population expansion, and strong growth in food processing, the market in China is expanding.
· *India*
*India's **Canned Tuna** market size was valued at USD **0.75** billion in 2021 and is expected to reach USD **0.93** billion by 2029, at a CAGR of** 2.8%** from 2022 to 2029. *Demand for canned tuna is fueled by growth in India's sea food industry. Increasing preference of people for seafood such as fish owing to its high nutrient and mainly protein content drives the market for canned tuna in the region.
*Covid-19 Impact*
Covid-19 had a major impact on almost all industries, such as food & beverage, manufacturing, automobile, etc. However, several companies operating in the food & beverage sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in food & beverage across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for Canned Tunas from various developing regions.
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