Global Canned Tuna Market Size to Reach USD 15.81 Billion in 2032 | Emergen Research
Rapid growth of e-commerce channels is one of the key factors driving Canned Tuna market revenue growth
Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global canned tuna market size reached USD 9.10 Billion in 2021 and is expected to register a revenue CAGR of 5.3% during the forecast period, according to the latest analysis by Emergen Research. Rapid growth of e-commerce channels to enhance supply chain is a major factor driving growth of the market. Tuna is a rich source of healthy fatty acids, which are essential for growth and development. It is particularly crucial for breastfeeding mothers and pregnant women to satisfy their nutritional needs. Increasing trend of incorporating nutritionally beneficial food into daily diet to improve health functionality, is in turn, increasing demand for tuna. In addition, rapid growth of e-commerce channels has strengthened supply chain, which in turn, is expected to have a positive impact on revenue growth of the market. Online retail platforms have grown substantially and eased availability of a wide range of products across the globe. Moreover, increasing use of internet and smartphones, in general, has created several new opportunities for e-commerce platforms. Establishment of various new malls and specialty stores has further strengthened supply chain, thus increasing the sales of tuna and other processed food products.
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However, rising popularity of plant-based foods among many individuals is expected to hinder growth of the global market. Growing animal and environmental concerns have influenced consumers to use plant-based products. Easy availability of multiple plant-based fish meat alternatives and their uncanny resemblance to taste and flavor has further influenced consumers to opt for them.
*Scope of Research *
*Report Details* *Outcome*
Market Size in 2021 USD 9.10 Billion
CAGR (2022–2030) 5.3%
Revenue Forecast to 2032 USD 15.81 Billion
Base Year for Estimation 2021
Historical Data 2019–2020
Forecast Period 2022–2030
Quantitative Units Revenue in USD Billion and CAGR in % from 2022 to 2030
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Product, distribution channel, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Ocean Brands, Frinsa del Noroeste, Grupo Calvo, Bumble Bee Foods LLC, Jealsa, Thai Union Group PCL, American Tuna Inc., Century Pacific Food Inc., Starkist Co., and Wild Planet Foods Inc.
Customization Scope 10 hours of free customization and expert consultation
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*Major Companies and Competitive Landscape *
The canned tuna market is fairly consolidated with a few small and medium-sized market players accounting for majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
· Ocean Brands
· Frinsa del Noroeste
· Grupo Calvo
· Bumble Bee Foods LLC.
· Jealsa
· Thai Union Group PCL
· American Tuna Inc.
· Century Pacific Food Inc.
· Starkist Co.
· Wild Planets Food Inc.
*Strategic Development*
· In January 21, 2022, Calvo Group's Nostromo canned tuna fish brand has debuted a new container design that incorporates genuine peel technology. When prepared this way, the resulting product, known as 'Apri gira facile,' has no inner rim and can be tipped directly onto the plate, eliminating waste and need for a fork.
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*Some Key Highlights From the Report*
· The skipjack segment is expected to register a significant market revenue growth owing to its array of nutritional qualities. Mercury content of skipjack tuna meat is only 0.144 parts per million. FDA defines skipjack as the best choice due to mercury levels in its flesh and 8-12 ounces of Skipjack should be consumed once a week. Skipjack chunks are high in B-complex vitamins, such as niacin and pyridoxine (B-6), while vitamin E, B12, thiamin, and riboflavin are also abundant.
· The hypermarket/supermarket segment is expected to grow at a considerable growth rate. Major manufacturers promote their products at offline retail outlets such as hypermarkets and supermarkets. In addition, several companies are growing their customer base by opening new physical locations around the world.
· The Europe market is expected to register a considerable growth rate. The region is expected to contribute heavily because customers are increasingly opting for simple, ready-to-eat, and convenient seafood options. According to a research conducted by European Market Observatory for Fisheries and Aquaculture Products, tuna was the most consumed marine species in Europe in 2020. Major canned tuna consumers in the region are Italy, Spain, and the UK.
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Emergen Research has segmented canned tuna market based on product, distribution channel, and region:
· *Product Outlook (Revenue, USD Billion; 2019–2030)*
· · Skipjack
· Yellowfin
· Albacore
· Others
· * Distribution Channel Outlook (Revenue, USD Billion; 2019–2030)*
· · Hypermarket/Supermarket
· Specialty Stores
· Online Retail
· * Regional Outlook (Revenue, USD Billion; 2019–2030)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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