The global canned tuna market was valued at USD 7.69 billion in 2019 and is expected to grow to USD 9.31 billion by 2029. This projection shows a CAGR of 2.39% over 2020-2029.

Market growth is primarily due to the increasing consumption of packaged food products. Canned food is meat, fruit, vegetables, and fish that have been precooked or prepared for immediate consumption. In recent years, convenience food products have increased popularity due to the increasing number of working people and the hectic lifestyle. This is directly a contributor to the market’s growth.

Growing Demand:

However, the current market situation will be affected by the global COVID-19 epidemic. Due to the lockdown in most countries, there is a decline in the availability of food products. Many production units have been closed down, which has lowered the purchasing power of consumers. This has hurt the sales of processed foods products. Many governments have introduced new rules and regulations regarding purchasing food products and beverages. The market has been threatened by the rising prices of food products and the shrinking stock of certain foods in many emerging countries. The market continues to grow as consumers increasingly rely upon canned and packaged foods due to their ease of use and availability. A significant factor driving the market growth is the hygiene quotient of canned foods. The market for packaged food products is expected to grow in the future.

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Driving Factors:

Rising consumer dependence on Ready-to-Cook and Ready-to-Eat Foods to Support Development

The convenience of cooking has made it easy for consumers to rely on ready-to-cook and ready-to-eat foods. Canned tuna has seen a significant increase in popularity due to the increased number of working women. This convenience food product is popular with the millennials as it’s easy to prepare, nutritional, and quick to prepare. Many manufacturers are working hard to launch new products or obtain certifications so that consumers can enjoy better products

Chicken of the Sea launched a new single-serve recyclable cup of wild tuna in February 2019 to satisfy the growing demand from millennials who are always on the move.

Restraining Factors:

Increased Consumer Demand for Plant-Based Food Products

Market growth has been limited by the increasing preference of consumers for plant-based food products. Consumers are increasingly concerned about animal welfare and the environment, which has led them to switch to plant-based products. The vegan trend has also helped the increasing use of plant products in developing nations. Consumers have embraced them due to the wide range of plant-based options for fish meat and their excellent taste and flavor.

Market Key Trends:

Growing Incorporation Of High-Nutritious Foods into Daily Diet

Consumption of tuna has increased due to the growing acceptance of high-nutrition foods in daily diets. Tuna is an easy and nutritious protein source that consumers are more inclined to eat. Tuna is high in healthy fatty acids, vital for growth and development. This makes it a popular choice for breastfeeding mothers and pregnant women. The market has many growth opportunities due to tuna availability and increasing consumption.

Recent development:

  • In March 2021- Thai Union’s Tuna brand SELECT launched a limited edition Can think of Tuna with a container design featuring Doraemon from the Japanese manga series. The SELECT tuna special edition transforms canned tuna into rare collector’s items. Available in three Doraemon Shizuka or Nobita designs.
  • In Feb 2021- Thai Union, a major global seafood company, joined forces with After Yum to bring you SELECT tuna. This canned tuna sauce is unique because consumers can add chili, vegetables, and lime to create their own spicy salad.

Key Market Players included in the report:

  • Thai Union Group
  • StarKist
  • The Tuna Store
  • Wild Planet
  • American Tuna
  • Trader Joe
  • Safeway
  • Trimarine International
  • Bumble Bee Foods

Key Market Segments
Type

  • Skipjack Tuna
  • Yellowfin Tuna
  • Bluefin Tuna

Application

  • Retail Outlets
  • Supermarkets
  • Hypermarkets
  • Online Sale

Frequently Asked Questions (FAQ):

  • What are the most prominent market players in canned tuna?
  • How will current trends impact the market over the next few decades?
  • What are the market’s leading factors, challenges, and potential opportunities?
  • What are future projections needed to help make strategic decisions?

Related Report:

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