Canned Tuna Market is Expected to Showcase Rampant Growth Over 2030

Global canned tuna market is segmented on the basis of type, distribution channel, and region. Based on type the market is segmented into Skipjack Tuna, Yellowfin Tuna, Albacore Tuna, and Others. On the basis The distribution channel segment is bifurcated as Store-Based, and Non-Store-Based. Major regions considered within the market are North America, Europe, Asia Pacific, and Rest of the World.

Market Synopsis

According to the MRFR analysis, the global canned tuna market size is projected to reach USD 15.1 billion by 2030 at a CAGR of 4.15%.

Tuna is a diverse saltwater fish belonging to the Scombridae family; this genus consists of 15 different species of Tuna. This fish is a rich source of nutrients such as protein, selenium, and vitamin D. This fish is also enriched in antioxidants and protein without much-saturated fat or sodium. According to the USDA National Nutrient Database, tuna fish contains appropriate levels of selenium, phosphorous, iron, magnesium, and potassium. Canned Tuna is an excellent source of heart-healthy omega-3 fatty acids, which helps in preventing various cardiovascular diseases. The health benefits associated with tuna and expansion of e-commerce across the globe are major growth factors for the canned tuna market. Moreover, technological innovation for protein and mineral extraction by advanced technologies along with regional expansion in developing nation may create growth prospects for canned tuna market around the world.

COVID-19 Impact on Canned Tuna Market

The prevalence of COVID-19 has emerged as a crisis across the globe. The pandemic has hampered the many nations around the world, it has already affected the economical condition of the nations across the globe and also become the cause of chaos, leading to global annulment. More over the incidence of COVID-19 has negatively effected the commodity market in various ways. However, several initiatives were taken by the government organizations in different regions worldwide to prevent the countries from post-pandemic situation.

The Covid 19 pandemic had its impact on the global economic environment, causing significant disruption in economic activities and the Canned Tuna Industry where the Group is operating had been adversely affected in the first half of FY 2020-21 owing to the incidence of the virus. To optimize operating efficiency, Company has temporarily shut down its manufacturing operations. The companies closely monitor the recent developments and effect of present pandemic over the business. The companies believes that this pandemic is not likely to have Distribution Channel impact on the carrying value of its assets and hence no provision for any Impairment is required. India started a lockdown program for three-weeks on 25 March, Malaysia stretched its imposition of lockdown to 14 April and various other nations in Asia, such as Indonesia, Japan, Vietnam, Singapore, and Thailand, are considering tightening their respective restrictions. Lockdown led to food processing business operations to be shut down as well severely impacting the demand for Canned Tuna products

At one side, the demand for Canned Tuna and its raw Distribution Channel has declined, the production has also declined with more than 5%, many production sites are running at 50% capacity and many end-user industries are struggling to receive their raw Distribution Channel for Canned Tuna. Canned Tuna ensures the protection of food products and improves the shelf-life of the products thereby, attracting more customers. The food packaging market is expected to grow significantly over the forecast period due to the advent of numerous production facilities and their need to catch up with the latest trends in the market. Moreover, the rapid change in the lifestyles of people, along with shifting taste preferancesof consumers, along with the surge in population, mainly in developing nations, is anticipated to propel the growth of canned tuna market till the forthcoming years.

Competitive Landscape

The global canned tuna market is profitable, both for existing players as well as new entrants. The market is highly competitive with all the players competing to gain a higher market share. Intense competition, rapid advances in Canned Tuna technology, and regulations are key factors that confront the market growth. A substantial level of rivalry is observed among the existing manufacturers in the market. Our analysis revealed that market players had adopted different strategies and innovative research and development techniques to expand their business and secure their position in the global Canned Tuna market. In recent years, strategic movements by major players included approvals, which have been used as market penetration strategies and a means to reduce competition. The key players profiled in the global canned tuna analysis are Thai Union Group PCL, Bolton Foods, Grupo Calvo, Ocean Brands, American Tuna Inc., Aneka Tuna Indonesia, Wild Planet Foods Inc, Sea Value PLC and many more. The industry is characterized by the presence of several small-scale industrial producers with obsolete production technologies and limited capacity, especially in developing nations such as India, which has lent a significant advantage to new industry participants with better processing technologies.

Segmentation

By Type

1. Skipjack Tuna: Skipjack canned tuna held the largest share in 2019. This species is easily available in the market with rich and nutritious seafood experience. According to the data provided by Fish20.org, Skipjack comprises around 58.0% of the total tuna catch and most of them go for canning. According to the statistics provided by the Centre for the Promotion of Imports, 75.0% of the canned tuna imported into Europe consists of skipjack species.


2. Yellowfin Tuna: The yellowfin segment is expected to register a steady growth. Except in the Mediterranean, yellowfin tuna can be found in tropical and subtropical oceans all around the world. Canned yellowfin tuna is referred to as Chunk Light Tuna, which is a huge fish that can grow to be 8 feet long and weigh over 450 pounds. It gets its name from yellow stripe that runs down its flanks, as well as long yellow dorsal and anal fins. Oil, brine (salt water), or natural spring water can be used to can yellowfin tuna, often known as chunk light tuna and each one imparts a distinct flavor to the canned fish. Its flavor has been compared to swordfish and is said to be more flavorful than albacore tuna. Yellowfin tuna provides 93 calories per 3-ounce meal and has a protein content of 21 grams and fat content of 0.42 grams. It comprises 0.15 grams of saturated fat, which is less than 1% of a 2,000- calorie diet's daily value and 0.10 grams of monounsaturated fat and 0.13 grams of polyunsaturated fat make up this portion. The cholesterol content is 33 mg, which is 11% of daily value. Tuna is devoid of all carbs, fiber, and sugar, while Niacin is the most important nutrient found in yellowfin tuna.


3. Albacore Tuna: Albacore tuna is a type of tuna that is commonly used in canned tuna products. The canned Albacore tuna market is a significant segment of the overall canned tuna market, and it is highly competitive. One of the major factors that differentiates Albacore tuna from other types of canned tuna is its taste and texture. Albacore tuna has a milder flavor and a firmer texture than other types of tuna, which makes it a popular choice for canned tuna products.


4. Others: Bluefin tuna and bigeye tuna are both popular types of tuna used in canned tuna products and are commonly found in the commercial market. Both belong to the Mackerel or Scombridae family in the Thunnini tribe. Bluefin tuna is a prized and expensive fish, known for its rich flavor and high fat content. It is commonly used in high-end canned tuna products and is popular in markets such as Japan, where it is considered a delicacy. However, due to overfishing and concerns about sustainability, there are growing efforts to regulate the harvesting of bluefin tuna. Bigeye tuna is another popular type of tuna used in canned tuna products. It is known for its large size and high fat content, which makes it a popular choice for sashimi and sushi as well. Bigeye tuna is commonly found in the commercial market, particularly in the Pacific and Indian oceans.

By Distribution Channel

1. Store-Based: In terms of store-based retail sales of canned tuna, supermarkets and hypermarkets are the primary sales channels. These large-scale retailers carry a wide variety of canned tuna brands and products and offer a one-stop-shop for consumers to purchase all their grocery needs.


2. Non-Store-Based: The canned tuna market is a global industry that involves the production, processing, and distribution of canned tuna products. The non-stored based distribution channel for canned tuna market includes various modes of distribution such as direct sales, online sales, and vending machines. Online based distribution channel for canned tuna market can be an effective way to reach a wider audience and increase sales. With the rise of e-commerce and online grocery shopping, many consumers prefer to purchase food products online rather than physically going to a store. This is especially true for non-perishable items such as canned tuna.

By Region

1. North America: North America is a developed economy and consists of a huge consumer base. The region is experiencing a significant rise in the number of working professionals. The established supply chain and increasing demand for convenience food will aid market growth. Many multinationals are expanding their production units, especially in the major markets in the region such as the U.S, Canada, and Mexico which has led to their collaborations with many local players. The presence of a large migrant population in the region leads to its authentic food consumption and various restaurants serving the same.


2. Europe: Europe is expected to hold the second-largest canned tuna market share in the market. This is due to the growing demand from the millennial population. The rise in the working women population and busy lifestyle has led to less investment of time for cooking. This has led to their reliance on various ready-to-eat/cook food products as it saves time and also fulfills all the nutritional requirements. The consumers in the U.S. have a Japanese and Indian influence. The leading tuna-consuming markets in the region are Spain, Italy, France, and Portugal. According to a study by European Market Observatory for Fisheries and Aquaculture Products (EUMOFA) tuna is the most consumed fish in the region.


3. Asia-Pacific: Asia Pacific holds the third-largest market share owing to the large consumer base in the region. The growing millennial population in the region and their rising inclination towards convenience food has contributed to boosting the regional market. The rapid urbanization and incorporation of western lifestyles have increased the demand for the market. The consumers are now widely using canned tuna for food preparation due to its convenience of cooking and longer shelf stability. This has further fueled the market growth. The Asia Pacific canned tuna market is projected to witness significant growth over the forecast period (2021-2026) due to the increasing demand for convenient and healthy food products.


4. Rest of the World: New untapped markets in Middle Eastern and African countries, including Saudi Arabia and Egypt, are emerging as major marketplaces with immense growth opportunities. According to the statistics provided by the ‘GLOBEFISH’, Saudi Arabia has witnessed a surge of 23.3% and Egypt witnessed a surge of 15.0% in 2019 for the canned and processed tuna import as compared to the previous year. The canned tuna market in South America, the Middle East, and Africa is a significant part of the global canned tuna industry. The demand for canned tuna in these regions is driven by factors such as increasing population, changing dietary habits, and rising health awareness.