Canned Tuna Market Research Report - Forecast till 2030

Canned Tuna Market Research Report Information by Type (Skipjack Tuna, Yellowfin Tuna, Albacore Tuna, and Others), Distribution Channel (Store-Based, and Non-Store Based), And by Region (North America, Europe, Asia-Pacific, and Rest of the World) - Forecast Till 2030

ID: MRFR/F-B & N/8857-CR | 90 Pages | Author: Snehal Singh | April 2023         

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Global Canned Tuna Market Overview

Canned Tuna Market size was valued at USD 10.26 billion in 2021. The canned tuna market industry is projected to grow from USD 10.61 billion in 2022 to USD 15.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.15% during the forecast period (2022 - 2030). The major growth factors giving and impetus to sales of the canned tuna market are influenced by surging demand for heathy food products among the consumers, and expansion of online retailing across the globe.
Canned Tuna Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Canned Tuna Market Trends

  • Growing Incorporation of High-Nutritious Food in Daily Diet

Canned Tuna has gained popularity in recent years due to its high nutritional value and convenience. Tuna is a lean fish that is high in protein, omega-3 fatty acids, vitamins, and minerals. It is also low in fat and calories, making it a popular food for those looking to maintain a healthy diet. One of the primary reasons for the growing incorporation of Canned Tuna in the daily diet is its convenience. Canned Tuna is readily available, easy to prepare, and can be stored for an extended period. It can be added to sandwiches, salads, pasta, and other dishes, making it a versatile ingredient. Additionally, Canned Tuna is an affordable source of high-quality protein, making it an excellent option for those on a budget. It is also an ideal food for people with busy lifestyles who need a quick and easy source of nutrition. Canned Tuna is becoming more popular in tuna sandwiches and delis, increasing demand for the product. Furthermore, the majority of these Canned Tuna is albacore or a mix of yellowfin and skipjack tuna. "Light tuna" is a low-cost product, which consists of small amounts of yellowfin tuna and a substantial proportion of skipjack tuna. It accounts for a large portion of the global market.

Furthermore, Canned Tuna is an eco-friendly option as it is a sustainable source of seafood. Most Canned Tuna brands now use pole and line fishing methods to reduce bycatch and ensure sustainable fishing practices. In conclusion, the growing incorporation of Canned Tuna in the daily diet is due to its high nutritional value, convenience, affordability, and eco-friendliness. With the increasing demand for healthy and sustainable food options, Canned Tuna is likely to remain a popular choice for consumers in the future.

Canned Tuna Market Segment Insights

Canned Tuna Type Insights

The Canned Tuna Market segmentation, based on the Type, includes Skipjack Tuna, Yellowfin Tuna, Albacore Tuna, and Others. The Skipjack Tuna segment held the majority share in 2021 contributing to around 54% concerning the Canned Tuna Market revenue. Skipjack is a saltwater fish with high oil content and is a great source of important proteins, minerals, fatty acids, and fat-soluble vitamins including A, D, and E. Calorie content of skipjack is moderate; 100 g contains 103 calories and 22 g/100 g (39% of RDI) protein. The yellow fin tuna is at second position in terms of market share. The 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.

Figure 2: Canned Tuna Market, by Type, 2021 & 2030 (USD Billion)
Canned Tuna Market, by Type, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Canned Tuna Distribution Channel Insights

The Canned Tuna Market data has been bifurcated by Store-Based, and Non-Store Based segments. Store-based distribution channel held the market share of approximately ~81% share in terms of market value in 2021, whereas non-store-based retailing segment is anticipated to have a lucrative prospect as it registered to grow with a CAGR of ~5% till the forthcoming years. Supermarkets and hypermarkets have a significant advantage in terms of economies of scale, which enables them to offer competitive pricing and promotions on canned tuna products. Convenience stores, on the other hand, also sell canned tuna products, but to a lesser extent than supermarkets and hypermarkets. Convenience stores often have limited shelf space, which makes it challenging for them to offer a wide range of canned tuna products. However, convenience stores often offer smaller sizes and single-serve pouches of canned tuna, which are convenient for consumers who are on-the-go or looking for a quick snack. Overall, supermarkets and hypermarkets are the primary sales channels for canned tuna in store-based retail sales. Convenience stores offer a more limited selection of canned tuna products but may cater to consumers looking for smaller sizes and more convenient packaging.

Moreover, Online distribution channels allow for easy access to a variety of canned tuna products, which can be shipped directly to the consumer's doorstep. This eliminates the need for physical travel and saves time for busy consumers. In addition, online distribution channels often have a larger variety of products to choose from than physical stores, which can be beneficial for consumers looking for specific types or brands of canned tuna. These are the factors associated with the distribution channels projected to propel the growth of the canned tuna industry.

Figure 2: Canned Tuna Market, by Distribution Channel, 2021 & 2030 (USD Billion)
Canned Tuna Market, by Distribution Channel, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Canned Tuna Regional Market Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and the Rest of the World. The North America Canned Tuna market share accounted for 27.0% in 2021 and is expected to exhibit a 4.36% market CAGR during the study period. 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. The rise in cross-culture food consumption trend in the region has led to the wide consumption of various cuisines Japanese and Indian cuisines such as tekkadon, sushi, and curries. A steep downfall in the market is being observed due to the global outbreak of the COVID-19 pandemic due to the increasing number of COVID-positive patients in the region especially, in the U.S. Many canned food manufacturing companies have been shut down which has halted the production of canned tuna.

Further, the major countries studied are U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Europe canned tuna market is anticipated to expand at a robust rate over the forthcoming years, according to Market Research Future. Europe is a emerged as a significant market for Canned Tunas, at it held the leading market share of 38.2% in 2021. The per capita consumption of tuna in the year 2018 was 2.78 kg, most of which accounted for an 11% share of all the fishery and aquaculture products. However, due to the global pandemic COVID-19, there is a dip in the consumption of tuna as among the most affected countries in the region are Spain and Italy. The rising number of patients in the region has led to the closing of malls and stores. This has declined the sales of the market in the region and has thus negatively impacted the market. Italian canned tuna is among the bestselling seafood in the US, propelling its demand even more in the industry. Several brands in the industry are making unique product lines in Italy, such as Angelo Parodi Ventresca Yellowfin Tuna has buttery taste with yellowfin tuna in oil, Callipo Italian Canned Tuna has firm textured meat, Tonnino Tuna Fillet offers canned light tuna with tuna fillets in spring water which are perfect for salads.

Canned Tuna Key Players & Market Competitive Landscape

The Canned Tuna market is anticipated to grow owing to the increasing investments in research and development by the market major players. The launch of new products, contractual agreements, increased investments, collaboration, mergers, and acquisition activities with other firms are a few of the strategic approaches incorporated by the market participants for the expansion of their global footprint, and market growth.

There are various local, global, and regional players operating in the Canned Tuna market. The market is fragmented, and every player is focusing on the expansion for the development of their businesses. The key factors that challenge the enlargement of the global business are the continuous introduction of innovative products. The dealers compete on the basis of quality of the products, prices, and, mainly, the availability of products across different regions of the globe. For sustainability in the competitive markets, manufacturers must introduce products in reasonable prices, and high-quality canned tuna.

Latest market report from Market Research Future portrays the leading players in the canned tuna industry, which include Thai Union Group Plc., Bolton Foods, Grupo Calvo, Ocean Brands, American Tuna Inc., Aneka Tuna Indonesia, Wild Planet Foods Inc., Sea Value PLC, Frinsa del Noroeste S.A., and Bumble Bee Foods LLC, among others. Most of these companies are investing a high amount of funds in R&D and procurement of raw materials into developing new, and high-quality food products. The emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Growing awareness about the nutritional benefits of fish and seafood consumption is on the rise. For this, individuals prefer canned seafood because of the convenience and long shelf life. This, in turn, can drastically benefit the food cans market.

Key Companies in the Canned Tuna Market include.

  • Thai Union Group PCL (Thailand)

  • Bolton Foods (Italy)

  • Grupo Calvo (Spain)

  • Ocean Brands (Canada)

  • American Tuna Inc. (US)

  • Aneka Tuna Indonesia (Indonesia)

  • Wild Planet Foods Inc (US)

  • Sea Value PLC (Thailand)

  • Frinsa del Noroeste S.A. (Spain)

  • Bumble Bee Foods LLC (US)

Canned Tuna Industry: Market Developments

October 2022: SELECT, BELLOTA, and MARVO products from Thai Union and ITC are given to residents in Ubon Ratchathani Province who have been affected by flooding.

October 2022: New StarKist Smart BowlsTM will be released by StarKist.

September 2022: Ocean Brands will release new sardine and mackerel tins onto the U.S. market.

September 2022: Trader Joe's disclosed that it intended to open new locations in Oregon and Rhode Island as part of its ongoing growth.

August 2022: Jiangsu Trautec Medical Technology, a China-based supplier of biomaterials that use recombinant collagen 2, has received an investment of RMB100m from the Shiseido Beauty Innovations Fund. This fund was co-established by Shiseido China Co Ltd and Boyu Capital and this investment is its first in Trautec, with Shiseido being the lead investor. In addition to the investment, Shiseido will enter into a strategic partnership with Trautec to work together in various areas, including research and development, raw material supply, and sales channels. This partnership aims to accelerate breakthroughs in functional skin care.

April 2022: StarKist will open a new corporate office in Reston, Virginia.

January 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.

December 2021: Century Pacific Food, Inc., Philippines based food and beverage companies had announced the acquisition of 'Ligo,' a brand known for its high-quality sardines and other marine goods.

August 2021: Wild Planet Foods, a leader in the canned fish sector, has been acquired by Italy's Bolton Group. Bolton Group and Wild Planet will collaborate to create an exceptionally responsible supply chain.

April 2021: Waitrose, a supermarket chain in the UK, launched the country’s first albacore and yellowfin tuna certified under the renowned Marine Stewardship Council (MSC) standard. The supermarket spent more than 10 years working with governments, NGOs, and suppliers to bring certified products to the UK market.

March 2021: Thai Union's Tuna brand SEALECT, launched a limited edition of canned tuna with a container design featuring Doraemon, the popular Japanese manga series. The special edition of SEALECT tuna turns the canned tuna into rare collector's items and comes in three Doraemon, Shizuka, and Nobita designs.

February 2021: Grupo Calvo has introduced a new way of producing, presenting and eating canned tuna that meets the growing consumer demand for simplicity, healthy options and sustainability. The Easy Flip (Vuelca Fácil) packaging is the result of a €30 million investment by the company, and follows a restructuring of the manufacturing process at its Carballo plant near Coruña.

February 2021: Thai Union, a leading global seafood company, collaborated with local restaurant After Yum to deliver an innovative new product, SEALECT tuna x After Yum. Canned tuna is a special sauce to which consumers can make their own unique spicy salad dish by adding chili, vegetables, and lime juice.

Canned Tuna Market Segmentation

Canned Tuna Type of Cover Outlook

  • Skipjack Tuna

  • Yellowfin Tuna

  • Albacore Tuna

  • Others

Canned Tuna Distribution Channel Outlook

  • Store-Based

  • Non-Store Based

Canned Tuna Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia & New Zealand

    • Rest of Asia-Pacific

  • Rest of the World

    • South America

    • Africa

    • Middle East

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 10.26 billion
Market Size 2022 USD 10.61 billion
Market Size 2030 USD 15.1 billion
Compound Annual Growth Rate (CAGR) 4.15% (2022-2030)
Base Year 2021
Forecast Period 2022-2030
Historical Data 2019 & 2020
Forecast Units Value (USD Billion) and Volume (Billion Tons)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Distribution Channel and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, South Korea, Brazil, Mexico, Argentina, GCC Countries and South Africa.
Key Companies Profiled Thai Union Group Plc., Bolton Foods, Grupo Calvo, Ocean Brands, American Tuna Inc., Aneka Tuna Indonesia, Wild Planet Foods Inc., Sea Value PLC, Frinsa del Noroeste S.A., and Bumble Bee Foods LLC, among others.
Key Market Opportunities Technological Advancements.
Key Market Dynamics Growing Incorporation of High-nutritious Food in Daily Diet Rising E-Commerce Firm

Frequently Asked Questions (FAQ) :

Canned Tuna Market is pegged at USD 10.61 billion as of 2022.

US canned tuna market is poised to grow at 68% market share during 2021.

Canned Tuna Market is poised to grow at 4.21% CAGR during 2022-2030.

Europe region held the largest market share in the Canned Tuna Market and market share of 38.2% in 2021.

Thai Union Group Plc., Bolton Foods, Grupo Calvo, Ocean Brands, American Tuna Inc., Aneka Tuna Indonesia, Wild Planet Foods Inc., Sea Value PLC, Frinsa del Noroeste S.A., and Bumble Bee Foods LLC, among others.

Skipjack Tuna is poised to drive the canned tuna market, which is poised to grow at 4.17% CAGR during 2022-2030

Store-Based is poised to hold an upper hand when it comes to distribution of canned tuna across diverse geographies.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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