by The canned tuna market is estimated to be valued at US$ 19.54 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Canned tuna refers to tuna fish that has been packed in a sealed tin or steel container. It is one of the most popular types of canned fish globally. Canned tuna contains high-quality protein and is low in fat and calories. It can be eaten straight from the can as a snack or included in salads, pasta dishes and sandwiches. Canned tuna is highly convenient due to its long shelf-life and ease of use without lengthy preparation.
Market Dynamics:
Food preferences are shifting towards healthier and more convenient options, driving demand for canned foods like tuna globally. Canned tuna offers high protein content along with other important nutrients like omega-3 fatty acids, vitamins, and minerals. It is an excellent source of protein for weight management and muscle building. This nutritional profile is expected to support the growth of the canned tuna market over the forecast period. Additionally, the increasing popularity of seafood and rising global seafood trade has resulted in higher availability of tuna, thereby propelling market growth. However, overfishing of certain tuna species is a concern. Strict fishing quotas and regulations have been adopted by many countries and trade blocks to promote sustainability in the tuna fishing industry.
Segment Analysis
The global canned tuna market is dominated by the canned skipjack tuna segment. Skipjack tuna accounts for over 60% of the total global canned tuna production. It is favored by consumers due to its neutral taste and affordable price point compared to canned albacore and yellowfin tuna. The canned skipjack tuna segment is expected to continue its dominance during the forecast period due to growing demand from price-sensitive consumers globally.
PEST Analysis
Political: The global canned tuna trade is regulated by certain international agencies to ensure sustainable fishing of tuna stocks. Regulations around fishing quotas and gear restrictions help control overfishing.
Economic: The canned tuna market is expected to grow with rising global GDP and disposable incomes. However, economic slowdowns can negatively impact demand.
Social: Growing health awareness is increasing preference for protein-rich seafood options like canned tuna. Working professionals prefer canned tuna for its convenience over other perishables.
Technological: Advanced fishing technologies help locate schools of tuna more efficiently. New canning technologies aid in developing innovative product forms like pouches and ready-to-eat varieties.
Key Takeaways
The global Canned Tuna Market Share size was valued at US$ 19.54 billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period to reach US$ 26.89 billion by 2030. This can be attributed to growing health consciousness among consumers and demand for convenience foods.
Regional analysis: Asia Pacific dominated the global canned tuna market in 2023, accounting for over 35% of the overall market share. This dominance is expected to continue due to growing middle-class population and seafood consumption in major markets of China, Thailand, and Indonesia. Within Asia, Thailand has emerged as the largest producer and exporter of canned tuna globally in recent years.
Key players operating in the canned tuna market include Frinsa, Thai Union Group PCL, Century Pacific Food Inc., Bumble Bee Foods, LLC, Jealsa, Grupo Calvo, PT. Aneka Tuna Indonesia, American Tuna, The Jim Pattison Group, Bolton Group, and Dongwon Group. Thai Union Group dominates the global canned tuna trade with availability of their brands in over 100 countries worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
