Canned Tuna Market Size, Share, Growth Analysis - Industry Forecast 2023-2030 (2024)

Canned Tuna Market size was valued at USD 10.26 billion in 2019 and is poised to grow from USD 10.61 billion in 2023 to USD 15.1 billion by 2031, growing at a CAGR of 4.15% in the forecast period (2024-2031).

The sector is predicted to be significantly impacted by changing customer tastes for seafood in diverse cuisines due to its abundance in vital proteins, vitamins, and minerals. Additionally, tuna has a flavour that is highly excellent and unique from that of other seafood, which contributes to the product's widespread popularity. Due to its delicious flavour, nutritional value, and lower carbon footprint than other meat and cattle products, seafood consumption has been rising considerably over the past several years all over the world. But one of the top five seafood dishes consumed worldwide is tuna.

The U.S. and European nations consume the most canned tuna, although certain Asian nations, including South Korea, Australia, and Japan, are also leading in consumption. However, because the fish is of such high quality, the majority of the tuna industry, particularly the canned tuna sector, caters to some Asian nations. Thailand, Ecuador, China, Indonesia, and the Philippines were the top exporters of canned and processed tuna, according to data provided by "GLOBEFISH," a product, trading, and marketing division of the FAO Fisheries and Aquaculture Department. However, the top importers of canned and processed tuna were the United States, Japan, Australia, Egypt, Saudi Arabia, and European nations.

The factors driving market expansion and influencing customer behaviour that lead to the canned tuna sales in the international market are high product demand, rising output, and extensive application in the food industry. Since canned tuna is a cheap source of protein and is available in approximately 70 countries worldwide, it is a commonly consumed food. Consuming tuna has health benefits because it contains a lot of vitamin B12, which is needed to make DNA.

US Canned Tuna Market is poised to grow at a sustainable CAGR for the next forecast year.

The global canned tuna market is segmented based on the product, distribution channel, and region. Based on the product, the global canned tuna market is segmented as skipjack, yellowfin. Based on the distribution channel, the global canned tuna market is segmented as hypermarket & supermarket, specialty stores, online. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Canned Tuna Market Analysis by Product

In terms of volume, Skipjack canned tuna accounted for more than 55.0 percent of all sales in 2020. This species has a robust and nutrient-rich seafood experience and is easily accessible in the market. The majority of the skipjack tuna caught, or about 58.0 percent of the entire catch, is canned, according to data from Fish20.org. The Centre for the Promotion of Imports' figures show that skipjack species make up 75.0% of the canned tuna imported into Europe.

In terms of revenue, Yellowfin is expected to experience the fastest CAGR of 5.0 percent between 2021 and 2027. Because of its outstanding texture and rich flavour, this kind of tuna is becoming more and more popular with consumers.

Canned Tuna Market Analysis by Distribution Channel

Due to the extensive availability of a variety of products under one roof, supermarkets and hypermarkets are the preferred channel for consumers to buy both essential and non-essential goods. Customers' shopping experiences are improved by the existence of product-specific aisles and the different bundling options provided by mass merchandisers. Additionally, because different tuna items are offered in a variety of brands and pricing points, it makes shopping easier. Rapid urbanisation and changing lifestyles have resulted in the establishment of numerous new mass merchandisers, which have caught the attention of customers. The canned tuna market has benefited from the introduction of baked goods free of allergens and gluten. To give consumers a convenient and economical shopping experience, marketers are concentrating on growing the modern commerce and retailing industries. Due to consumer exposure to a variety of online product purchasing platforms, the online retail industry is likewise growing in popularity. Online retail offers a wide selection of goods from many different brands at lower prices, as well as the convenience of doorstep delivery alternatives.

One of the top five fish species consumed worldwide, tuna is a well-liked seafood. It is one of the fish with the highest commercial worth worldwide. The two countries that consume the most tuna in cans are the European Union and the United States. The greatest market for tuna suitable for sashimi is Japan. Major nations that export processed canned tuna include Thailand, Indonesia, the Philippines, and Vietnam. The USA, Italy, Spain, France, the United Kingdom, Germany, Japan, Australia, the Netherlands, and Saudi Arabia are major tuna importer countries. Italian canned tuna is among the most popular seafood in the US, increasing industry demand. Italian manufacturers of several industry brands' distinctive product lines include Angelo Parodi Ventresca. Yellowfin Callipo Italian Canned Tuna contains firm textured meat, whereas Tonnino Tuna Fillet offers canned light tuna with tuna fillets in spring water that are ideal for salads. Yellowfin tuna in oil gives tuna a buttery flavour.

Canned Tuna Market Driver

• Due to the ease of preparing that ready-to-cook and ready-to-eat food products provide, consumers rely heavily on them. The widespread use of canned tuna is a result of the growing number of working women and the reduction in time spent cooking. Due to their ease of preparation, nutritional value, and reduced time required for food preparation, the millennial demographic is extremely attracted to these convenience food items. To better serve consumers and offer them high-quality products, many firms are concentrating on the introduction of new products and certifications.

Canned Tuna Market Restraint

• Canned tuna market expansion has been hindered by customers' increased preference for plant-based foods. Consumers are gravitating toward plant-based products as a result of their growing worries about the environment and animal welfare. The greater use of plant-based products is also a result of the growing vegan movement in developing countries. The availability of a variety of plant-based fish meat substitutes and their high level of flavour and taste conformity have also influenced consumers to choose them.

Due to various strict rules by European and North American nations, the canned tuna market is quite divided. The global canned tuna market has many companies, but only a few of them are able to meet the majority of consumer demand. These top players control a large portion of the markets in Europe, North America, and Asia Pacific.

Top Players in the Global Canned Tuna Market

• Thai Union Group
• Dongwon Industries
• Bumble Bee Foods
• StarKist
• Princes Group
• Wild Planet Foods
• Ocean Brands
• Grupo Calvo
• Crown Prince Inc.
• American Tuna Inc.
• Century Pacific Food Inc.
• Natural Sea
• HAGOROMO FOODS CORPORATION
• Azzopardi Fisheries Ltd
• John West Foods Ltd
• Tonnino Tuna
• Henry & Lisa's Natural Seafood
• Fish4Ever
• Clover Leaf Seafoods
• Bohn's Best Canned Seafood

Canned Tuna Market Recent Developments

• In January 2022, The Calvo Group's Nostromo brand of Italian canned tuna fish has unveiled a stylish new package that uses genuine peel technology. When prepared using this method, the final product, known as "Apri gira facile" tuna, has no inner rim and may be placed directly onto the dish without the need for a fork, preventing food waste.
• In December 2021, the acquisition of "Ligo," a company noted for its premium sardines and other marine products, was announced by Century Pacific Food, Inc., a food and beverage company with its headquarters in the Philippines.
• In August 2021, The Bolton Group of Italy has purchased Wild Planet Foods, a market leader in canned fish. Bolton Group and Wild Planet will work together to establish a supply chain that is extremely ethical.

• Due to advancements in the e-commerce sector, manufacturers are concentrating on the online stores by marketing their products more aggressively online and selling their goods on online marketplaces. With greater knowledge of the advantages of tuna, there is a rising demand for canned tuna. The businesses also provide certified goods and make tuna cans recyclable. Businesses are putting an emphasis on fostering safety and openness.
• Tuna consumption has increased as a result of people incorporating more high-nutrition foods into their diets on a daily basis to promote healthy functioning. Due to its high protein content and practical use, consumers are drawn to eating tuna. Healthy fatty acids found in tuna are essential for growth and development and are frequently suggested to expectant and nursing mothers as a way to meet their nutritional needs. Tuna is widely available and is consumed more frequently, which presents the market with several prospects for expansion.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global canned tuna market analysis, the tuna industry has seen a radical shift recently as a result of heightened competition in production and pricing, advancing technology, and shifting consumer demand. The demand for ready-to-eat foods is rising as a result of people's busy schedules, with canned tuna being a common option. Presently, the world's largest importer of canned tuna is the European Union. Middle Eastern nations including Saudi Arabia, Israel, and Egypt have become some of the biggest tuna importers in the world. This is a result of the Middle East's relatively low import taxes on canned tuna. The longevity of canned tuna is another factor in its popularity and high demand.