CANNED TUNA MARKET ANALYSIS

The global Canned Tuna market size was valued at US$ 18.7 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030. As canned tuna can be stored in the pantry for months, it is often used as a backup option. Canned tuna is precooked, which makes it fit for on-the-go consumption as well.

Global Canned Tuna Market: Regional Insights

Based on geography, the global Canned Tuna market is segmented into North America, Europe, Asia Pacific, Central and South America, and Middle East & Africa.

At present, the Europe is expected to hold leading position in the global Canned Tuna market over the forecast period. Asia Pacific is exhibiting the fastest growth during forecast period followed by North America.

Figure 1: Global Canned Tuna Market Share (%) in terms of Value, By Region, in 2023

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Global Canned Tuna Market Drivers:

Rising popularity of seafood

Canned seafood, including canned tuna, is becoming an important part of people's daily diet due to its unique texture and taste. Canned tuna is a popular source of protein, low in fat, low in calories, and an excellent source of omega-3 essential fatty acids that help lower blood pressure and cholesterol levels. The launch of new products in the canned tuna market is also expected to drive the growth of the overall market. For instance, in October 2021, Walmart U.S. entered into a partnership agreement with Pacific Island Tuna (PIT) for an in-house canned tuna brand and to transform the supply chain. PIT claims to adhere to environmental and labor standards in its supply chain and supports the elimination of illegal, unreported, and unregulated (IUU) fishing.

Increasing awareness regarding the health benefits of tuna

Growing awareness of tuna's many health benefits is a major factor in tuna adoption. Seafood is rich in a variety of essential nutrients that boost metabolism and focus, improve eyesight, reduce the risk of depression, boost immunity, and more. Governments and health agencies recommend he eat two meals of seafood a week to improve his overall health.

Many people substitute tuna for chicken in various recipes because of its tender meat and health benefits. For the same reason, tuna is also called chicken of the sea.

Global Canned Tuna Market Opportunities:

Sustainability in canned products

Sustainability is a key opportunity many companies are leveraging in retailing canned tuna. Large companies and retailers are capturing consumer attention by offering certified sustainable canned tuna. American Tuna, Fishing Vessel St. Jude, Mind Fish Co., Ocean Naturals, Safe Catch, Wild Planet and Whole Foods 365 are some of the US brands that offer certified canned tuna. For Instance, In March 2020, Bumble Bee Foods, LLC partnered with Gathered Foods Corporation, producer of plant- based seafood products Good Catch. This partnership made Bumble Bee the first and only major seafood company to supply plant-based seafood products in North America.

Global Canned Tuna Market Trends:

Ready-made Seafood Kits

A major trend driving the consumption of seafood, including tuna, is the availability of ready-made seafood kits that only need to be heated prior to consumption. It lowers the hurdles for customers who are reluctant to wash and cook seafood. Many seafood suppliers such as Transocean have launched chilled take-out seafood snacks, improving market prospects.

Global Canned Tuna Market Restraints:

Uncertain climatic conditions and environmental impacts

Rising ocean temperatures and increasing acidity make it difficult for marine life to survive. Many important animals such as zooplankton, which form the basis of the marine food chain, also have calcium shells. The entire ocean food web is changing, and this could lead to cracks in the food chain. As a result, the distribution, productivity and species composition of global fish production are changing, with complex and interrelated impacts on the oceans, estuaries and seagrass beds that serve as habitats and breeding grounds for fish. This could jeopardize not just the canned tuna market, but the entire fish market. 

Figure 2: Global Canned Tuna Market Share (%) in terms of Value, By Product Type, in 2023

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Global Canned Tuna Market Segmentation:

The global Canned Tuna market report is segmented into product type, distribution channel and region

Based on product type, the market is segmented into shipjack, Yellowfin and others. Out of which, Skipjack is expected to dominate the global market over the forecast period and this is attributed to the various health benefits offered by skipjack tuna, including high levels of omega-3 fatty acids, DHA, and healthy protein. The Skipjack segment was valued at USD 9408.8 million in 2023 and is projected to register a 4.0% CAGR during the review period.

Based on distribution channel, the market is segmented into Hypermarket and supermarket, specilaity stores and online. Out of which, Hypermarket and supermarket is expected to dominate the global market over the forecast period and this is attributed to their popularity.

Global Canned Tuna Market: Key Developments

• In 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 turning the canned tuna into rare collector's items and comes in three Doraemon, Shizuka, and Nobita designs.
• In 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. The canned tuna is a special sauce to which consumers can make their own unique spicy salad dish by adding chili, vegetables, and lime juice.
• For instance, in July 2020, Walmart started sourcing its private brand canned tuna, Great Value, from Marine Stewardship Council-certified fisheries. The initiative was taken to deliver affordable products to Walmart’s customers in a way that helps preserve the planet.
• In March 2021, Tesco Plc collaborated with (World Wide Fund for Nature Inc.) WWF to protect marine biodiversity and incorporated a new approach in its supply chain to include 100% MSC-certified tuna by 2025.

Global Canned Tuna Market: Key Companies Insights

The global Canned Tuna market is highly competitive. Key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global Canned Tuna market are 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, Dongwon Group