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The Canned Tuna Market size is estimated to grow at a CAGR of 4.6% between 2022 and 2027. The size of the market is forecasted to increase by USD 4,188.4 million. The growth of the market depends on several factors, including the launch of new products.
This report extensively covers market segmentation by distribution channel (hypermarket and supermarket, specialty stores, and online), product (canned skipjack tuna, canned yellowfin tuna, canned albacore tuna, and other canned tuna), and geography (Europe, North America, APAC, the Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The launch of new products is notably driving the market growth, although factors such as the adverse effects associated with the overconsumption of canned tuna may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Canned Tuna Market Driver
The launch of new products is notably driving the canned tuna market growth. Vendors operating in the global canned tuna market are introducing different types of canned tuna products in attractive packaging to address the growing consumer demand for canned tuna. Certain vendors have started launching healthy variants of canned tuna products in order to attract health-conscious consumers.
By launching new products, vendors can not only increase their revenue and market share but also attract customers by increasing their visibility in the market. Thus, the launch of new canned tuna products is expected to have a positive impact on their sales and, in turn, help in driving the growth of the market.
Key Canned Tuna Market Trend
The growth in online retailing is a key trend influencing the canned tuna market growth. The increasing global internet penetration has led to the growth of e-commerce businesses worldwide. Online shopping is becoming more popular due to its convenience, product search ease, and attractive deals. The seafood industry is also benefiting from this trend as online retailing provides vendors with new opportunities to increase sales, expand their reach, improve customer relations, and enhance profitability. By establishing an online presence, food manufacturers and distributors, including canned tuna producers, can enhance product visibility across different regions and explore new and emerging markets. Manufacturers and distributors are focusing on online sales channels and e-commerce platforms due to the growing consumer preference for online shopping.
Key Canned Tuna Market Challenge
Adverse effects associated with the overconsumption of canned tuna may impede the canned tuna market growth. The overconsumption of tuna causes several adverse health effects. Canned tuna contains mercury, heavy metals, and other elements, which can be severely detrimental to health when consumed in excess. The accumulation of mercury in the body due to the overconsumption of canned tuna can cause blindness or deafness.
Regular consumption of tuna can also result in certain neurological abnormalities, such as cerebral palsy and nervous system disorders. The mercury content in canned tuna can inhibit cellular division, thereby leading to a halt in cell growth. It can affect fetal development by retarding neurological development and brain growth. Mercury can affect the absorption of nutrients in the brain in children, which can cause learning disabilities and developmental delays. These side effects resulting from the overconsumption of canned tuna can reduce its demand, which will limit the growth of the global canned tuna market during the forecast period.
Key Canned Tuna Market Customer Landscape
The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Canned Tuna Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches, to enhance their presence in the market.
aeccanning.com - The company offers canned tuna such as Skipjack Tuna, Yellowfin Tuna, and Tongol Tuna.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
A qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hypermarket and supermarket segment will be significant during the forecast period. Organized retailing has grown worldwide with the establishment of supermarkets and hypermarkets, and fresh and ready-to-consume packaged tuna as well as canned tuna is primarily sold by major organized retailers. Market vendors are highly dependent on major organized retailers for the efficient distribution and marketing of their products.
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The hypermarket and supermarket segment showed a gradual increase in market share with USD 9,161.90 million in 2017 and will continue to grow by 2021. Supermarkets constitute a major distribution channel and make canned tuna easily accessible to consumers. Given the rise in the urban population worldwide, the demand for supermarkets is also growing. Besides, numerous large retailing chains have been quite proactive over the last five years in expanding their geographical presence by opening new outlets. The countries that have a high degree of penetration of organized retailing outlets are Germany, the US, Australia, Canada, France, Belgium, the Netherlands, and China. Therefore, with the increase in the urban population and organized retailing, the global canned tuna market will witness high growth during the forecast period.
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Europe is projected to contribute 37% of the market's growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Spain, Italy, France, Portugal, Sweden, Netherlands, Germany, and the UK are some of the major countries contributing to the growth of the canned tuna market in Europe. Europe is one of the biggest consumers of tuna in the world. Owing to the high consumer demand for canned tuna in most European countries, the imports of canned tuna have increased significantly in the region. The increasing health consciousness among consumers and the healthy living trend have increased the demand for canned tuna in Europe. Canned tuna is also an excellent source of protein that helps maintain bone mineral density and improve metabolic health. These health benefits of canned tuna have increased its demand significantly among European consumers. To cater to the growing consumer demand for canned tuna in Europe, major regional vendors are focusing on launching new canned tuna products. The increasing launch of new canned tuna products in Europe is expected to drive the regional canned tuna market during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In Q1 2020, the outbreak of COVID-19 in Europe moderately affected the growth of the regional canned tuna market. However, the previously stocked inventories of canned tuna by offline distributors helped sustain the growth of the canned tuna market in the region amid the outbreak. Furthermore, owing to the initiation of large-scale vaccination drives in the region, the regional canned tuna market witnessed growth in 2021. The removal of lockdown restrictions encouraged consumers to shop through offline channels such as speciality stores, hypermarkets, and supermarkets. In addition, trade restrictions were removed, which helped vendors cater to consumer demand globally. In addition, the lifting of lockdown measures will drive the growth of the regional canned tuna market during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by distribution channel, product, and region.
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Canned Tuna Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
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Market growth 2023-2027 |
USD 4,188.4 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.55 |
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Regional analysis |
Europe, North America, APAC, the Middle East and Africa, and South America |
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Performing market contribution |
Europe at 37% |
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Key countries |
US, Canada, Japan, Spain, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A.E.C. CANNING Co. Ltd., American Tuna Inc., Bumble Bee Foods LLC, Century Pacific Food Inc., Conservas La Gaviota SL, Crown Prince Inc., Diavena Ltd., Dongwon Group, Frinsa del Noroeste SA, Golden Prize Canning Co. Ltd., Jealsa Rianxeira SAU, King Bell Producer Co. Ltd., LUIS CALVO SANZ SA, Ocean Brands GP, Otis McAllister Inc., Princes Ltd., Private Label Tuna, PT. Bali Maya Permai, Thai Union Group PCL, and Wild Planet Foods Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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