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The Canned Tuna Market size is estimated to grow by USD 3.56 billion at a CAGR of 3.83% between 2023 and 2028. The market thrives due to the introduction of new products, capitalizing on consumer demand for variety and convenience. Health-conscious consumers drive market growth, as tuna is rich in essential nutrients and omega-3 fatty acids. The increasing global trade of tuna products further supports market expansion, with rising import and export activities indicating growing consumer interest and demand worldwide. As consumers seek nutritious and convenient meal options, the variety of canned tuna products available, including flavored and fortified options, continues to expand. This trend, combined with the health benefits of tuna and the ease of access through various retail channels, contributes to the robust growth of the market.
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The market is driven by the demand for high-nutrition foods such as proteins, vitamins, and minerals. The increasing popularity of seafood consumption, particularly fish and other seafood products, in countries like the Philippines, is supported by organizations like GLOBEFISH and FAO Fisheries. The vegan movement and concerns about animal welfare are influencing the market towards plant-based food alternatives. Additionally, the rise of the eCommerce sector and the use of eCommerce channels are making canned foods, including canned tuna, more accessible. However, challenges such as food waste and maintaining the hygiene quotient of products remain. Trends indicate a shift towards high-nutrition foods like chicken. Our researchers analyzed the data with 2023 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.
The market is witnessing substantial growth, primarily driven by the introduction of new products. Companies within the industry are diversifying their offerings with innovative products housed in appealing packaging, aligning with escalating consumer demands. To cater to health-conscious consumers, certain companies are rolling out healthier product variants. Launching new products not only boosts revenue and market share but also enhances visibility, thereby attracting more customers. This proactive approach is poised to positively impact sales performance, consequently fostering market growth. The expansion of the canned in water segment and the incorporation of health-oriented options underscore the industry's commitment to meeting diverse consumer needs while navigating challenges such as price fluctuations and geopolitical issues. With consumers increasingly prioritizing healthier food options, the market is expected to experience sustained growth driven by continuous product innovation.
The growth in online retailing is a major market trends. 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 Companies 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 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.
Adverse effects associated with the overconsumption of canned tuna may impede the 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 overconsumption can cause blindness or deafness.
Regular consumption 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 market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A.E.C. CANNING Co. Ltd.- The company offers canned tuna such as Skipjack Tuna, Yellowfin Tuna, and Tongol Tuna.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies 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 Companies 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 9.23 billion in 2018. 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 market will witness high growth during the forecast period.
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Europe is estimated to contribute 34% to the growth of the global market during the forecast period. 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 market in Europe. Europe is one of the biggest consumers of tuna in the world. Owing to the high consumer demand in most European countries, the imports of canned tuna have increased significantly in the region.
In addition, 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 have increased its demand significantly among European consumers. To cater to the growing consumer demand in Europe, major regional Companies are focusing on launching new products. The increasing launch of new products in Europe is expected to drive the regional market during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The Canned Tuna Market is witnessing significant growth due to increasing product demand and rising output. Flavour enhancements in products such as canned white tuna are driving consumer interest, particularly in the Thai market where ingredients like galangal, turmeric, pepper, and lemongrass are popular. The shift towards plantbased foods and highnutrition food options like chicken, fruits, and vegetables is noticeable, with healthy functioning being a key consumer priority. The eCommerce channel and online retail are pivotal in making canned light and plantased food products more accessible. Technological advancements and competitive pricing are also boosting the market. Vitamin D fortified products are in demand for their health benefits. Companies like ABIRAW are leading in this space, adapting to market trends and consumer preferences. Overall, the market is evolving with a focus on meat, cattle products, and beverages, catering to diverse dietary needs and preferences.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.83% |
Market Growth 2024-2028 |
USD 3.56 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.64 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 34% |
Key countries |
US, Spain, Germany, Japan, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market growth analysis, Market Forecasting, 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 market forecast period. |
Customization purview |
If our market 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 market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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