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The Canned Tuna Market size is estimated to grow by USD 4.18 billion at a CAGR of 4.6% between 2022 and 2027. The market thrives due to the introduction of new products, capitalizing on consumer demand for variety and convenience. Health-conscious consumers also drive market growth, as tuna is rich in essential nutrients and omega-3 fatty acids. Furthermore, the increasing global trade of market expansion, with rising import and export activities, indicates growing consumer interest and demand worldwide.
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This market growth analysis 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).
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 9.16 billion 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 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 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. 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 caters to consumers seeking healthier food options and convenience, especially amidst busy lifestyles. With a focus on sustainability, certifications like the Marine Stewardship Council ensure responsible sourcing. Canned tuna in water offers low-calorie, protein-rich meals ideal for home-cooked dishes or emergencies. Despite challenges from price fluctuations and geopolitical issues, the market thrives on consistent demand, supported by a diverse consumer base. Fresh tuna undergoes processing in production units before reaching distributors and retailers, ensuring availability for consumers worldwide. Omega-3 fatty acids, vitamins, and minerals make canned tuna a popular choice among those prioritizing nutrition. With increasing awareness and purchasing power, the market continues to witness steady growth, meeting the needs of modern consumers.
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.
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 research and growth 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 market growth and forecasting report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product 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 market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
A 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 is influenced by various factors, including consumers' busy lifestyles and the need for convenient protein sources. With shelf-stable canned tuna offering a solution, its popularity continues to soar. Health-conscious consumers opt for canned tuna as it provides essential nutrients like vitamins, minerals, and omega-3 fatty acids. Sustainable practices, certified by organizations like the Marine Stewardship Council, are increasingly valued. Additionally, the pandemic has boosted sales as consumers prioritize pantry essentials. Emerging economies witness a surge in demand, driven by rising purchasing power and online purchasing platforms' convenience. However, challenges persist, such as fluctuations in prices and concerns about environmental sustainability. Nonetheless, innovations in plant-based alternatives and diverse culinary applications ensure the market remains vibrant and adaptable to changing consumer preferences worldwide.
Fresh tuna is a significant aspect of the market, ensuring high-quality products with a longer shelf life. However, price fluctuations due to weather conditions and geopolitical issues impact supply chain dynamics. Balancing demand and supply is crucial for maintaining profit margins amidst changing consumer preferences, including the rise of plant-based diets. Stakeholders, including fishing vessels and processing plants, navigate challenges posed by the pandemic, ensuring the availability of canned tuna in retail consumption segments. The certification by organizations like the Marine Stewardship Council and Earth Island Institute's Dolphin-Safe certification reassure consumers about the product's sustainability and hygiene standards. Despite challenges, the market adapts, catering to diverse consumer needs, including convenience, health, and taste preferences, making it a staple in households, restaurants, and food chains worldwide.
The Market forecasting report covers 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.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
Market growth 2023-2027 |
USD 4.18 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.55 |
Regional analysis |
Europe, North America, APAC, the Middle East and Africa, and South America |
Performing market contribution |
Europe at 37% |
Key countries |
US, Canada, Japan, Spain, and Germany |
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 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. |
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. |
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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
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