Canned Tuna Market is Expected to Showcase Rampant Growth Over 2030

Market Research Future (MRFR) has published on the “Global Canned Tuna Market”.

Market Highlights

According to the MRFR analysis, the global Canned Tuna market was valued at USD 10,258.36 million in 2021 and is projected to reach USD 15,103.07 million by 2030 at a CAGR of 4.51%.

The consistent demand for canned tuna is driven by the growing incorporation of high-nutritious food in daily diet, and rising e-commerce firm.

COVID-19 Impact on the Canned Tuna Market

Global Canned Tuna Market was facing a pre-lockdown decline in business due to disruption of supply chains. The pandemic stopped cash flows, while migration of workers caused much distress. The COVID pandemic has mainly affected micro, small and medium enterprises (MSMEs), which are facing closure owing to problems like a lack of working capital and labor. During this pandemic, several countries including China, India, Germany, Italy, Brazil, and Canada declared complete lockdown. This further led to the shutdown of production facilities, and raw Distribution Channel transportation. This epidemic has severely affected the supply chain of numerous manufacturing units. Since both raw Distribution Channel supply and finished goods distribution is majorly affected, causing a massive drop in revenue. China is a major consumer of Distribution Channels and an epicenter of coronavirus, thus, inhibiting the development of the market. Restrictions on export and import of products in general, and industrial goods act as a factor for the decline of the market. Major food manufacturers have either sharply reduced their operations or shuttered their facilities. The halt in activities of many food processing units during the period led to a decline in the demand for food packaging cans. The poor performance of the tourism and hospitality sector also impacted on the market by decreasing the demand for canned products. Moreover, restrictions on travel and movement of goods to curb the virus spread ultimately caused disruptions in the supply chain. However, there was some respite to the Canned Tuna industry through increasing sales of readymade food products in online grocery and shopping sites

The Covid 19 pandemic had its impact on the global economic environment, causing significant disruption in economic activities and the Canned Tuna Industry where the Group is operating had been adversely impacted in the first half of FY 2020-21 due to the pandemic. To optimize operating efficiency, Company has temporarily shut down its manufacturing operations. The companies closely monitor the recent developments and effect of the present pandemic on the business. The companies believes that this pandemic is not likely to have Distribution Channel impact on the carrying value of its assets and hence no provision for any Impairment is required. As the situation unfolds in the future, the eventual impact may be different from the estimates made on the date of approval of these Financial Statements. India began a three-week lockdown on 25 March, Malaysia has extended its lockdown to 14 April and several other countries in Asia, including Japan, Indonesia, Singapore, Thailand and Vietnam, are considering tightening their respective restrictions. Lockdown led to food processing business operations to be shut down as well severely impacting the demand for Canned Tuna products

At one side, the demand for Canned Tuna and its raw Distribution Channel has declined, the production has also declined with more than 5%, many production sites are running at 50% capacity and many end-user industries are struggling to receive their raw Distribution Channel for Canned Tuna. The uncertainty surrounding the situation resulted in consumers engaging in impulse buying and stockpiling groceries and essential products, including food products with longer shelf lives. The increasing demand for food packaging can also be attributed to several groups and organizations offering aid to people who did not have access to essential services or had lost their source of income and could not afford food. Canned Tuna ensures the protection of food products and improves the shelf-life of the products thereby attracting more customers. The food packaging market is expected to grow significantly over the forecast period due to the advent of numerous production facilities and their need to catch up with the latest trends in the market. Also, rapid changes in the people’s lifestyles and food preferences of consumers, along with the growth in population, particularly in developing countries, are expected to drive the growth of the market over the forecast period.

Competitive Landscape

The global Canned Tuna market is profitable, both for existing players as well as new entrants. The market is highly competitive with all the players competing to gain a higher market share. Intense competition, rapid advances in Canned Tuna technology, and regulations are key factors that confront the market growth. A substantial level of rivalry is observed among the existing manufacturers in the market. Our analysis revealed that market players had adopted different strategies and innovative research and development techniques to expand their business and secure their position in the global Canned Tuna market. In recent years, strategic movements by major players included approvals, which have been used as market penetration strategies and a means to reduce competition. The key players profiled in the global Canned Tuna analysis are Thai Union Group PCL, Bolton Foods, Grupo Calvo, Ocean Brands, American Tuna Inc., Aneka Tuna Indonesia, Wild Planet Foods Inc, Sea Value PLC and many more. Prominent players in the global Canned Tuna market include Bolton Foods (Italy), Thai Union Group PCL (Thailand), Grupo Calvo (Spain), Ocean Brands (Canada), American Tuna Inc. (US), Aneka Tuna Indonesia (Indonesia), Wild Planet Foods Inc (US), Sea Value PLC (Thailand), Frinsa del Noroeste S.A. (Spain), Bumble Bee foods LLC (US), Simplot Australia Pty Ltd (Australia) among others.

Access full report @ https://www.marketresearchfuture.com/reports/canned-tuna-market-10335

Segmentation

By Type

1. Skipjack Tuna: Skipjack canned tuna held the largest share in 2019. This species is easily available in the market with rich and nutritious seafood experience. According to the data provided by Fish20.org, Skipjack comprises around 58.0% of the total tuna catch and most of them go for canning. According to the statistics provided by the Centre for the Promotion of Imports, 75.0% of the canned tuna imported into Europe consists of skipjack species. Overall, skipjack tuna plays an important role in the canned tuna market, particularly in the production of light tuna. The abundance and availability of skipjack tuna make it a popular and cost-effective choice for canned tuna manufacturers, and its mild taste and low mercury levels make it a popular choice among consumers.


2. Yellowfin Tuna: The yellowfin segment is expected to register a steady growth. Except in the Mediterranean, yellowfin tuna can be found in tropical and subtropical oceans all around the world. Canned yellowfin tuna is referred to as Chunk Light Tuna, which is a huge fish that can grow to be 8 feet long and weigh over 450 pounds. It gets its name from yellow stripe that runs down its flanks, as well as long yellow dorsal and anal fins. Oil, brine (salt water), or natural spring water can be used to can yellowfin tuna, often known as chunk light tuna and each one imparts a distinct flavor to the canned fish. Its flavor has been compared to swordfish and is said to be more flavorful than albacore tuna.


3. Albacore Tuna: Albacore tuna is a type of tuna that is commonly used in canned tuna products. The canned Albacore tuna market is a significant segment of the overall canned tuna market, and it is highly competitive. One of the major factors that differentiates Albacore tuna from other types of canned tuna is its taste and texture. Albacore tuna has a milder flavor and a firmer texture than other types of tuna, which makes it a popular choice for canned tuna products.


4. Others: Bluefin tuna and bigeye tuna are both popular types of tuna used in canned tuna products and are commonly found in the commercial market. Both belong to the Mackerel or Scombridae family in the Thunnini tribe. Bluefin tuna is a prized and expensive fish, known for its rich flavor and high fat content. It is commonly used in high-end canned tuna products and is popular in markets such as Japan, where it is considered a delicacy.

By Distribution Channel

5. Store-Based: In terms of store-based retail sales of canned tuna, supermarkets and hypermarkets are the primary sales channels. These large-scale retailers carry a wide variety of canned tuna brands and products and offer a one-stop-shop for consumers to purchase all their grocery needs. Supermarkets and hypermarkets have a significant advantage in terms of economies of scale, which enables them to offer competitive pricing and promotions on canned tuna products.


6. Non-Store-Based: The canned tuna market is a global industry that involves the production, processing, and distribution of canned tuna products. The non-stored based distribution channel for canned tuna market includes various modes of distribution such as direct sales, online sales, and vending machines. Online based distribution channel for canned tuna market can be an effective way to reach a wider audience and increase sales. With the rise of e-commerce and online grocery shopping, many consumers prefer to purchase food products online rather than physically going to a store. This is especially true for non-perishable items such as canned tuna.

By Regional

1. 
   

   North America: The North American region includes the United States, Canada and Mexico. Among the most common consumed food in the United States, an average person eats almost 14 pounds of canned tuna in a year, more specifically, canned light tuna. The chunky light meat of tuna in water most frequently eaten and popular among the US consumers, which contributes to almost 75-80% per year of the US canned tuna consumption. According to research, one in four US consumers eat canned tuna once per week regularly, which is more common during the summer season. Further, almost 50% of canned tuna are eaten in sandwich form in the US in, while salads contribute to 22%, and casseroles 15.5%. Studies indicated that, more product consumption of canned tuna are from large size households than average-sized ones.

   
   


2. 
   

   Europe: Europe is expected to hold the second-largest canned tuna market share in the market. This is due to the growing demand from the millennial population. The rise in the working women population and busy lifestyle has led to less investment of time for cooking. This has led to their reliance on various ready-to-eat/cook food products as it saves time and fulfills all the nutritional requirements. The consumers in the U.S. have a Japanese and Indian influence. The leading tuna-consuming markets in the region are Spain, Italy, France, and Portugal. According to a study by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA) tuna is the most consumed fish in the region. The per capita consumption of tuna in the year 2018 was 2.78 kg, most of which accounted for an 11% share of all the fishery and aquaculture products.

   
   


3. 
   

   Asia-Pacific: Asia Pacific holds the third-largest market share owing to the large consumer base in the region. The growing millennial population in the region and their rising inclination towards convenience food has contributed to boosting the regional market. The rapid urbanization and incorporation of western lifestyles have increased the demand for the market. Consumers are now widely using canned tuna for food preparation due to its convenience of cooking and longer shelf stability. This has further fueled market growth. The Asia Pacific canned tuna market is projected to witness significant growth over the forecast period (2021-2026) due to the increasing demand for convenient and healthy food products. Canned tuna is a rich source of protein, omega-3 fatty acids, and essential vitamins and minerals, which makes it an ideal choice for health-conscious consumers.

   
   


4. 
   

   Rest of Asia Pacific: New untapped markets in Middle Eastern and African countries, including Saudi Arabia and Egypt, are emerging as major marketplaces with immense growth opportunities. According to the statistics provided by the ‘GLOBEFISH’, Saudi Arabia has witnessed a surge of 23.3% and Egypt witnessed a surge of 15.0% in 2019 for the canned and processed tuna import as compared to the previous year. The canned tuna market in South America, the Middle East, and Africa is a significant part of the global canned tuna industry. The demand for canned tuna in these regions is driven by factors such as increasing population, changing dietary habits, and rising health awareness. In South America, Brazil and Ecuador are the largest producers of canned tuna, with Brazil being the largest market for canned tuna consumption. The demand for canned tuna in Brazil is expected to grow due to the rising health consciousness among consumers and the increasing popularity of ready-to-eat products.