July 16, 2024

Canned Tuna Market Is Estimated To Witness High Growth Owing To Increasing Demand for Ready-to-Eat Meals and Health Benefits

The Canned Tuna Market is estimated to be valued at US$ 18.7 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Canned tuna refers to tuna fish that is cleaned and cooked before being sealed in cans or jars, offering convenience and longer shelf life. The popularity of canned tuna has increased due to the rising demand for ready-to-eat meals and the health benefits associated with tuna consumption. Canned tuna is a rich source of omega-3 fatty acids and high-quality protein, making it a preferred choice for health-conscious consumers. It is extensively used in various cuisines and as an ingredient in sandwiches, salads, and pasta dishes. The increasing disposable income and changing dietary preferences are driving the growth of the canned tuna market.

Market Dynamics:

The growing trend of on-the-go consumption and the increasing demand for convenient and healthy food options are the primary drivers of the canned tuna market. Canned tuna offers a quick and easy meal solution for busy individuals, making it a popular choice among working professionals and students. Additionally, the rising awareness about the health benefits of consuming omega-3 fatty acids is further propelling the market growth. Omega-3 fatty acids are known to improve heart health, reduce inflammation, and support brain function. Opportunities for market growth lie in product innovations, such as the introduction of flavored canned tuna variants and sustainable packaging solutions. Overall, the canned tuna market is poised for significant growth in the forecast period.

Segment Analysis:

The canned tuna market can be segmented based on product type, distribution channel, and region. In terms of product type, the market is dominated by the chunk light tuna segment, which accounted for the largest share in 2023. This is mainly due to the growing preference for chunk light tuna among consumers as it offers a milder flavor and lower mercury content compared to other types. Additionally, chunk light tuna is versatile and can be used in various dishes, making it a popular choice among households and foodservice providers.

PEST Analysis:

  • Political: The canned tuna market is subject to various political factors, including government regulations and trade policies. Government regulations on fishing practices and sustainability initiatives have a significant impact on the availability and sourcing of tuna.
  • Economic: The economic factors influencing the canned tuna market include disposable income, consumer spending patterns, and currency fluctuations. As disposable incomes rise, consumers are more likely to purchase canned tuna products. Currency fluctuations can also affect the cost of raw materials and impact the pricing of canned tuna products.
  • Social: Changing consumer lifestyles and dietary preferences are important social factors impacting the canned tuna market. The growing awareness about the health benefits of tuna, such as its high protein content and omega-3 fatty acids, is driving the demand for canned tuna products.
  • Technological: Technological advancements in fishing techniques, processing, and canning have improved the quality and shelf life of canned tuna products. These advancements have also enabled manufacturers to introduce innovative packaging solutions to enhance convenience and attract consumers.

Key Takeaways:

The Global Canned Tuna Market Size is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period (2023-2030). The increasing health consciousness among consumers and the rising demand for convenient and ready-to-eat seafood products are driving the growth of the market.

In terms of regional analysis, Asia Pacific is the fastest growing and dominating region in the canned tuna market. This can be attributed to the high consumption of seafood, especially tuna, in countries like Japan, Thailand, and Indonesia. The increasing demand for canned tuna products in North America and Europe is also contributing to market growth in these regions.

Key players operating in the canned tuna market include 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, and Dongwon Group. These key players are focusing on product innovation, sustainability initiatives, and strategic partnerships to maintain their market position and gain a competitive edge.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it