by The global canned tuna Market is estimated to be valued at US$ 19.54 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Canned tuna refers to cooked or raw tuna fish packed and sealed in a can. It is a good source of protein and Omega 3 fatty acids. Canned tuna is versatile and convenient to use in various dishes like salads, sandwiches and pasta. It has a long shelf life without preservatives and refrigeration. Canned tuna offers an affordable option for protein intake compared to other seafood.
Market key trends:
Growing health consciousness and preference for protein-rich foods is driving the demand for canned tuna globally. Canned tuna contains high-quality protein and essential nutrients with low calories. It is favored as a snack or meal replacement among health-conscious consumers. Rising awareness about the health benefits of omega-3 fatty acids found in tuna is also supporting the canned tuna market growth. Increasing availability of canned tuna products through multi-outlet retail channels is making it more accessible to consumers. Manufacturers are introducing canned tuna in innovative flavors and recipes to appeal to a wider consumer base.
Porter’s Analysis
Threat of new entrants: The barriers to entry in the canned tuna market are moderate as the production process requires certain expertise and equipment which requires capital investment. However, established brands and distribution channels act as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. Although canned tuna is a commodity product with available substitutes, established brands retain customer loyalty.
Bargaining power of suppliers: Fish availability plays a crucial role in the industry. Suppliers have moderate bargaining power due to the consolidated nature of suppliers and dependence of manufacturers on regular supply of quality raw materials.
Threat of new substitutes: Products like canned salmon and sardines pose potential threat. However, canned tuna remains the most preferred seafood owing to its omega-3 richness, affordability and versatility.
Competitive rivalry: The global canned tuna industry is consolidated in nature with top players occupying majority share. Intense competition exists based on product quality, pricing and innovation.
Key Takeaways
The global Canned Tuna Market Share is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing health consciousness among consumers. canned tuna being a rich source of protein and omega-3 fatty acids is seeing rising demand.
The Asia Pacific region is expected to dominate the canned tuna market during the forecast period. Countries like Thailand, Indonesia and Philippines are major producers and exporters of canned tuna. Increasing disposable incomes and growing awareness about health benefits are driving market growth in the region.
Key players operating in the canned tuna market are 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, Dongwon Group. Strategies like capacity expansions, product innovation and mergers & acquisitions have been adopted by top players to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
