Canned Tuna Market Forecasts from 2023 to 2028

The global canned tuna market is anticipated to grow at a CAGR of 3.66% from US$9.785 billion in 2021 to US$12.779 billion by 2028.

People are consuming tuna due to its ability to offer high nutrition. Healthy fats like those in tuna are recommended to pregnant and nursing women to achieve their nutritional needs because they are crucial for growth and development. Since it is readily available and consumed more frequently, tuna offers the market various growth opportunities. Moreover, developments in technology that enable efficient processing, a wider range of products, inventive design and packaging, effective operational maintenance, and sales tracking are also leading to market growth.

However, customers' growing desire for plant-based cuisine has hampered market expansion. Due to their increasing concerns for the environment and animal welfare, consumers are gravitating towards plant-based products. The rising vegan trend in developing nations has also contributed to a rise in the use of plant-based products.

Drivers:

Working women and people with hectic schedules

The widespread use of canned tuna is a result of the growing number of working women and the reduction in time spent cooking. Due to the ease of cooking, consumers rely heavily on ready-to-cook and ready-to-eat food products. Consumers undergo substantial dietary transitions because of changes in their lives and rising food and beverage costs. These changes may be seen in the rise in demand for foods derived from animals, fats and oils, refined grains, and fruits and vegetables. The market for convenience food is mostly driven by people with hectic schedules, particularly working women.

Evolving Consumer preferences

Consumer preferences for seafood in various cuisines are expected to evolve due to its high protein, vitamin, and mineral content. Tuna consumption has grown significantly over the past few years all over the world due to its great taste, nutritional value, and reduced carbon footprint than other meat and beef products. Additionally, the canned tuna industry is anticipated to develop in the upcoming years due to the increased marketing of canned tuna products in restaurants and supermarkets due to its high availability as a convenience food product.

As the demand for canned tuna is rising, tuna catching has also increased. For instance, the amount of MSC-certified tuna caught increased as a result by 24%, from 1, 982, 000 tons in 2021 to 2, 460, 000 tons in 2022 as per the 2022 report by Marine Stewardship Council. With MSC certification, about 50% of the world's commercial tuna catch is growing in the market.

Key Developments.

• In August 2022, Century Pacific Food's plant-based protein company unMEAT introduced its new fish-free canned tuna in several US stores and online merchants. According to unMEAT. Four of the top 25 best-selling canned food items are tuna products, making canned tuna the most popular tinned food in the US.
• In August 2021, the first Fair Trade Certified® canned tuna product was introduced by Mind Fish Co. and is in the US market. Through the sale of their line of Pole and Line Caught Skipjack Tuna products, Mind Fish teamed up with Fair Trade USA to fund a project meant to rebuild healthy marine ecosystems, enhance livelihoods, and create resilient coastal communities in the Maldives.

The skipjack species segment held a significant share.

The canned tuna market, based on species, is segmented into skipjack, yellowfin, bigeye, albacore, and others. Skipjack tuna is 60% of the source of globally caught tuna which is considered strong and sustainably fished by industry experts. In 2022, exports of canned tuna from Thailand to Egypt increased by 15% as per the FAO reports. The western and central Pacific area contributes majorly to the skipjack tuna, for instance, there were more than 1.7 million metric tons of skipjack tuna caught in this region in the year 2020 as per the estimates of WCPFC.

Moreover, the share of skipjack tuna is higher as compared to Yellowfin, BigEye, and other tuna species. For instance, as per the MSC UK Tuna Report 2022, there were 1, 348, 179 million tons of skipjack tuna as compared to 10, 075 million tons of bigeye and 326, 239 million tons of yellowfin in the Western Central and Pacific oceans. The US FDA lists skipjack tuna in the best choice section as it contains just 0.144 ppm of mercury in the flesh.

Regional Insights.

Geographically, the global canned tuna market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific regions. The North American market is developing because of the increased popularity of online shopping, which increases demand for canned tuna fish and lowers export duties on frozen tuna loin and fillet products. The growth of e-commerce and the fortification of the supply chain are to be credited for the market for canned tuna's favorable expansion. The number of online food-buying sites has grown as processed food goods have recently become more accessible.

U.S.A Market Insight:

The North American global canned tuna market is segmented into the United States, Canada, and Mexico. The growing consumption of packaged foods and drinks is the main driver of the United States canned tuna industry. Brand reputation and product quality are essential in this cutthroat market. Businesses in the USA that regularly produce high-quality goods and build powerful brands enjoy a competitive advantage.

As per the 2020 Fisheries of the United States report released in May 2022 by the National Oceanic and Atmospheric Administration (NOAA) Fisheries, to meet the strong consumer demand for seafood in the nation, the United States import of canned tuna significantly rose from 330.106 million pounds in 2019, to 452.2 million pounds in 2020.

Segmentation :

By Species

• Skipjack
• Yellowfin
• Bigeye
• Albacore
• Others

By Distribution Channel

• Online
• Offline
• Hypermarket & Supermarket
• Specialty Stores
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Italy
• Others
• Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• Japan
• China
• India
• Thailand
• Indonesia
• Taiwan
• Others