Canned Tuna Market - Global Forecasts from 2024 to 2029

The global canned tuna market is projected to rise at a compound annual growth rate (CAGR) of 3.78% to reach a market valuation of US$13.264 billion by 2029, from US$10.229 billion in 2022.

Canned tuna involves sealing tuna in an airtight container to ensure preservation. This method extends the shelf life of the fish and makes it convenient for consumers to store and use. The contents are heat-processed to kill bacteria and ensure long-term preservation. Canned tuna is a versatile and convenient food product used in various dishes. The growing trend of seafood consumption and bolstered the demand for processed seafood items which has positively impacted the demand for canned tuna.

For instance, as per the “Marine Stewardship Council Tuna Handbook 2022”, in 2021/ 2022, the number of MSC-certified tuna fisheries and catch volume increased significantly from 1,982,000 tonnes in September 2021 to 2,460,000 tonnes in September 2022. This signifies a 24% increase in tuna catch volume. From September 2022, 19 tuna fisheries achieved MSC certification, bringing the total to 91. The report further showed that 47% of global tuna catch were MSC certified (91 certified tuna fisheries), 11% of global tuna catch is currently in assessment to the MSC Standard (36 tuna fisheries in assessment) and 31% of global tuna catch is currently in a FIP (basic or comprehensive) and rest 11% are of global tuna catch is neither MSC certified, in assessment or a FIP.

Furthermore, canned seafood, including canned tuna, is gaining popularity due to its unique texture and taste, low fat, low calories, and high content of omega-3 essential fatty acids. The market growth is expected to be driven by the launch of new canned tuna products and new policies to improve the supply chain.

For instance, in June 2023, to enhance transparency and data collection in the tuna supply chain, Walmart and Sam's Club implemented stricter guidelines that cover Walmart U.S., Walmart Canada, and Sam's Club suppliers and require them to source exclusively from vessels with 100% observer monitoring by 2027 and from fisheries using zero high seas transshipment unless covered by 100% observer monitoring. Over one-third of the world's fisheries are operating at unsustainable levels due to systemic issues like illegal and destructive fishing.

Comprehensively, canned tuna is a significant segment in the seafood industry, driven by its convenience, versatility, and popularity as a protein source. Demand is driven by affordability, easy storage, and quick preparation. The market offers various varieties of canned tuna, including light and white options, and can be processed in water, oil, or brine, catering to consumers' taste preferences and dietary considerations. The market is a staple in households worldwide.

Rising consumer demand for ready-to-eat food has bolstered the market expansion

Ready-to-cook and ready-to-eat food products are increasingly popular due to their simplicity and convenience. The millennial generation is drawn to these items due to their low preparation time, high nutritional content, and ease of use. The food industry is expected to grow due to changing consumer lifestyles, preferences, and market dynamics. Time constraints, changing family dynamics, urbanization, variety, and options are key factors contributing to the market growth of these convenience foods. Busy lifestyles and hectic schedules leave consumers with limited time for meal preparation, making these products quick and convenient. They also offer convenience and ease of use, with pre-measured ingredients and simple cooking instructions.

Evolving family aspects, such as dual-income and single-person households, also contribute to the demand for convenient food options. Urbanization, with smaller living spaces and limited kitchen facilities, makes these foods well-suited for urban consumers. As per the National Fisheries Institute, around 45% of tuna consumers opt for canned or pouched tuna for dinner. 52% of canned tuna is utilized in sandwiches, 22% in salads, 15.5% in casseroles and helpers, and 7.5% in base dishes. Families with children under 18 are twice as likely to have tuna sandwiches.

The market for these convenience foods has expanded to include a wide range of cuisines and flavors, offering a variety without sacrificing convenience. Advancements in food technology have improved the quality and shelf life of these products, with innovative packaging, preservation techniques, and ingredient formulations. Health and wellness considerations have led to the industry offering healthier options, with companies offering natural, organic, and nutritionally balanced ingredients.

Additionally, the Food and Drug Administration put forward a proposal to amend the tuna can filling container identification and standard. The proposed rule would specify that a packing medium is optional, enable safe and appropriate flavorings and spices as optional additives, and update weighing procedures. The proposed rule is in response to a citizen petition submitted by Bumble Bee Foods, StarKist Co., and Tri-Union Seafoods. The FDA aims to modernize food standards to maintain the basic nature and nutritional integrity of products while allowing industry flexibility for innovation to produce more healthful foods.

Russia Ukraine War Impact Analysis

Trade restrictions and tariffs resulting from geopolitical tensions can harm the canned tuna market as conflict-ridden nations may see higher prices, lower trade volumes, and altered market dynamics. Price swings can be caused by changes in the trade dynamics, higher expenses, or disruptions in the supply chain. Geopolitical events can also have an impact on international relations and trade agreements, which could have an indirect effect on the canned tuna industry. Vietnam's pangasius and tuna exports to Russia have been halted because of the Russian-led conflict in Ukraine. International sanctions imposed on Russia following Ukraine's invasion have complicated trade between the two countries, with Russian banks banned from using the SWIFT payment system. Some Russian importers have functioning bank accounts in third countries, but these are time-consuming and at risk of being blocked. The decline in the value of the Russian ruble has made many Russian importers unwilling or unable to pay the full value for cargo. By the end of 2021, Russia and Ukraine will be two of the 20 largest importers of Vietnamese tuna by value, importing a lot of frozen tuna from Vietnam.

Key Players:

• A.E.C Canning Co. Ltd visualizes itself to be a reliable seafood manufacturer inclusive of tuna and sardines on a global scale .
• American Tun aims to bring sustainably sourced seafood that supports US fishing communities.
• Bumble Bee Foods LLC  emphasizes providing high-quality canned tuna products that could be used in different cuisine such as tuna scramble and tuna casserole knock lasagna.

Segmentation:

By Species

• Skipjack
• Yellowfin
• Bigeye
• Albacore
• Others

By Distribution Channel:

• Online
• Offline
• Hypermarkets & Supermarkets
• Specialty Stores
• Others

By Geography

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