The global tuna market is anticipated to face a steady growth in coming years due to various vendors in the market trying to come up with better products. According to a report by Transparency Market Research, the markets competitive landscape is currently fragmented because vendors are engaging in stiff competition. The vendors are competing on the basis of brand, distribution, price, and quality. The vendors are catering regional market according to the regions taste and preferences. Along with their socioeconomic and economic conditions. New experiments and innovations in taste and flavour is likely to boost the market and show significant rise in the global canned tuna market.
Some of the leading companies in the market are Alliance Select Foods International, Inc., Princes Group, American Tuna Inc., Ocean Brands GP, and Aneka Tuna Indonesia.
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The global market for canned tuna is likely to rise at CAGR of 3.8% during the forecast period of 2017 to 2025. The global revenue of the canned tuna market held US$ 10,496.1 mn in 2017 and is predicted to value US$ 14,125.5 mn by the end of forecast period. According to product, Bluefin tuna is expected to rise as the leading product among all other products in the segment.
Geographically, Europe held the maximum share in theglobal canned tuna marketduring 2017 and is expected to lead the market during the forecast period due to high consumption of tuna in this region.
Increased Consumption of Ready to Eat Food Likely to Fuel Market
The demand for ready to eat and easy to cook foods will likely add value to the rise of tuna in the market. Many regions have high demand for super frozen tuna leading to rise in growth of the market. Developed regions are ready to pay high and experiment with different variety of tuna dishes due to large amount of disposable income thus, leading to rise in growth of the same.
Rise in demand for tuna from emerging economies such as Middle East and ASEAN due to increase in exports in this region is likely to increase the revenue growth of canned tuna market in this region. The increase in shipment in these regions have also boosted the market. Easy availability of canned tuna food in the market increases its consumption among people.
These canned tuna food are also affordable hence, increasing the revenue growth in the global market. Tuna also provide health benefits like boosting immune system. They are natural antioxidants and provide omega3 which is very healthy for the body. Increase demand for exotic food in restaurants and hotels has also brought significant rise in the canned tuna market.
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Global Canned Tuna market By Region
- North America
- Latin America
- Europe
- APAC
- MEA
Ban on Fishing Leads to Curtailed Tuna Supply
The consumers being aware about the death of dolphins due to tuna fishing will likely hamper the growth of canned tuna market. Consumers have sensitivity against death of dolphins and adverse effects of buying tuna. This is expected to hamper the growth of canned tuna market globally. The fight of canned tuna market with environmental organizations had severely damaged the growth of the market. Additionally, consumers are aware of the harmful effects of excess fishing. This is leading in extinction and destruction of fish species therefore, they restrain from buying tuna fish.
The market is segmented along the following lines:
Global Canned Tuna market By Species Type
- Albacore
- Skipjack Tuna
- Yellowfin Tuna
- Bigeye Tuna
- Longtail Tuna
- Bluefin Tuna
Global Canned Tuna market Distribution Channel
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Channels
- Convenience Stores
- Others
Global Canned Tuna market By End Use
- Foodservice
- Households
Increased Sales through Supermarkets and Foodservice Outlets to Boost Demand
The canned tuna products are increasingly being sold at various foodservice outlets and supermarkets, which is likely to amplify growth prospects of the global canned tuna market in the years to come. Canned tuna finds increased use in tuna sandwiches or delis, thereby driving the demand for the product. Most of these canned tuna are either a mix of yellowfin tuna and skipjack or albacore. Small amounts of yellowfin tuna and significant amount of skipjack make up Light tuna, which is an economically priced product and accounts for a large chunk of the global canned tuna market. This product is an immensely popular canned product in the US and account for most of the canned tuna sales in the US.
So far, the only species authorized to be labeled white meat tuna in the US is Albacore tuna. Canned tuna is a rich source of various essential nutrients, such as Vitamin D, selenium, high quality protein, and omega-3 fatty acids. Plentiful presence of so many nutrients is likely to propel growth of the global canned tuna market in the forthcoming years.
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Although lifestyles of consumers worldwide are getting busier and faster, and the market offers an extensive range of prepared andfrozen food, the global market for canned tuna is projected to experience passive growth over the next few years. Growing consumer dependency on prepared and ready-to-eat food is considered to be a key driver to push the demand for canned tuna a little farther over 2017-2025. Global revenue of canned tuna market was around US$ 10,496.1 Mn in 2017, which is expected to increase at a CAGR of 3.8% over the forecast period, reaching a value worth US$ 14,125.5 Mn by the end of 2025.
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