Report ID: UCMIR30I2083 | Region: Regional | Published Date: April, 2023 | Pages: 165 | Tables: Figures:Europe Amino Acid Market
Report ID: SQMIG30I2072 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 62 | Figures: 75
Canned Tuna Market size was valued at USD 10.26 billion in 2021 and is poised to grow from USD 10.61 billion in 2022 to USD 15.1 billion by 2030, growing at a CAGR of 4.15% in the forecast period (2023-2030).
The sector is predicted to be significantly impacted by changing customer tastes for seafood in diverse cuisines due to its abundance in vital proteins, vitamins, and minerals. Additionally, tuna has a flavour that is highly excellent and unique from that of other seafood, which contributes to the product's widespread popularity. Due to its delicious flavour, nutritional value, and lower carbon footprint than other meat and cattle products, seafood consumption has been rising considerably over the past several years all over the world. But one of the top five seafood dishes consumed worldwide is tuna.
The U.S. and European nations consume the most canned tuna, although certain Asian nations, including South Korea, Australia, and Japan, are also leading in consumption. However, because the fish is of such high quality, the majority of the tuna industry, particularly the canned tuna sector, caters to some Asian nations. Thailand, Ecuador, China, Indonesia, and the Philippines were the top exporters of canned and processed tuna, according to data provided by "GLOBEFISH," a product, trading, and marketing division of the FAO Fisheries and Aquaculture Department. However, the top importers of canned and processed tuna were the United States, Japan, Australia, Egypt, Saudi Arabia, and European nations.
The factors driving market expansion and influencing customer behaviour that lead to the canned tuna sales in the international market are high product demand, rising output, and extensive application in the food industry. Since canned tuna is a cheap source of protein and is available in approximately 70 countries worldwide, it is a commonly consumed food. Consuming tuna has health benefits because it contains a lot of vitamin B12, which is needed to make DNA.
US Canned Tuna Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global canned tuna market is segmented based on the product, distribution channel, and region. Based on the product, the global canned tuna market is segmented as skipjack, yellowfin. Based on the distribution channel, the global canned tuna market is segmented as hypermarket & supermarket, specialty stores, online. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Canned Tuna Market Analysis by Product
In terms of volume, Skipjack canned tuna accounted for more than 55.0 percent of all sales in 2020. This species has a robust and nutrient-rich seafood experience and is easily accessible in the market. The majority of the skipjack tuna caught, or about 58.0 percent of the entire catch, is canned, according to data from Fish20.org. The Centre for the Promotion of Imports' figures show that skipjack species make up 75.0% of the canned tuna imported into Europe.
In terms of revenue, Yellowfin is expected to experience the fastest CAGR of 5.0 percent between 2021 and 2027. Because of its outstanding texture and rich flavour, this kind of tuna is becoming more and more popular with consumers.
Canned Tuna Market Analysis by Distribution Channel
Due to the extensive availability of a variety of products under one roof, supermarkets and hypermarkets are the preferred channel for consumers to buy both essential and non-essential goods. Customers' shopping experiences are improved by the existence of product-specific aisles and the different bundling options provided by mass merchandisers. Additionally, because different tuna items are offered in a variety of brands and pricing points, it makes shopping easier. Rapid urbanisation and changing lifestyles have resulted in the establishment of numerous new mass merchandisers, which have caught the attention of customers. The canned tuna market has benefited from the introduction of baked goods free of allergens and gluten. To give consumers a convenient and economical shopping experience, marketers are concentrating on growing the modern commerce and retailing industries. Due to consumer exposure to a variety of online product purchasing platforms, the online retail industry is likewise growing in popularity. Online retail offers a wide selection of goods from many different brands at lower prices, as well as the convenience of doorstep delivery alternatives.
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One of the top five fish species consumed worldwide, tuna is a well-liked seafood. It is one of the fish with the highest commercial worth worldwide. The two countries that consume the most tuna in cans are the European Union and the United States. The greatest market for tuna suitable for sashimi is Japan. Major nations that export processed canned tuna include Thailand, Indonesia, the Philippines, and Vietnam. The USA, Italy, Spain, France, the United Kingdom, Germany, Japan, Australia, the Netherlands, and Saudi Arabia are major tuna importer countries. Italian canned tuna is among the most popular seafood in the US, increasing industry demand. Italian manufacturers of several industry brands' distinctive product lines include Angelo Parodi Ventresca. Yellowfin Callipo Italian Canned Tuna contains firm textured meat, whereas Tonnino Tuna Fillet offers canned light tuna with tuna fillets in spring water that are ideal for salads. Yellowfin tuna in oil gives tuna a buttery flavour.
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Canned Tuna Market Driver
Canned Tuna Market Restraint
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Due to various strict rules by European and North American nations, the canned tuna market is quite divided. The global canned tuna market has many companies, but only a few of them are able to meet the majority of consumer demand. These top players control a large portion of the markets in Europe, North America, and Asia Pacific.
Top Players in the Global Canned Tuna Market
Canned Tuna Market Recent Developments
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According to our global canned tuna market analysis, the tuna industry has seen a radical shift recently as a result of heightened competition in production and pricing, advancing technology, and shifting consumer demand. The demand for ready-to-eat foods is rising as a result of people's busy schedules, with canned tuna being a common option. Presently, the world's largest importer of canned tuna is the European Union. Middle Eastern nations including Saudi Arabia, Israel, and Egypt have become some of the biggest tuna importers in the world. This is a result of the Middle East's relatively low import taxes on canned tuna. The longevity of canned tuna is another factor in its popularity and high demand.
|Market size value in 2021||USD 10.26 billion|
|Market size value in 2030||USD 10.61 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Canned Tuna Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Canned Tuna Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Stringent regulations and varying standards around the world, growing competition, inflation estimated to remain above the upper band during the short term in key nations, and fluctuating raw material prices are some of the Canned Tuna market restraints over the forecast period.
Based on type, the market has been segmented as canned, fresh and frozen tuna. Currently, canned tuna dominates the market, holding the largest share.
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