PUBLISHER: Acute Market Reports | PRODUCT CODE: 1255975
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1255975
Canned Tuna Market Is Projected to Expand At A CAGR Of 4.2% Between 2023 And 2031. Tuna is a saltwater fish canned for both commercial and retail usage since it is one of the major sources of animal protein. Canning is a method of preservation of food stuffs that is highly perishable in nature. Canning is generally done in an air-tight container that prevents contact of food products from atmospheric conditions thereby increasing its shelf-life. Edible oils, sauces, mineral salt solutions (like brine water) are the storage medium used inside the canned container.
Tuna fish has high health benefits like blood pressure control, boost overall immunity, renal benefits amongst others. Canning tuna paves way for huge employment generation from the entire value chain including fish catching, processing, and trade of tuna fish. The fresh tuna trade was done through auctions that were slowly replaced by freezing the product in canned containers to increase the shelf life and to aid in transportation over large distances. The organization of canned tuna industry comprises complex international trade networks of developing nations like the Asia Pacific, which is the major exporter, and developed regions like North America and Europe, which are the major importers. The developed regions import semi-processed canned tuna to their facilities for further completion of the process for final distribution and consumption.
The canned tuna is segmented by product type into Skipjack tuna, Yellowfin tuna, Bluefin tuna, and Others (Big-eye tuna, Albacore tuna, etc.). The canned tuna market is driven by culinary products like sashimi and sushi. The canned tuna industry is majorly supplied by wild fishing (open sea/ocean fishing). For Sushi Bluefin tuna is the major product type and for Sashimi, Skipjack, and Yellowfin are dominant species in its preparation. Japan is the major market for this canned tuna. Despite that, the Japanese market is shrinking its traditional tuna consumption which will affect the market for Bluefin tuna in the near future.
Based on the distribution channel, the market is segmented into Brokers & Consignee's, Retail Outlets (Super-markets, Hyper-markets and Others [Specialist Stores, Online Retail, Street Markets, etc.]). Due to complex value chain for canned tuna market, moderate restrictions in tuna fishing especially in Spain, and newly discovered health hazards of overconsumption of tuna have led to increased illegal tuna fishing activities. Despite the specialist fishmongers and street fish markets come under regulated distribution channel, they often indulge in independent trading of canned tuna. As per mandates from the United Nations Food and Agriculture Organizations, the frozen techniques have to be critically monitored so that the product is fit for consumption. Illegal trade of canned tuna is un-regulated and hence it could pose health hazards due to improper storage techniques. The recent tuna frozen in brine fraud, in January 2018, is estimated to be of several million dollars. More controlled and restricted environment for canned tuna fish market can be expected in the European region.
On the whole, super-markets held the largest share of canned tuna market in 2022 due to consolidation, mergers and acquisition of retail outlets. Tri-marine International merging with Bumble-bee Foods - Chicken of the seas in 2015 has made the canned tuna industry to be highly concentrated in the North American region. Other multinational super/hypermarkets like TEESCO and Carrefour have merged most of the independent fish mongers and street markets in most of the countries where they have presence.
In 2022, in terms of demand/consumption, globally, Europe was the major market for canned tuna closely followed by the North American and Asia Pacific regions. The other Asia Pacific countries leading in exports of canned tuna are China, Philippines and Indonesia. Latin America was also a good export market for canned tuna with countries like Brazil, Mexico, Ecuador and Columbia leading the regions market, as of 2022.
Key players across the Canned Tuna Market value chain are:
StarKist, Co., American Tuna, Inc., Bumble Bee Foods, LLC, Hagoromo Foods Corporation, Bolton Alimentari S.p.A., Chicken of the Sea, Hayati Group CO., LTD., Nostromo SpA (Calvo Group), Organico Realfoods LTD, Kiril Mischeff Limited and Others.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Canned Tuna market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report:
Micro and macro environment factors that are currently influencing the Canned Tuna market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Product
Skipjack tuna
Yellowfin tuna
Bluefin tuna
Canned White Tuna
Canned Light Tuna
Others (Big-eye tuna, Albacore tuna, etc.)
Flavor
Unflavoured
Flavoured
Lemon
Picante
Spicy
Teriyaki
Tomato
Chocolate
Jalapeno
Others
Form
Plain
Chunk
Solid
Shredded
Flakes
Fillets
Others
Usage Format
Ready to Cook
Ready to Eat
Sales Channel
B2B / HoReCa
B2C
Hypermarkets /Supermarkets
Convenience Stores
Mom and Pop Stores
Discount Stores
Food Specialty Stores
Independent Small Groceries
Online Retail
Others Retail Formats
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report:
What are the key micro and macro environmental factors that are impacting the growth of Canned Tuna market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Canned Tuna market?
Which is the largest regional market for Canned Tuna market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Canned Tuna market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Canned Tuna market worldwide?