Global Canned Tuna Market Size, Share, Growth Analysis, By Product(Skipjack, Yellowfin), By Distribution Channel(Hypermarket & Supermarket, Specialty Stores) - Industry Forecast 2023-2030

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 global canned tuna market is a vital segment of the seafood industry. Driven by its convenience, extended shelf life, and nutritional benefits, canned tuna consumption remains popular worldwide. Key factors influencing the market include consumer preferences for protein-rich diets, urbanization, and busy lifestyles. Varieties like skipjack, yellowfin, and albacore tuna dominate the market. Asia-Pacific and North America are prominent regions for consumption due to their cultural preferences and demand for ready-to-eat options. Sustainable sourcing practices and product innovations, like flavored and organic options, also impact market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of canned tuna and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segmental Analysis

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.

Driver

By the convenience offered by ready-to-cook and ready-to-eat food items, consumers increasingly depend on these products. The popularity of canned tuna stems from the rising presence of working women and the desire to minimize cooking time. The millennial demographic is particularly drawn to these convenient food options due to their quick preparation, nutritional benefits, and time-saving attributes. To enhance customer satisfaction and provide premium offerings, numerous companies are focusing on introducing novel products and obtaining certifications.

Restraint

The growth of the canned tuna market has faced limitations due to the rising inclination of consumers towards plant-based foods. This shift is driven by heightened environmental and animal welfare concerns, leading individuals to opt for plant-based alternatives. The expanding vegan movement in developing nations further contributes to the increased adoption of plant-based products. The availability of diverse substitutes for fish meat derived from plants, coupled with their remarkable resemblance in flavor and taste, has significantly impacted consumer choices.

Market Trends

As the e-commerce industry evolves, manufacturers are increasingly focusing on online retail, employing more assertive digital marketing strategies and leveraging online marketplaces to sell their products. The growing awareness about the benefits of tuna has led to an increased demand for canned tuna. Companies are also ensuring their products are certified and their tuna cans are recyclable. Moreover, there is a notable emphasis on enhancing safety measures and promoting transparency within the industry.