Canned Tuna Market Size, Share, Growth Analysis, By Tuna Species, By Flavor, By Product Type, by Product Format, by Usage Format, by Sales Channel By Region - Industry Forecast 2024-2031

Global Canned Tuna Market size was valued at USD 10.26 billion in 2022 and is poised to grow from USD 10.61 billion in 2023 to USD 15.1 billion by 2031, growing at a CAGR of 4.15% in the forecast period (2024-2031).

Changing consumer preferences for seafood, driven by its rich nutritional profile and unique flavors, are significantly influencing the market. Tuna, in particular, stands out due to its exceptional taste, health benefits, and lower carbon footprint compared to other meats, leading to a global increase in consumption. It ranks among the top five seafood dishes worldwide, with the U.S. and European nations being the largest consumers of canned tuna, while South Korea, Australia, and Japan also show high levels of demand. Leading exporting countries like Thailand, Ecuador, and Indonesia cater primarily to high-quality tuna products for specific Asian markets. With its affordability and health benefits, particularly in vitamin B12, canned tuna remains a staple protein source in around 70 countries, driving continued growth in the global market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Canned Tuna market 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 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.

Global Canned Tuna Market Segmental Analysis

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.

Driver of the Global Canned Tuna Market

The global canned tuna market is significantly driven by the increasing preference for convenient food options among consumers. With the fast-paced lifestyles of modern society, particularly among working women, the demand for ready-to-cook and ready-to-eat products has surged. Canned tuna, known for its ease of preparation and nutritional benefits, has become a favorite, especially among millennials seeking quick meal solutions. This trend encourages companies to innovate and launch new products that meet consumer preferences while ensuring high quality and adherence to certifications. As a result, the canned tuna market continues to grow, catering to a demand for convenience and nutrition.

Restraints in the Global Canned Tuna Market

The growth of the global canned tuna market has faced significant challenges due to the rising consumer shift towards plant-based food options. As environmental concerns and animal welfare considerations become more pronounced, many individuals are opting for plant-based alternatives. This trend is further fueled by the expanding vegan movement, particularly in developing nations, where awareness around sustainable eating is on the rise. Additionally, the accessibility of diverse plant-based substitutes that closely mimic the flavor and texture of fish has led to increased consumer preference for these products, ultimately impacting the demand for traditional canned tuna offerings in the market.

Market Trends of the Global Canned Tuna Market

The Global Canned Tuna market is witnessing a significant trend driven by the expansion of e-commerce and a heightened focus on sustainability and transparency. Manufacturers are increasingly leveraging online platforms to market their products, tapping into a growing consumer awareness of the health benefits associated with tuna consumption. This shift is accompanied by a demand for certified products and eco-friendly packaging, such as recyclable cans, aligning with modern consumers' preferences for environmentally responsible choices. As businesses prioritize safety and transparency in sourcing and production processes, the market is poised for growth, catering to a more health-conscious and socially aware demographic.