Market Research Future (MRFR) expects the canned tuna market to touch a valuation of close to USD 9.16 Billion by 2027. MRFR also asserts that the market can soar at rate of 4.20% from 2020 to 2027 (forecast period).
Top Boosters and Key Restraints
Evolving consumer tastes with rising interest in seafood for use in different cuisines, given the high content of essential vitamins, minerals and proteins can favor the canned tuna industry in the years to come. Tuna is a considered as a delicious and healthy seafood that has grown popular predominantly among the fitness conscious population. Consumption and sales of seafood have been going up, in view of their savory taste, rich nutritional features, and the fact that they produce low carbon footprints compared to beef and meat products. Over the years, the canned tuna market has seen a dramatic shift in line with heightened production as well as price competition and increasing adoption of modern manufacturing technologies.
Players are mostly focused on bolstering their presence across various regions and reaching out to a higher number of consumers. With the surge in income levels, especially in emerging countries and the rising knowledge level about healthy food, companies are presented with a host of lucrative opportunities. Also, the convenience during the storage and handling of canned tuna fuels the market’s growth potential.
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African Pioneer Marine/APM has acquired Glenryck, a leading canned fish firm, from Bidvest Namibia. APM expects the acquisition to strengthen African stand in the fishing industry worldwide, enabling volume growth, product diversification and higher employment security for seasonal workers.
Thai Union Group PCL (Thailand), Century Pacific Food Inc. (Philippines), American Tuna Inc. (US), Wild Planet Foods Inc. (California), Ocean Brands (Canada), Grupo Calvo. (Spain), Frinsa del Noroeste S.A. (Spain), Bumble Bee Foods LLC (US), Sea Value PLC (Thailand), Aneka Tuna Indonesia. (Indonesia) are some of the major manufacturers of canned tuna in the global industry.
Canned tuna industry can be considered for type, and distribution channel.
The different types of tuna sold in the market are skipjack tuna, albacore tuna, yellowfin tuna and more. Skipjack tuna is ahead of the rest of the segments, as it is found in abundance and are highly nutritious seafood. Fish20.org recently reported that Skipjack accounts for nearly 58.0% of the overall tuna caught worldwide and majority of them are canned.
The distribution channels in the market are store-based and non-store based. Store-based segment can be further segregated into convenience stores, supermarkets and hypermarkets, and others. Supermarkets and hypermarkets hold the biggest share in the global market. top manufacturers generally promote their products via retail stores, like hypermarkets and supermarkets. Meanwhile, various firms are setting up new mortar and brick stores worldwide to boost their customer base. However, non-store-based distribution channels are also pacing ahead quickly due to the surging popularity of the ecommerce sector across the world.
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Geographically, the canned tuna industry has been divided into Europe, Asia Pacific (APAC), and North America and RoW/Rest of the World.
European market for canned tuna has gained the highest traction and is on its way to secure a stunning growth rate due to the mounting consumer preference for ready-to-eat meals. Spain remains the market leader in Europe and is the leading exporter of prepared and frozen tuna in the canning sector. 83% of the total canned food in the region is supplied by Spain. Another growth rendering factor can be the escalating awareness among people about the health benefits associated with canned tuna in the region.
North America is an attractive market and the soaring demand for canned tuna on account of its high protein content as well as essential omega-3 fatty acids will ensure that the region continues its winning streak throughout the review period. Prevalence of several supermarkets and convenient stores also adds to the market value in the region.
Various economies of Asia Pacific are home to sizeable markets for canned tuna, in view of the rising urbanization, surging power capacity of the consumers and the elevation in economic status in general. The progress in consumers’ lifestyle and rising interest in healthy eating have made canned tuna a popular food item in the region. China, South Korea and Japan are known for their traditional cuisines that involve a variety of fish, which is a key reason for the robust demand for canned tuna among people.
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