Canned Tuna Market to be Driven by the Thriving Food and Beverage Industry in the Forecast Period
The new report by Expert Market Research titled, ‘Global Canned Tuna Market Share, Report and Forecast 2022-2027’, gives an in-depth analysis of the global canned tuna market, assessing the market based on its segments like products, distribution channels, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 8.44 billion
• Forecast CAGR (2022-2027): 4.7%
The global market for canned tuna is being driven by factors such as the thriving food industry, the growing popularity of seafood, increasing demand for clean-labelled and premium fish food products, and inflating disposable incomes. In addition to this, the increasing awareness pertaining to the high nutritional value of canned tuna is a significant factor shaping the growth of the market. Moreover, the increasing inclination towards bodybuilding and healthy living is likely to propel the demand for high protein food such as tuna fish in the coming years. In terms of region, the Asia Pacific is expected to account for a significant share in the market owing to the thriving aquaculture and fisheries sector, the rapid development of supermarkets and hypermarkets, and the increasing standards of living in the region.
Industry Definition and Major Segments
Canned tuna refers to the packaged product of tuna fish that contains oil or water. Canned tuna is a source of high-protein and is low in fat and calories. The shelf life of canned tuna is relatively high. Further, it is widely consumed around the world owing to its convenience and nutrition.
By product, the market can be divided into:
Based on distribution channel, the market is segmented into:
• Hypermarket and Supermarket
• Specialty Stores
The regional markets for canned tuna include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The emerging e-commerce industry owing to the rapid expansion of e-commerce giants such as Amazon is favouring the global market for canned tuna. In addition to this, the increasing awareness about the benefits of consuming omega-3 fatty acids present in tuna fish is likely to be another key trend aiding the market. Furthermore, the market growth can be associated with the rising demand for convenient, ready-to-eat, and ready-to-cook food products. The busy lifestyles and rising disposable incomes, coupled with longer shelf life and easy availability of canned food products are supporting this trend, which is contributing to the market expansion.
Key Market Players
The major players in the market are American Tuna, Thai Union Group PCL, Bumble Bee Foods LLC, Century Pacific Food Inc., and Wild Planet Foods Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.