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Canned Tuna Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global canned tuna products market was valued at USD 14.5 billion in 2022 and is projected to expand at a CAGR of 4.9% from 2023 to 2030. Canned tuna is a popular and convenient seafood, which has several health benefits associated with it. It is a rich source of protein and is also low in fat and calories. The high protein content and convenient storage of canned tuna make it a popular choice among health-conscious consumers. Furthermore, the rising popularity of convenience food, which is easy to cook and offers health benefits, is expected to drive the growth of the canned tuna products market.
The growing demand for sustainable seafood is expected to provide an impetus to the market. According to the United Nations Environment Programme (UNEP), sustainable seafood is defined as seafood that is caught or farmed in ways that consider the long-term vitality of harvested species, their ecosystems, and local communities. Rising awareness about the importance of protecting marine resources is expected to further drive the demand for sustainable canned tuna products.
The demand for canned tuna products is increasing due to their convenience, affordability, and long shelf life. Furthermore, the availability of different flavors and types of canned tuna is also driving the market growth. For instance, in October 2021, Bumble Bee Foods announced the launch of its new Skinny Can line of canned tuna, which is packed with protein and Omega-3 fatty acids. The product line includes four flavors – Thai Chili, Jalapeno, Lemon Garlic, and Lemon Pepper.
The increasing demand for ready-to-eat meals is also driving the demand for the canned tuna products market. Canned tuna is a convenient ingredient to use in various recipes, such as salads, casseroles, sandwiches, and wraps. Furthermore, the growing demand for seafood is expected to drive the demand for canned tuna products. According to the Food and Agriculture Organization of the United Nations (FAO), fish and seafood are the most traded food commodities in the world, accounting for 16% of the total global trade in food products.
Moreover, the growing demand for canned tuna products for pet food is also expected to drive the growth of the market. Rising pet adoption rates and increasing pet humanization, along with the rising trend of health consciousness among pet owners, has resulted in the growth of the pet food industry. Canned tuna is a popular ingredient used in pet food due to its high protein content and health benefits.
Product Insights
The tuna segment held the largest market share in 2020, accounting for more than half of the overall market. This is mainly attributed to its long shelf life, convenience, as well as affordability. Additionally, tuna is a rich source of essential nutrients, including omega-3 fatty acids, protein, vitamins, and minerals. This has further increased the demand for canned tuna products among consumers with busy lifestyles. According to an article published by the National Institutes of Health, in July 2019, canned tuna is believed to be the most consumed fish in the United States.
The salmon segment is expected to register the fastest CAGR of 4.1% from 2021 to 2027. Salmon is a nutrient-rich fish, which is high in heart-healthy omega-3 fatty acids, vitamins, and minerals. It also has a high content of proteins and is considered to be a healthy alternative to red meat. Furthermore, growing awareness among consumers regarding the health benefits of consuming salmon is driving the demand for canned salmon products. In addition, the increased demand for convenience food and the growing popularity of ready-to-eat food products are further boosting the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest share of 44.9% in 2022. Supermarkets and hypermarkets are the primary channel for canned tuna products due to their wide range of product offerings, attractive discounts and promotional offers, convenience, and strong brand loyalty. Supermarkets and hypermarkets provide a one-stop shopping experience to customers, which makes them a preferred choice for purchasing canned tuna products. In addition, supermarkets and hypermarkets are equipped with modern retail technologies, such as self-checkout counters, which reduce waiting time, and enhance the overall shopping experience.
The e-commerce segment is expected to expand at the highest CAGR of 12.3% over the forecast period. The growth of the segment is mainly driven by the rising trend of online shopping among consumers. In addition, the increasing penetration of internet and smartphones, coupled with the convenience and choice of products available online, are some of the major factors driving the growth of the e-commerce segment. Furthermore, the increasing number of promotions and discounts offered by e-commerce players such as Amazon and Walmart is expected to further drive the growth of the segment.
Type Insights
The chunk light segment accounted for the largest revenue share of 56.9% in the year 2022. This segment is expected to be the most popular among all canned tuna products due to its cost-effectiveness, affordability, and convenience. The chunk light tuna is mainly used as an ingredient in salads, sandwiches, pasta, and other dishes. The increasing demand for ready-to-eat and ready-to-cook products among working-class consumers is boosting the demand for chunk light tuna. Furthermore, the increasing number of health-conscious consumers is expected to propel the demand for chunk light tuna due to its high nutritional content such as omega-3 fatty acids, vitamin B12, and selenium.
The albacore segment is anticipated to expand at the highest CAGR of 6.1% over the forecast period. This segment is expected to witness significant growth due to its high-protein content and low-calorie count. The higher price of albacore tuna as compared to other types of canned tuna is also likely to drive the demand for this segment. Furthermore, the increasing trend of protein-rich diets among fitness enthusiasts is expected to drive the demand for albacore tuna among health-conscious consumers.
Regional Insights
Europe held the largest revenue share of over 30.3% in 2022. The European canned tuna market is mainly driven by the rising demand for convenience foods in the region. Moreover, the rising health concerns among consumers is also driving the demand for canned tuna products. For instance, in April 2021, a French company, Marine Protein Company, launched a range of canned tuna products that are high in protein and omega-3 fatty acids.
Asia Pacific is expected to witness the highest growth in the coming years. This region is projected to register the highest CAGR of 5.1% during the forecast period. The growing preference for healthy and nutritious food in the region is driving the demand for canned tuna products. Moreover, the presence of emerging markets such as India, China, and Japan is expected to further fuel the growth of the market. For instance, in April 2021, StarKist Co. launched its new line of canned tuna products in India.
Financial Projections
In this part of the canned tuna products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the canned tuna products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a canned tuna products business comes from the sale of the products. Other possible sources of profit include sponsorships, fundraising, and leasing the manufacturing space for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the canned tuna products business running will be described. The list of operating expenses includes marketing and advertising, wages, maintenance and repairs, utilities, insurance policies, packaging supplies, and others.
Key companies & market share insights
Some of the key companies operating in the canned tuna market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Bumble Bee Foods LLC launched a new line of canned tuna products with added omega-3 fatty acids.
– In August 2022, Chicken of the Sea launched a new canned tuna product with added vitamins and minerals.
– In October 2022, Starkist introduced a new line of canned tuna products with added plant-based proteins.
Some of the prominent players in the canned tuna market include:
– Bumble Bee Foods LLC
– Starkist Co.
– Chicken of the Sea
– Thai Union Group
– Tri Marine Group
– Dongwon Industries Co., Ltd.
– Princes Group
– American Tuna Corporation
– General Tuna Corporation
– Tri-Union Seafoods LLC
Global Canned Tuna Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global canned tuna products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Canned Tuna
– Canned Salmon
– Canned Sardines
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Light
– Solid
– Chunk
– Flake
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: Who are the Key Manufacturers in the Canned Tuna Products Market?
[A]: Key players in the canned tuna products market include Bumble Bee Foods, LLC, StarKist Co., Thai Union Group PCL, Dongwon Industries Co. Ltd, Trident Seafoods Corporation, and Marine Harvest ASA.
[Q]: What are the Major Drivers of the Canned Tuna Products Market?
[A]: Key drivers of the canned tuna products market include growing consumer preference for convenience food, increasing demand for healthy & convenient food products, and increasing health awareness among consumers.
[Q]: What are the Challenges Faced by Manufacturers in the Canned Tuna Products Market?
[A]: Challenges faced by manufacturers in the canned tuna products market include rising raw material prices, volatile economic conditions, and increasing competition among manufacturers.
[Q]: What are the Major Trends in the Canned Tuna Products Market?
[A]: Major trends in the canned tuna products market include the increasing demand for canned tuna products with added flavors & ingredients, the growing focus on sustainable production of canned tuna, and the increasing demand for canned tuna products with reduced sodium content.
[Q]: What are the Opportunities for New Entrants in the Canned Tuna Products Market?
[A]: Opportunities for new entrants in the canned tuna products market include the increasing demand for healthy and nutritious canned tuna products, the growing demand for organic and sustainable canned tuna, and the increasing focus on product innovation and development.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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