The canned tuna market is estimated to be valued at US$ 19.54 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Canned tuna refers to tuna that has been processed, sealed in an airtight container such as a tin can, and subjected to heat. It offers the advantages of long shelf life without preservatives, convenient packaging, and affordable price point. The growing health-conscious population prefer canned tuna as it is a good source of protein and omega-3 fatty acids.
Market key trends:
The canned tuna market is driven by the rising demand for healthy and convenient food options. Long working hours and busy lifestyles have increased the demand for ready-to-eat foods that can be easily stored and consumed. Canned tuna offers high protein content along with other essential nutrients. Its pocket-friendly price and easy storage make it an attractive choice for consumers. The increasing health awareness about benefits of protein and omega-3 fatty acids present in tuna will continue to boost the market growth over the forecast period.
Threat of new entrants: The canned tuna market requires large capital investments to build manufacturing plants and brand building. Established brands control majority of market share lowering threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute seafood products. However, retailers prefer dealing with few large suppliers minimizing buyer’s power.
Bargaining power of suppliers: Few global suppliers control majority of tuna supply chain. Suppliers have higher bargaining power being an essential component for manufacturers.
Threat of new substitutes: Products like canned salmon and mackerel pose threat. However, tuna is perceived premium offering nutrition similar threat.
Competitive rivalry: Market is highly competitive with major brands focusing on expansion, acquisitions and innovations to gain market share intensifying competition.
Strength: Strong global distribution network and economies of scale. Brand recalls established trust among consumers.
Weakness: Vulnerable to fluctuating raw material prices and supply disruptions. Higher R&D investments required to develop healthy alternatives.
Opportunity: Growing health-conscious population offers scope. Emerging markets in Asia Pacific to boost volumes.
Threats: Stringent regulations on fishing can dent supply. Substitute products gaining prominence requires innovations.
The global Canned Tuna Market Share is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing health benefits perception augmenting demand.
Regional analysis: Asia Pacific dominates the canned tuna market currently due to large consumer base and rising disposable incomes in countries like China and India will continue driving the region’s market.
Key players: Key players operating in the canned tuna market are Frinsa, Thai Union Group PCL, Century Pacific Food Inc., Bumble Bee Foods, LLC, Jealsa, Grupo Calvo, PT. Aneka Tuna Indonesia, American Tuna, The Jim Pattison Group, Bolton Group, Dongwon Group.