June 13, 2024
Canned Tuna Market

Rising Demand for Protein-Rich Foods to Drive Growth in the Global Canned Tuna Market

Canned tuna is one of the most consumed protein-rich seafood products globally. It provides essential micronutrients like omega-3 fatty acids, vitamin D, and selenium. Rising health consciousness and growing demand for protein-rich convenience foods have been driving the sales of canned tuna. Moreover, canned tuna has a long shelf life and does not require refrigeration making it perfect for outdoor activities and busy lifestyles. The global canned tuna market is expected to grow significantly backed by increasing disposable incomes of middle-class population and growing urbanization in emerging economies.

Global canned tuna market is estimated to be valued at US$ 22.52 billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the canned tuna market are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. Key players are focusing on expanding their product lines with ready-to-eat canned tuna meals and salads to capitalize on growing demand for convenient protein snacks and meals. Emerging economies like India, Brazil, and Indonesia present significant growth opportunities for canned tuna market players owing to improving living standards and rising health awareness. Technological advancements in canning and processing equipment have resulted in better quality canned tuna products with high nutritional value and appealing taste and texture.

Market Drivers

Growing working population and fast-paced lifestyles have increased the demand for convenient packaged and ready-to-eat foods. Canned tuna is a perfect on-the-go snack and meal option owing to its long shelf life and ease of consumption. Rising health consciousness and focus on protein-rich diets for fitness and weight management are driving the sales of canned tuna globally. increasing disposable incomes in developing countries are allowing consumers to spend more on high quality packaged and processed foods. This is expected to fuel the demand for canned tuna significantly over the forecast period.

Current challenges in the canned tuna market

The Canned Tuna Market Share is facing challenges in terms of sustainability and overfishing of tuna species. Regulatory bodies have expressed concerns over fishing quotas and stocks of popular tuna varieties including skipjack, yellowfin and albacore tuna. Players in the market must focus on responsible fishing practices and ensuring the viability of tuna populations in the long run for the industry to thrive. Cost pressures due to rising operational expenses also continue to squeeze profit margins. Innovation in terms of product varieties and flavors is important to attract consumers as preferences evolve rapidly in the food industry.

SWOT Analysis

Strength: High protein content and versatility in recipes make canned tuna a popular ingredient. Canned format ensures long shelf life and accessibility.

Weakness: Issues over sustainability practices could dent brand image and consumer trust. Intense competition keeps margins narrow.

Opportunity: Emerging markets and middle class populations present new demand centers. Product innovation expanding usage occasions beyond sandwiches and salads.

Threats: Vulnerability to regulations and policies over fishing quotas. Changing diets and competition from meat substitutes.

Geographical regions:

The canned tuna market in Europe accounts for the largest value share globally due to high per capita seafood consumption. Within Europe, countries such as Spain, Italy, France and Portugal are major consumers.

The Asia Pacific region is projected to witness the fastest growth in the canned tuna market during the forecast period. Rising affluence, awareness about protein and convenience foods are driving demand across developing countries in the region.

The canned tuna market in North America is currently concentrated in the United States owing to widespread popularity as a sandwich ingredient. Changing preferences towards protein-rich snacks are expanding Tunas appeal.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it