Increased health awareness and high demand from online retailers are increasing the growth of the canned tuna market.
According to the current analysis of Introspective Market Research, the global Canned Tuna market was valued at USD 7083.19 Million in 2019 and is expected to reach USD 9584.68 Million by the year 2026, at a CAGR of 4.46%.
Canned tuna comes under the healthy dietary, protein rich food supplements for which the consumers are leaning towards. The increasing health awareness and the advantages from the canned tuna is increasing the market rate in the forecast period. The manufacturers are focusing on the online retailers more as there has been a high demand from the online stores due to the lockdown and people hoarding the canned food in the bulk due to its long shelf life. Hence, increasing the market rate for the forecast period.
According to the analyst, the market share for canned tuna is on rise because of the large demand from the wholesale dealers, online shops and offline stores too. The increasing disposable income and the urbanization in the countries has raised the demand for the canned tuna market. However, the increasing awareness and sympathy towards animals and the increasing trend for having a vegan life might be a restraint for the market in the forecast period.
Due to some strict rules from the government and the ban on some parts of Pacific-ocean the market share for the canned tuna market has been downward. Amidst the lockdown, the demand for the canned products with a longer shelf life for around 1 to 5 years increased. Consumers were hoarding the products that were processed and had health benefits along with it increasing the market size of the canned tuna market.
The Canned Tuna market is segmented by Type (Albacore Tuna, Skipjack Tuna, Yellowfin Tuna, Bigeye Tuna, Longtail Tuna, and Bluefin Tuna), by Distribution Channel (Store-Based and Non-Store Based), by Industry Verticals (Households, Commercial, Supermarket/Hypermarket, Convenient Store, Online Store and Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- Due to the increase in the e-commerce industry, the manufacturers are focusing more on the online stores as they are more commercialized and the penetration of social media and internet is increasing.
- The low export rate from the Middle Eastern countries as compared to the rates from the United States has increased the supply rate for tuna is increasing the growth rate and is expected to increase more in the forecast period.
Key Participants like Thai Union Group, Alliance Select Foods International, Inc., Ocean Brands GP, Bumble Bee Foods, LLC, StarKist Co., Raincoast Trading Company, Princes Group, Golden Prize Canning Co., Ltd., PT. Aneka Tuna Indonesia., Wild Planet Foods Inc.., Hi-Q Food Products Co., Ltd., American Tuna Inc., Safcol Australia Pty. Ltd., Conga Foods Pty Ltd, Millaton Fishery Co. Ltd., Sadr Darya Co., Dorj Group Companies, Tohfe Food Product Company, C-Food International LLC and Pegasusfood Co., Ltd and others.
For this report, Introspective Market Research have segmented the Canned Tuna markets market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM