The canned tuna market is valued at $9.8 billion in 2022, and it's projected to grow by 3% each year through 2032. Top countries driving the canned tuna demand are the US, Italy, Japan, UK and Thailand. High product demand, soaring production, and widespread usage in food industry are the factors driving growth of canned tuna market
NEWARK, Del, June 06, 2022 (GLOBE NEWSWIRE) -- The global canned tuna market is set to witness growth at a CAGR of 4.4% and top a valuation of US$ 15.0 Bn by 2032. Tuna species vary in lifespan and species from around lifespan of 10 years and 40-pound skipjack to lifespan of up to 40 years and 1500 pound bluefin species. Tuna are recognized as both migratory and predatory species, found in most of the large oceans worldwide.
While classified as white meat tuna (usually albacore) and light meat tuna (mostly skipjack, sometimes yellowfin), canned tuna sold in the US mainly comes from 3 key brands, such as Starkist, Bumble Bee, and Chicken of the Sea. Though smaller labeled brands are commercially available in the US, but key players contribute to almost 80% of canned tuna in the country.
However, tuna fishing occurs mainly in the Pacific Ocean, though Atlantic Ocean, Indian Ocean, and Mediterranean Sea also contributes a large amount of canned tuna raw material in terms of yield. Japan, Indonesia, and the Philippines are the top countries that produce the most of tuna fishing yield, while Thailand has become one of the major sites of tuna processing plants, contributing almost 25% of canned tuna in the world.
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Key Takeaways from Market Study
The canned tuna market is worth of USD 9.8 Bn sales in 2022.
The canned tuna market is expected to expand at CAGRs of 4.4% through 2032.
Global canned tuna demand is projected to grow year-on-year (Y-o-Y) growth of 3.8% in 2022.
The canned tuna market is growing with a notable boost towards the production to reach USD 15.0 Bn by 2032.
High product demand, soaring production, and widespread usage in food industry are the factors driving growth of the market and to be the influencing factors among consumers, which is driving sales of canned tuna across global markets.
Demand for canned tuna grew at 3.5% CAGR between 2017 and 2021.
StarKist Co., Bumble Bee Foods, LLC, Hagoromo Foods Corporation, American Tuna, Inc., and Bolton Alimentari S.p.A. are expected to be the top players in the industry.
Canned tuna market along with skipjack tuna species, flavored canned tuna, canned light tuna, solid format, ready to cook items, B2C sales channel are in heavy demand from food industry carrying a notable market share.
“Canned tuna, being an affordable source of protein, is one of the most consumed foods universally, which are fished in almost 70 countries around the world. Most tuna species are caught in the Pacific Ocean, however, majority of processing plants have shifted in Southeast Asia recently, especially Thailand or Eastern Pacific region. The US, European Union, and Japan are among the largest consumers of canned tuna in the world,” says a Future Market Insights analyst.
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Key canned tuna brands are conducting several researches and looking for new strategic partnerships, while key business brands are focusing on developing the applications in food industry to generate high quality food and beverage solutions. The top players are focusing on new formulations and product innovations to gain market share and attract more customers towards the product.
In 2018, Bolton Food announced that the company made a commitment to source 50% of its tuna procurements to Greenpeace using selective fishing methods and 50% of tuna from purse seiners method by 2020, having FAD measures management in place.
Key Companies Profiled are StarKist Co., Bumble Bee Foods, LLC, Hagoromo Foods Corporation, American Tuna, Inc., Bolton Alimentari S.p.A., Chicken of the Sea, Hayati Group CO., LTD., Nostromo SpA (Calvo Group), Organico Realfoods LTD, Kiril Mischeff Limited, Others
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Canned Tuna market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on tuna species (skipjack, albacore, yellowfin, bluefin, bigeye, and others), flavor (unflavoured and flavoured), product type (canned white tuna and canned light tuna), product format (plain, chunk, solid, shredded, flakes, fillets, and others), usage format (ready to cook and ready to eat), and sales channel (B2B / HoReCa and B2C), across seven major regions of the world.
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Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. The Massive Impact of the Crisis
2.1. Global Canned Tuna Market Forecast Scenario Comparison of Annual Growth Rates for Short Term (2022-2025) and Long Term (2026-2032)
2.1.1. Optimistic Scenario
188.8.131.52. Euro Zone
184.108.40.206. Asia Pacific
220.127.116.11. Rest of the World
2.1.2. Likely Scenario
18.104.22.168. Euro Zone
22.214.171.124. Asia Pacific
126.96.36.199. Rest of the World
2.1.3. Pessimistic Scenario
188.8.131.52. Euro Zone
184.108.40.206. Asia Pacific
220.127.116.11. Rest of the World
2.2. Key Factors Impacting the Market
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