Canned Tuna Market Set to Grow at Highest Pace

The Global canned tuna market is estimated to be valued at US$ 22.52 Bn in 2024

The canned tuna market has witnessed significant growth over the past few years on account of rising awareness about the multiple nutritional benefits of tuna. Tuna is a great source of high-quality protein and contains essential nutrients like omega-3 fatty acids, selenium, vitamin B3, and vitamin B6. Canned tuna is extremely convenient to consume as a part of busy lifestyles. It has a long shelf life and requires no refrigeration, making it ideal for home cooking as well as outdoor activities and adventures.

The global canned tuna market is estimated to be valued at US$ 22.52 Bn 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. These players are focusing on expanding their production facilities and product lines to cater to the rising demand.
The demand for canned tuna is increasing significantly owing to rising health consciousness among consumers and growing awareness about various health benefits of tuna. Its high protein content makes it popular among fitness enthusiasts and bodybuilders. The on-the-go consumption trend is also driving the sales of canned tuna.
Technological advancements like improved packaging and new preservation techniques have increased the shelf life of canned tuna. Players are investing heavily in R&D to develop minimally processed and clean-label canned tuna products to attract health-conscious consumers. Advanced packaging helps maintain the quality and nutritional value of canned tuna for longer durations.

Market Trends
Sustainable sourcing and traceability are emerging as important trends in the Canned Tuna Market Size. Players are partnering with suppliers and fisheries to ensure sustainable fishing practices and protect marine life. Transparency in sourcing and providing traceability details on product labels help build brand trust among environmentally conscious consumers.
Another key trend is the rising popularity of flavored and seasoned canned tuna variants. Players are innovating with different flavor profiles and recipes like Mediterranean, Thai, Indian, etc. to appeal to changing tastes and preferences of consumers. These value-added products have higher margins and are driving significant revenue growth.

Market Opportunities
The growing appeal of ready-to-eat seafood presents an attractive opportunity for canned tuna manufacturers. The demand for convenient snack options is increasing rapidly. Canned tuna is an ideal snack that can be consumed straight from the can without any preparation.
The vegan and plant-based food trend also offers new opportunities. Manufacturers are developing 100% plant-based canned tuna-like products using seaweed, mycoprotein, or other plant-based ingredients that emulate the taste and texture of tuna. This helps address sustainability issues and also appeal to the vegan demographic.

Impact of COVID-19 on Canned Tuna Market Growth
The COVID-19 pandemic had a huge impact on the canned tuna market globally during 2020. During the onset of the pandemic and subsequent lockdowns enforced worldwide, seafood supply chains and production were disrupted significantly. Canned tuna imports saw a decline initially due to disrupted logistics and shipping issues. However, with people spending more time at home during the lockdowns, demand for canned and packaged foods saw an increased demand. Canned tuna being a shelf-stable product saw its demand rise sharply as consumers stocked up on essential food items. Production units resumed operations with new safety protocols after initial shutdowns. The demand has remained elevated even in the post lockdown period as work from home and online deliveries have become a new norm. While supply chain challenges persist, the increased demand for convenient and affordable proteins is expected to drive the canned tuna market’s growth in the coming years.

Noth America currently contributes the largest share to global canned tuna market value wise. The region has presence of established brands and consumers’ high preference for seafood proteins drives demand. However, the Asia Pacific region registered the fastest growth rate pre-pandemic and demand escalated further during COVID times. Countries like China, Japan, Singapore consume high quantities of canned tuna and rising incomes are increasing per capita consumption. Southeast Asian countries are also emerging as major producers and low costs are attracting companies to set up production units catering to the growing regional demand.

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