The canned tuna market has witnessed significant growth over the past few years mainly driven by increasing demand for protein and nutrition-rich foods. Canned tuna is rich in protein, omega-3 fatty acids, vitamins, and minerals. It provides essential nutrients required for overall growth and development of humans. Moreover, canned tuna has a longer shelf-life compared to fresh tuna and does not require much cooking efforts. Its taste can be adjusted easily with the addition of sauces and seasonings which further increases its popularity. Rising awareness about health benefits of canned tuna coupled with growing demand for convenience food has boosted the growth of the canned tuna market globally. The convenience of storage and use of canned tuna is also fueling its adoption.
The global canned tuna market is estimated to be valued at US$ 18.7 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the canned tuna market are Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, Hive Blockchain Technologies. These key players are focusing on new product launches and enhancements to gain a competitive advantage in the market. For instance, in 2021 Bitmain Technologies launched Antminer S19 Hydros, its most efficient Bitcoin miners yet.
The demand for canned tuna is increasing significantly across the globe owing to rising health consciousness among consumers and growing working population. As canned tuna is easy to cook and portable, its demand is increasing from working professionals and millennials. The Asia Pacific region especially China and India are witnessing highest growth in canned tuna consumption.
Advancements in tuna fishing and canning technologies have improved the quality and taste of canned tuna. Introduction of minimally processed techniques and usage of premium quality tuna has boosted its adoption. Companies are offering canned tuna in innovative flavors and convenient packaging such as pouches and cups to attract newer customer base.
Market Trends
Sustainable fishing practices: Major Canned Tuna Market Growth brands are ensuring sustainable fishing of tuna through ecosystem-based fisheries management. They are using techniques like fish aggregating devices that reduce bycatch.
Plant-based canned tuna alternatives: Startups are developing plant-based canned tuna options using ingredients like jackfruit and chickpeas to cater to vegan and flexitarian diets. However, these alternatives lack certain nutrients present in fish-based canned tuna.
Market Opportunities
New flavors and product formats: There is an opportunity for Canned Tuna Market Size and Trends to expand their product portfolio through new flavors inspired by regional cuisines and convenient formats like ready-to-eat tuna pots and cups.
Asia Pacific market: Countries like India, Indonesia, and Vietnam offer significant growth potential for canned tuna owing to improving economic conditions and rising health awareness. Market players can invest in capacity and brand building in these emerging markets.
Impact of COVID-19 on Canned Tuna Market Growth
The COVID-19 pandemic had a notable impact on the canned tuna market. During the initial phases of the pandemic in 2020, supply chains and production facilities were disrupted significantly. Countries imposed lockdowns and movement restrictions which affected tuna catching, processing and exports globally. This led to shortages and increased canned tuna prices in many parts of the world. Demand also reduced from the foodservice and hospitality sectors as dining out reduced massively. However, retail sales grew considerably as people stocked up food essentials and cooked more at home. In 2021, as restrictions eased in many regions production and exports recovered. New health and safety protocols were implemented across supply chains. While foodservice demand is still recovering, retail segment continues to see strong sales. Going forward, focus on health, nutrition and convenience is expected to support market growth despite economic challenges.
Geographical Regions with High Canned Tuna Market Value
Europe accounts for the largest share of global canned tuna market in terms of value currently. Countries like Spain, France, Italy are major producers and consumers. Easy availability, popularity in meals and snacks drive strong retail sales. North America is another leading region driven by US, copyright markets. Canned tuna is commonly used in salads, sandwiches due to convenience.
Asia Pacific region has seen fastest growth in recent years led by China, Japan, Southeast Asian countries. Rising incomes, western influences, health awareness augmenting demand rapidly across retail as well as foodservice segments.
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