The market valuation for canned tuna reaches USD 9.8 billion in 2022 and is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 4.4% throughout the forecast period, reaching a projected value of USD 15.0 billion by 2032. Recent findings from Future Market Insights’ market analysis reveal that the global demand for canned tuna is expected to experience year-on-year (Y-o-Y) growth of 3.8% in 2022.
Navigating the Seas: Insights into the Canned Tuna Market
Canned tuna, a staple in American households, primarily sourced from three major players – Starkist, Bumble Bee, and Chicken of the Sea – dominates the US market, accounting for a substantial 80% share. Despite the availability of smaller brands, these key players shape the canned tuna landscape.
Global Tuna Fishing Hotspots:
Tuna fishing is a global venture, with the Pacific Ocean taking the lead, followed by contributions from the Atlantic Ocean, Indian Ocean, and the Mediterranean Sea. Top tuna-producing countries include Japan, Indonesia, and the Philippines, contributing significantly to the global tuna yield. Notably, Thailand emerges as a key player in tuna processing, hosting nearly 25% of the world’s canned tuna production.
Market Dynamics:
- Market Concentration: Starkist, Bumble Bee, and Chicken of the Sea are pivotal players, capturing a substantial share of the US canned tuna market.
- Global Tuna Hotspots: Pacific Ocean, Atlantic Ocean, Indian Ocean, and the Mediterranean Sea contribute to global tuna fishing yield.
- Top Producers: Japan, Indonesia, and the Philippines lead in tuna fishing, while Thailand plays a crucial role in tuna processing.
- Market Share: Key players contribute to almost 80% of the canned tuna market in the US, emphasizing their stronghold in the industry.
- Global Processing Hub: Thailand emerges as a major player, hosting approximately 25% of the world’s tuna processing plants.
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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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Competitive Landscape
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
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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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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