Canned Tuna Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Species (Skipjack, Yellowfin, Bigeye, Albacore, Others), By Distribution Channel (Online, Offline (Hypermarket & Supermarket, Specialty Stores, Others)), And By Geography- Forecasts From 2022 To 2027

The global canned tuna market was evaluated at US$9626.877 million for the year 2020, growing at a CAGR of 4.14% reaching the market size of US$12790.573 billion by the year 2027.

According to the FAO 2019 information, the worldwide demand for processed and canned tuna continued to increase, and this was further supported by stable and cheaper raw material supplies. It was noticed that imports in the United States and the EU28, in the two large markets, were found to be steady, with minimal growth in supplies. On the other hand, import growth in the Middle Eastern markets was found to be remarkable. Based on exports, In the first half of 2019, Thailand, Ecuador, and Spain were reported to be the top three suppliers of processed and canned tuna to the global industry. China has replaced the Philippines in the fourth position. It was reported that Thailand achieved double-digit growth with substantial growth in exports to the Middle-Eastern countries. Minor growth was observed in the United States market with a 2% growth rate. However, Thailand's exports reported a negative growth trend in the EU28 market, with a -21% growth.

 On the other hand, Ecuador shipped more than 60% of its exports to the EU28, 11% to the United States, 9% to the Colombian market, 7% to Argentina, and 3.5% to Chile.

China’s importance in processed or canned tuna imports is attributed to the aggressive sales of pre-cooked tuna loins to the EU and Thailand. However, it was found that Chinese exports to the United States decreased owing to the rise in tariffs imposed on Chinese products.

The demand for canned tuna in the global market in the first half of 2019 remained quite promising as compared to the previous year. The Middle Eastern markets were strong for products of Asian origin. In addition, consumer preference for higher-value products continued in the Western region.

Based on distribution channels, the market is segmented into online and offline sales channels.

It is predicted that by the end of 2025, the offline sales channel is projected to hold a significant market share, on the other hand, over the forecast period, the online mode of sales channel will grow at a high growth rate due to the increasing internet penetration at the global level. In addition, several businesses are opening new physical storefronts all around the world to increase their consumer base. For instance, according to a press release from Target Brands, Inc., the company has plans to add seven additional shops by the end of 2021 and over 25 new stores nationwide by the end of 2020. The reach of this distribution channel will likely extend shortly as more offline locations open.

Concerns regarding the overfishing of tuna species are projected to hamper the market's growth in the forecast period.

Tuna species are integral to the diets of many individuals and are also one of the most commercially valuable fish at the global level. The majority of the tuna fish market consists of four major species, namely, skipjack, accounting for over half of the global total catch of tuna. This is followed by the yellowfin, bigeye, and albacore. The critically endangered bluefin tuna comprises only around 1% of the total global catch. It has been noticed that tuna conservation and management have not evolved along with the advancements in methods of catching. Hence, most of the tunas are fully exploited, which means that there is no room for fishery expansion. While in others, overexploitation is reported, and this poses a risk of stock collapse. As per the International Seafood Sustainability Foundation (ISSF), around 65% of tuna stocks are considered to be at a healthy level of abundance, on the other hand, around 13% are reported to be overfished. It has been observed by the ISSF, that many tuna fishes are currently overfished and adult fishes are being caught much faster than their ability to breed and replenish or revive their population. The Pacific bluefin tuna is fished on a large scale, and the Atlantic bigeye and the Indian Ocean yellowfin are also encountering overfishing with growth in catch levels in recent years. The skipjack tuna, on the other hand, are resilient but are capable of easily falling into a vulnerable state owing to overfishing, in the case of improper management. Additionally, the bluefin population shrinking worldwide, which has put pressure on the bigeye fisheries.

However, with WWF’s initiatives to conserve the global tuna population, there are opportunities for the market to attain sustainable growth with time. To date, WWF's progress includes the creation of a framework for change that can be utilized for the expansion and scaling up of conservation and protection efforts. Hence, concerns regarding the overfishing of tuna species are projected to have a low-to-moderate impact on impeding the market’s growth during the forecast period.

Significant health benefits of tuna are predicted to boost tuna consumption, further increasing the market demand during the forecast period.

It has been reported that tuna consumption is quite beneficial for health. This involves multiple benefits that include improvement in eyesight, a healthy heart, and improvement in hair quality. For maintaining heart health, tuna consumption will provide omega-3 fatty acids that will result in the reduction of cholesterol levels in the arteries, especially, bad cholesterol, LDL. Hence, this will further contribute to efficiently carrying out the blood pumping function of the heart, and further, promote the maintenance of good health.

Tuna is considered to be rich in potassium, which is known to lower blood pressure. Omega-3 fatty acids, in conjunction with potassium, contribute to bringing an anti-inflammatory effect to the cardiovascular system, and this, in turn, helps in lowering blood pressure. Furthermore, consuming tuna also helps reduce stroke risks and heart attacks.

Tuna helps in improving the body’s immune system. This is because it is rich in manganese, zinc, vitamin C, and selenium. It, therefore, aids in strengthening the immune system of the human body. These antioxidants protect against deadly diseases such as cancer by fighting off free radicals from the body.

For weight management, tuna helps in balancing the calories and, as it is low in fat content and rich in proteins and other nutrients, it contributes to maintaining a healthy weight.

Furthermore, tuna helps in improving metabolic rate and increasing the functionality of body organs.  This, in turn, helps in keeping the human body energetic, healthy, and active.

Additionally, the vitamin B complex in tuna contributes to keeping skin healthy. This is because it contains the protein elastin and thus contributes to providing a smooth tone to the skin. Tuna is known for giving radiant skin.

Recent Developments and expansions

• The nation's first albacore and yellowfin tuna to be certified by the prestigious Marine Stewardship Council standard were introduced by the UK grocery chain Waitrose in April 2021. To get the verified products on the UK market, the supermarket worked with the government, NGOs, and suppliers for more than ten years.
• A limited-edition can of tuna with a container representing the iconic Japanese manga series Doraemon was introduced by Thai Union's Tuna company SEALECT in March 2021. The limited-edition SEALECT tuna, which comes in three Doraemon, Shizuka, & Nobita designs, transforms canned tuna into valuable collector's pieces.
• The creative new product SEALECT tuna x After Yum was released in February 2021 as a result of Thai Union's partnership with the neighbourhood eatery After Yum. Customers can add chile, vegetables, and lime juice to the special sauce made from canned tuna to create their own custom spicy salad dish.

COVID-19 Impact on Canned Tuna Market

It has been predicted that, despite the novel coronavirus pandemic situation, the demand for retail packs of canned tuna is projected to grow.  However, the demand for catering packs is estimated to decline. This is because people demand healthy tuna along with a shelf-steady life in comparison to other food products that are forced to close during the current pandemic scenario. Hence, the market is predicted to be stable.

Canned Tuna Market Scope:

Report Metric	Details
Market size value in 2020	US$9626.877 million
Market size value in 2027	US$12790.573 billion
Growth Rate	CAGR of 4.14% from 2020 to 2027
Base year	2020
Forecast period	2022–2027
Forecast Unit (Value)	USD Million
Segments covered	Species, Distribution Channel, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	A.E.C. Canning Co., Ltd., American Tuna, Bumble Bee Foods, LLC, Ocean’s, Golden Prize Canning Co., Ltd., Thai Union Group PCL, Grupo Calvo, Wild Planet Foods Inc., Frinsa del Noroeste S.A., PT. Aneka Tuna Indonesia
Customization scope	Free report customization with purchase

 

Segmentation:

• By Species
  • Skipjack
  • Yellowfin
  • Bigeye
  • Albacore
  • Others
• By Distribution Channel
  • Online
  • Offline
    • Hypermarket & Supermarket
    • Specialty Stores
    • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • UAE
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Thailand
    • Indonesia
    • Taiwan
    • Others

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Frequently Asked Questions (FAQs)

Q1. What will be the canned tuna market size by 2027?
A1. The global canned tuna market is estimated to reach a market value of US$12790.573 billion by 2027. 

Q2. What is the size of the global canned tuna market?
A2. Canned Tuna Market was valued at US$9626.877 million in 2020. 

Q3. What are the growth prospects for the canned tuna market?
A3. The canned tuna market is estimated to grow at a CAGR of 4.14% over the forecast period. 

Q4. How is the global canned tuna market segmented?
A4. The global canned tuna market has been segmented by species, distribution channels, and geography. 

Q5. What factors are anticipated to drive the canned tuna market growth?
A5. Significant health benefits of tuna are predicted to surge tuna consumption, further increasing the market demand during the forecast period.

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