The global canned tuna market is estimated to grow at a CAGR of 3.54% from a market value of USD8,200.066 million in 2019 to achieve a market value of USD10,103.371 million by the end of 2025. 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 minimum growth in supplies. On the other hand, import increase in the Middle Eastern markets was found to be remarkable. On the basis of 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 fourth position by the Philippines. 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.
Ecuador, on the other hand, 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 the 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 the products of Asian origin, in addition, consumer preference for higher-value products continued in the Western region.
On the basis of distribution channels, the market is segmented into an 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.
Concerns regarding the overfishing of tuna species are projected to hamper the market growth in the forecast period.
Tuna species are integral to the diet 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 bluefin tuna, which is critically endangered, 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, with the bluefin population shrinking worldwide, it has raised pressure on the bigeye fisheries.
However, with WWF’s initiatives for conserving 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 expansion and scaling 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 growth during the forecast period.
Significant health benefits of tuna are predicted to surge the 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 promoting 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 of the fact that it is rich in manganese, zinc, vitamin C, and selenium, hence, aids in strengthening the immune system of the human body. These antioxidants provide protection against deadly diseases such as cancer by fighting off the 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 metabolism rate and increases 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 due to the fact that it contains the protein elastin and thus contributes to providing a smooth tone to the skin. Tuna is known for giving radiant skin.
COVID-19 impact on the canned tuna industry: It has been predicted that inspite of the novel coronavirus pandemic situation, the demand for retail packs for canned tuna is projected to grow, however, the demand for catering packs are estimated to decline. This is due to the fact that people demand healthy tuna along with a shelf-steady life in comparison to other food products that the forced to close during the current pandemic scenario. Hence, the market is predicted to be stable.
|Market size value in 2019||US$8,200.066 million|
|Market size value in 2025||US$10,103.371 million|
|Growth Rate||CAGR of 3.54% from 2019 to 2025|
|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, Dongwon Group, Golden Prize Canning Co., Ltd., Thai Union Group PCL|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the canned tuna market size by 2025?
A1. The global canned tuna market is estimated to reach a market value of USD10,103.371 million by 2025.
Q2. What is the size of the global canned tuna market?
A2. Canned Tuna Market was valued at USD8,200.066 million in 2019.
Q3. What are the growth prospects for the canned tuna market?
A3. The canned tuna market is estimated to grow at a CAGR of 3.54% 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 the tuna consumption, further increasing the market demand during the forecast period.
Bumble Bee Foods, LLC
Golden Prize Canning Co., Ltd.
Thai Union Group PCL
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