Canned Tuna Market Size, Share & Trends Analysis Report By Product (Skipjack, Yellowfin), By Distribution Channel (Hypermarket & Supermarket, Specialty Stores, Online), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global canned tuna market size was valued at USD 18.76 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030. The industry is predicted to be significantly impacted by changing customer tastes for seafood in various cuisines due to its abundance in vital proteins, vitamins, and minerals. Moreover, the convenience, and economic value imparted by canned tuna are other factors propelling the market. During the coronavirus (COVID-19) pandemic, had a significant impact on the market. With lockdowns and stay-at-home orders in place, many people stocked up on non-perishable food items, including canned tuna. This led to an increase in demand for canned tuna products, as consumers looked for affordable and long-lasting sources of protein. On the other hand there were disruptions in the supply chain which impacted the availability and cost of raw materials used to produce canned tuna. Some fishing fleets were unable to operate due to lockdowns, which led to a shortage of raw materials for processors.

Over the past few years, the consumption of seafood has increasing significantly across the globe owing to its rich taste, nutritional properties, and less carbon footprints as compared to other meat and beef products. A blog by National Fisheries Institute suggests that 88% of all families in the U.S. have consumed canned tuna. Also, this fish is one of the top five mostly consumed seafood across the global. In recent years, the tuna industry is witnessing a paradigm shift owing to increasing production and price competition, changing technology, and shifting consumer demand.

The demand for sustainably sourced and produced food is increasing, and canned tuna is no exception. Many brands are now offering tuna that has been responsibly caught and produced, which appeals to environmentally conscious consumers. Wild Planet Tuna, American Tuna, and Ocean Naturals are some brands that offer sustainable caught tuna in can forms. More consumers are becoming aware of the impact that their food choices have on the environment, and they are seeking out products that are responsibly sourced and produced.

According to the statistics provided by the ‘GLOBEFISH’, a product, trading, and marketing branch of FAO Fisheries and Aquaculture Department, Thailand, Ecuador, China, Indonesia, and Philippines were the largest exporter of canned and processed tuna. Additionally, the European Union, the United States and Japan are the largest consumers of canned tuna. As more people lead busy lifestyles and look for quick and easy meal solutions, canned tuna is likely to remain a popular choice.

Product Insights

The skipjack canned tuna segment held the largest market share, accounting for more than 48.0% of the global share in 2022. This specie is easily available in the market with rich and nutritious seafood experience. According to the data provided by the Fish20.org, Skipjack comprises around 58.0% of the total tuna catch and most of them go for canning. According to the statistics provided by the Centre for the Promotion of Imports, 75.0% of the canned tuna imported into Europe consist of skipjack specie.

The yellowfin segment is anticipated to witness CAGR of 4.5% from 2023 to 2030. This specie is known for its mild and flavorful taste and firm texture, which makes it a popular choice among consumers who prefer a higher quality and better-tasting canned tuna. Additionally, it can be used in a wide variety of dishes, such as salads, sandwiches, and sushi. As consumers look for more versatile and healthy ingredients to incorporate into their diets, yellowfin canned tuna is likely to gain more popularity.

Distribution Channel Insights

Hypermarket and supermarket was the largest distribution channel segment with a share of more than 75.0% in 2022 and anticipated to maintain the dominance over the forecast period. Major manufacturers are promoting their products through offline retail stores such as hypermarkets & supermarkets. Moreover, several companies are opening new brick & mortar stores across the globe to expand their customer base. For instance, as per a press release by Target Brands, Inc., the company has planned to open over 25 new stores across the U.S. by the end of 2020 and add seven more stores by the end of 2021. Growing number of offline stores increases the scope of this distribution channel in the foreseeable future.

The online segment is anticipated to be the fastest growing distribution channel with a CAGR of 6.5% from 2023 to 2030. With rapid digitalization, rising penetration of smartphones, and growing internet access, businesses are gradually shifting from brick & mortar stores to e-commerce. Moreover, manufacturers are increasingly showcasing their products across online platforms, including company-owned portals and e-retailers, to increase their product visibility, especially in the emerging markets. Additionally, due to changing consumer preferences, online behemoths like Tesco.com, Walmart, Amazon Prime Pantry, Alibaba, Godrej Nature's Basket, Honestbee, and Yihaodian are growing quickly.

Regional Insights

Europe was the largest market for canned tuna with a share of more than 38.0% in 2022 owing to the consumer’s increasing adoption of simple, ready-to-eat, and convenient seafood choices. An article by European Commission published in January 2021 suggests that tuna is the most consumed fish in European Union. Each person in the region on an average consumes 2.78 kilograms of tuna, most of which is canned. Some of the biggest consumers of tinned tuna in the area are Italy, Spain, and the U.K. These trends are anticipated to witness a decent growth in the regional market over the forecast period.

Central and South America is set to witness the fastest CAGR of 6.2% over the forecast period. Skipjack tuna fishing in Brazil has traditionally been done using the one-by-one method, with operating bases in Rio de Janeiro, Santa Catarina, and Rio Grande do Sul, which also happen to be the locations of the biggest tuna canneries and export businesses in the nation. 15 million to 25 million kilograms of skipjack tuna are reportedly captured from this fishery each year, according to Sourcing Transparency Platform.

Key Companies & Market Share Insights

The market is slightly fragmented with some stringent regulation by the European and North American countries. Large number of players are present in the global market but the major consumer’s demand is catered by some of the key players such as Frinsa del Noroeste S.A., Thai Union Group PCL, Bumble Bee Foods LLC, Century Pacific Food Inc., Jealsa, and Grupo Calvo. Companies have been focusing towards strategies such as sustainability, expansions into new regions, mergers and acquisitions to compete in the market.

• For instance, in March 2023, Thai Union Group PLC announced its commitment of sourcing produce from those vessels only that implement practices to protect ocean wildlife from bycatch. This move comes after the research by Sustainable Fisheries Partnership about the risks that sharks, turtles, and seabird face in wildlife fishery.

• For instance, in October 2021, Bumble Bee Foods LLC extended its Bumble Bee Prime line of gourmet canned tuna and salmon products. The Prime Solid White Albacore in Water is wild-caught tuna made from firm, white, premium albacore tuna, water, and sea salt. It contains 30-32 grams of protein per serving.

Some of the key players operating in global canned tuna market include: -

• Frinsa del Noroeste S.A.

• Thai Union Group PLC

• Bumble Bee Foods LLC

• Century Pacific Food Inc.

• Jealsa

• Grupo Calvo

• Wild Planet Foods Inc.

• PT. Aneka Tuna Indonesia

• American Tuna Inc.

• Ocean Brands

Canned Tuna Market Report Scope

Global Canned Tuna Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global canned tuna market report on the basis of product, distribution channel, and region:

• Product Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

  • Skipjack

  • Yellowfin

  • Others

• Distribution Channel Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

  • Hypermarket & Supermarket

  • Specialty Stores

  • Online

• Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa