Canned Tuna Market Size, Share & Trends Report

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, 2020 - 2027

  • Published Date: Aug, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-985-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 80

Report Overview

The global canned tuna market size was valued at USD 8.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2020 to 2027. Shifting consumer preferences for seafood in various cuisines on account of being a rich source of essential proteins, vitamins, and minerals are expected to be a key factor driving the industry. Moreover, the taste of tuna is very delicious and distinct from any other seafood, which is why the product is witnessing high demand across the globe. Over the past few years, the consumption of seafood has been increasing significantly across the globe owing to its rich taste, nutritional properties, and fewer carbon footprints as compared to other meat and beef products. However, tuna is one of the top five most consumed seafood items across the globe. 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 U.S. canned tuna market size

European countries and the U.S. are the largest consumers of canned tuna, whereas some of the Asian countries, such as Japan, Australia, and South Korea, are also leading in the consumption chart. However, the majority of the tuna industry, especially the canned tuna sector, is catered to some of the Asian countries as the quality of the fish is excellent.

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 the Philippines were the largest exporters of canned and processed tuna. However, the U.S., Japan, Australia, Egypt, Saudi Arabia, and European countries were the largest importers of canned and processed tuna.

During the coronavirus (COVID-19) pandemic, the demand for canned food, especially tuna, has increased significantly across the U.S. Consumers are increasingly buying this product as it is the cheapest protein available in the market, coupled with higher shelf life. These consumer trends are anticipated to boost demand over the forecast period.

Product Insights

Skipjack canned tuna held the largest volume share of more than 55.0% in 2019. This species is easily available in the market with rich and nutritious seafood experience. According to the data provided by 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 consists of skipjack species.

Yellowfin is anticipated to register the fastest CAGR of 5.0% from 2020 to 2027 in terms of revenue. This species of tuna is gaining more popularity among consumers owing to its rich taste and excellent texture. The growing demand for this canned tuna variant is expected to boost the segment growth over the forecast period.

Distribution Channel Insights

Hypermarket and supermarket was the largest distribution channel segment with a volume share of more than 60.0% in 2019 and is anticipated to maintain the lead over the forecast period. Major manufacturers are promoting their products through offline retail stores, such as hypermarkets and supermarkets. Moreover, several companies are opening new brick and 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. An increasing number of offline stores expand the scope of this distribution channel in the foreseeable future.  

Global canned tuna market share

The online segment is anticipated to be the fastest-growing distribution channel with a volume-based CAGR of 4.5% from 2020 to 2027. With rapid digitalization, rising penetration of smartphones, and growing internet access, businesses are gradually shifting from brick and 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. In addition, online giants such as Tesco.com, Walmart, Amazon Prime Pantry, Alibaba, Godrej Nature's Basket, Honestbee, and Yihaodian are expanding rapidly owing to shifting consumer preferences.

Regional Insights

Europe was the largest regional market for canned tuna with a revenue share of more than 40.0% in 2019 owing to the increasing adoption of simple, ready-to-eat, and convenient seafood choices among consumers. According to a study conducted by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), in 2018, tuna is the most consumed marine species in Europe. Italy, Spain, and the U.K. are some of the largest canned tuna consuming countries in the region. These trends are anticipated to fuel the growth of the regional market over the forecast period.

The Middle East and Africa is anticipated to register the fastest CAGR of 5.6% from 2020 to 2027 in terms of revenue. New untapped markets in Middle Eastern and African countries, including Saudi Arabia and Egypt, are emerging as major marketplaces with immense growth opportunities. According to the statistics provided by the ‘GLOBEFISH’, Saudi Arabia has witnessed a surge of 23.3% and Egypt witnessed a surge of 15.0% in 2019 for the canned and processed tuna import as compared to the previous year.

Key Companies & Market Share Insights

The market for canned tuna is slightly fragmented due to the presence of some stringent regulations by the European and North American countries. A large number of players are present in the global market but the major consumer demand is catered by some of the key players. These major players hold a substantial market share in Europe, North America, and the Asia Pacific. Some of the prominent players in the canned tuna market include:

  • Frinsa del Noroeste S.A.

  • Thai Union Group PCL

  • 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

Report Attribute

Details

Market size value in 2020

USD 8.57 billion

Revenue forecast in 2027

USD 11.89 billion

Growth Rate

CAGR of 4.7% from 2020 to 2027

Market volume in 2020

1,910.6 kilotons

Volume forecast in 2027

2,514.1 kilotons

Growth Rate

CAGR of 3.9% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in kilotons, revenue in USD million and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

The U.S.; Italy; Spain; The U.K.; Japan; Australia; Saudi Arabia; Egypt

Key companies profiled

Frinsa del Noroeste S.A.; Thai Union Group PCL; Bumble Bee Foods LLC; Century Pacific Food Inc.; Jealsa; Grupo Calvo; Wild Planet Foods Inc.; PT. Aneka Tuna Indonesia; American Tuna Inc.; Ocean Brands

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Segments Covered in the Report

This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. 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, 2016 - 2027)

    • Skipjack

    • Yellowfin

    • Others

  • Distribution Channel Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • Hypermarket & Supermarket

    • Specialty Stores

    • Online

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

    • Europe

      • Italy

      • Spain

      • The U.K.

    • Asia Pacific

      • Japan

      • Australia

    • Central & South America

    • Middle East & Africa

      • Saudi Arabia

      • Egypt

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