June 18, 2024
Canned Tuna Market

Canned Tuna Market is Estimated to Witness High Growth Owing to Increasing Demand of On-the-Go Protein Snacking

Canned tuna is a rich source of protein and low in fat. It has numerous health benefits and is a versatile product that can be consumed as a snack or part of a main meal. It has a long shelf life and high convenience that makes it a preferred choice for on-the-go consumption. The growing health consciousness and preference for protein-rich snacks are driving the demand for canned tuna globally.

The Global canned tuna market is estimated to be valued at US$ 22.52 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the canned tuna are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. Key players are focusing on new product innovations, sustainable packaging and premiumization to increase their market share.

The growing demand from millennial consumers and working population favoring convenient packaged products present significant growth opportunities in the Canned Tuna Market Growth. The market players are exploring innovative marketing strategies and convenient ready-to-eat meal options to attract younger consumers.

North America and Europe currently dominate the global canned tuna market. However, Asia Pacific region is expected to emerge as the fastest growing market owing to growing middle-class population, increasing disposable incomes and preference for healthier meal options. Market players are investing in developing economies to leverage new growth opportunities.

Market Drivers

The increasing demand for on-the-go snacking and ready meals are driving the canned tuna market. The growing health consciousness and preference for protein-rich diet are also fueling the adoption of canned tuna. The attribute of high protein, low fat & calories content of canned tuna makes it a popular choice for fitness enthusiasts and health-conscious consumers. The long shelf-life and availability of canned tuna in multiple flavors catering to evolving consumer taste preferences remain key factors fueling the market growth over the forecast period.

PEST Analysis

Political: Canned tuna market is highly regulated sector. Regulations regarding fishing quotas and sustainability practices directly impact production and costs for canned tuna manufacturers.
Economic: Economic growth and rising disposable incomes are increasing demand for high protein convenience foods like canned tuna. Fluctuations in costs of raw materials like fish and oil impact profitability of canned tuna companies.
Social: Health awareness trends favoring nutrient-dense packaged foods high in protein are driving sales of canned tuna. Rising women workforce is increasing demand for easy to prepare meals.
Technological: Advancements in fishing techniques and processing equipment help canned tuna manufacturers enhance productivity and meet rising demand efficiently. Automation reduces manpower needs. Packaging innovations aim to extend shelf life and appeal to changing consumer preferences.

The canned tuna market in terms of value is predominantly concentrated in North America and Europe. North America alone accounts for over 30% of global canned tuna market share led by USA. Asia Pacific region is witnessing fastest growth in canned tuna market driven by increasing consumption in China, Japan and Southeast Asian countries owing to changing dietary habits and rising disposable incomes.

The Europe canned tuna market currently holds around 25% of overall valuation and is expected to expand at a steady growth rate during forecast period. Key country markets in Europe include Spain, France, Italy and UK. Spain retains largest share of Europe canned tuna market owing to tradition of fish consumption in Spanish cuisine.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it