February 28, 2024
Canned Tuna Market

The Canned Tuna Market is Expected to be Flourished by Rising Demand for Convenient Food Options

Canned tuna refers to tuna that has been cooked, sealed in an airtight container such as a tin can, and subjected to high pressure or heat to prevent bacterial growth and extend shelf life. It is a rich source of protein and omega-3 fatty acids. Canned tuna comes in various flavors like oil, water, and sauce and is widely used in salad preparations, sandwiches, and pasta dishes due to its versatility and convenience. The growing preference towards easy-to-cook meals and on-the-go eating habits has propelled the demand for canned tuna globally.

The global canned tuna market is estimated to be valued at US$ 19.54 billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The Canned Tuna Market is Expected to be Flourished by Rising Demand for Convenient Food Options (as mentioned in heading). The hectic consumer lifestyles and long working hours have left little time for extensive meal preparation at home. This has boosted the demand for ready-to-eat and easy-to-cook packaged foods like canned tuna. Moreover, canned tuna possesses a long shelf life without requiring refrigeration, making it suitable for stockpiling and consumption even during power outages or emergencies. These attributes address the need for convenience and flexibility in modern consumption patterns. Changing dietary habits and increasing awareness about health and wellness are also driving the growth of canned tuna market.

Segment Analysis
The canned tuna market can be segmented by type into chunked, grated and sliced canned tuna. The chunked canned tuna segment dominates the market accounting for over 50% share as it has chunkier texture and is preferred for preparations like sandwiches and salads.

PEST Analysis
Political: The canned tuna market is impacted by regulations around fishing and quotas set by regional fishery management organizations to ensure sustainability. Any changes in regulations can impact supply.
Economic: The canned tuna market is sensitive to changes in consumer spending power. During economic slowdowns, demand may decline as consumers shifts to cheaper protein options.
Social: With increasing health consciousness, tuned canned in oil is losing market share to tuna canned in water which is lower in fat. Single personnel and young couples also drive the demand for convenient ready-to-eat tuna products.
Technological: Advancements in canning technologies have improved shelf-life and quality of tuna post-processing. New packaging formats like flexible pouches are also gaining traction for single-serve on-the-go consumption.

Key Takeaways
The Global Canned Tuna Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising health awareness, demand for convenience foods and international trade.

Regional analysis: North America dominates global canned tuna consumption currently due to high seafood intakes particularly in the USA. However, Asian markets especially China are the fastest growing regional segment driven by rising incomes and westernization of diets.

Key players operating in the canned tuna market are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. Indian Tobacco Company is the market leader with strongest distribution network across India while Mavalli Tiffin Room is focusing on premiumization through oil-packed variants. Gits Food Products has a wide product portfolio catering to value and mainstream segments.

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