Canned tuna is one of the most popular seafood options globally due to its high protein content, versatility in cooking, and long shelf life. Canned tuna comes in various varieties such as skipjack tuna, yellowfin tuna, and albacore tuna. It is commonly eaten directly from the can as a snack or used as an ingredient in salads, sandwiches, and pasta dishes to add flavor and nutrition. The growing health and wellness trends have further increased demand for canned tuna as a convenient source of lean protein. The global canned tuna market comprises products in varying size options from 85g mini cans to larger pouches and cans weighing up to 195g or more. The growing working professional population relies heavily on ready-to-eat packaged foods like canned tuna for their daily protein intake.
The global canned tuna market is estimated to be valued at US$ 19.54 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the canned tuna market is the rising popularity of flavored variants. To appeal to changed tastes and preferences of consumers, manufacturers are introducing canned tuna infused with additional flavors like Mediterranean, Thai, Indian, and Mexican spice blends. This has allowed canned tuna to be used in more global recipes and dishes. Another key trend is the increasing use of BPA-free linings in cans. As consumer awareness about toxic packaging materials grows, prominent canned tuna brands are switching to linings like oleoresins which do not leach BPA into the tuna. This is expected to boost the market further. Sustainable sourcing and fishing practices are also gaining focus, with some brands partnering directly with fishing communities.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the canned tuna market is moderate as it requires huge capital and resources for establishing production facilities and distribution channel.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes like canned salmon, canned chicken and canned sardines.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers like tuna fishing companies and can manufacturers have limited bargaining power due to availability of substitutes.
Threat of new substitutes: The threat of substitutes is high for canned tuna as packaged salmon, chicken and fish are readily available substitutes in the market.
Competitive rivalry: The competitive rivalry in canned tuna market is high due to presence of global and regional players competing based on product quality, pricing and innovation.
Key Takeaways
The Global Canned Tuna Market Size is expected to witness high growth at a CAGR of 16% during the forecast period of 2023 to 2030. The market size in 2024 is projected to be around US$ 19.54 Bn.
Regional analysis: Asia Pacific is currently dominating the global canned tuna market and is expected to grow at the fastest pace during the forecast period due to growing working population and increasing demand for convenience food in countries like China and India.
Key players: 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. These players are focusing on new product launches, acquisitions and strengthening their distribution network to enhance market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it