The canned tuna market has seen steady growth owing to the convenience and longer shelf life canned tuna provides when compared to fresh tuna. Canned tuna is a rich source of protein, vitamins, and minerals and is a versatile ingredient used in salads, sandwiches, and pasta dishes.
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 market are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. Canned tuna appeals to busy lifestyles and demand has been rising across regions due to increased disposable incomes and awareness about health benefits. The industry has also witnessed consolidations with key players expanding globally through acquisitions to increase market share and access new regions.
Growing demand in the market is attributed to nutritional profile, affordability and increasing working population preferring convenience foods. Canned tuna contains high-quality protein and is low in fat and calories, making it ideal for health-conscious consumers. Changing eating habits and exposure to international cuisines have also increased canned tuna’s popularity.
Major canned tuna producers are focused on expanding operations across Asia Pacific and Latin American countries to tap emerging markets. Global expansion allows companies to benefit from lower production costs and target price-sensitive consumers in developing nations. Partnerships with local retailers help firms strengthen product availability and last-mile delivery.
Market key trends
One of the major Canned Tuna Market Trends is the growing focus on sustainable packaging innovations to reduce environmental footprint. Companies are developing cans made from recycled aluminum or introducing peel-open cans to eliminate use of ring-pulls. Some firms have also partnered with NGOs to clean oceans and promote responsible fishing. Transition to recyclable and FSC-certified material in cartons is another sustainable packaging initiative gaining prominence. These efforts allow brands to differentiate products, appeal to eco-conscious buyers and progress towards circular economy goals.
Porter’s Analysis
Threat of new entrants: Low capital requirements and existing distribution channels lower barriers to entry.
Bargaining power of buyers: Large retailers can exert pressure on prices due to increasing variety of seafood products.
Bargaining power of suppliers: Suppliers possess significant bargaining power due to lack of substitutes and concentration of tuna reserves among few countries.
Threat of new substitutes: Products like salmon are increasingly viewed as healthier substitutes.
Competitive rivalry: Intense competition on factors like price, product variety, quality and branding.
Geographical Regions
The canned tuna market in Asia Pacific accounted for the largest share in terms of value in 2024. Countries like China, Japan and Thailand are among the leading consumers as well as producers of canned tuna in the region. Strong economic growth, rising disposable incomes and prevalence of seafood in daily diet have propelled demand growth.
North America is projected to witness the fastest growth during the forecast period. The US accounts for majority of canned tuna consumption owing to busy lifestyles, growing health awareness and preference for convenient packaged foods. Rising penetration of private label brands and launch of innovative product varieties catering to changing tastes will further augment regional market expansion.