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Canned Tuna Market Projected to Increase at a CAGR of 3.8% during 2017-2025

04-05-2018 07:20 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Canned Tuna Market Projected to Increase at a CAGR of 3.8% during

According to the latest market report published by Transparency Market Research titled “Canned Tuna Market’: Global Industry Analysis and Forecast 2017-2025,” the revenue generated from canned tuna has been estimated to be valued over US$ 10,496.1 Mn in 2017, which is projected to increase at a CAGR of 3.8% during the forecast period (2017-2025).

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Market Taxonomy: By Species, Distribution Channel, and Region

By species type, the global canned tuna market is segmented as albacore, skipjack tuna, yellowfin tuna, Bluefin tuna, bigeye tuna and longtail tuna. By distribution channel the market is segmented as direct and indirect. Furthermore, by indirect channel, the market is segmented as hypermarkets/supermarkets, specialty stores, online channels, convenience stores and others. By end use, the market is segmented as foodservice and households.

On the basis of region, the market in Europe is anticipated to dominate the global canned tuna market both in terms of value and volume in 2017. North America is expected to gain significant market share in revenue terms by 2025 end. This trend is attributed to the consumer dependence on canned tuna as demand for processed and ready-to-eat food is growing in this region. Moreover, BENELUX is projected to exhibit significant CAGR in terms of value during the forecast period.

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While the consumer demand for canned tuna witnesses a downward trend, the increasing demand from the Middle East is leveling off this decline, and emerging as an attractive market for ASEAN canned tuna exporters. The exemption from import duties in the Middle East has led to higher exports in this region. Egypt, Saudi Arabia, and Israel are the largest importers of tuna in the Middle East, accounting for 21%, 19%, and 11% import share, respectively. The import tariff in most of the countries in this region is only 5%, which is very low as compared to the U.S. and the EU. In spite of the large scope for fishing, the Middle Eastern region is poorly developed in fishing, and hence, is heavily dependent on imports from ASEAN countries, especially Vietnam. High demand from non-traditional markets is the only rescuer of the canned tuna market from declining in the near future.

US Canned Seafood Market to Face a Downward Trend

Overfishing has led governments to ban commercial fishing in parts of the Pacific Ocean. The ban on fishing has led to the overall lower supply of tuna, consequently leading to higher prices of canned tuna. Higher prices have, in turn, led to lower demand for canned tuna from regions such as Europe. Tuna species such as yellowfin are overfished and are categorized as an endangered species. Concerns against overfishing are growing and are leading to the fluctuating supply and demand of canned seafood, globally.

In the U.S., the canned seafood market is also indicating a clear downward trend due to the lack of sustainable and regular supply of its main product. Consumers in the U.S. and Europe are highly concerned about dolphin deaths caused due to tuna fishing. A vast number of dolphins have been killed during tuna fishing, and consumers are averse to buying products that have resulted in the deaths of this large by catch. Consumer sensitivity towards the sustainability of canned tuna dictates the growth of the market. The dolphin safety issue has been trending in the canned tuna market over the past many years and is still a major obstacle being blamed for the decline of the canned tuna market.

Key Market Players

Some of the major companies operating in the global Canned Tuna market are Thai Union Group, Alliance Select Foods International, Inc., Ocean Brands GP, Bumble Bee Foods, LLC, StarKist Co., Raincoast Trading Company, Princes Group, Golden Prize Canning Co., Ltd., PT. Aneka Tuna Indonesia., Wild Planet Foods Inc.., Hi-Q Food Products Co., Ltd., American Tuna Inc., Safcol Australia Pty. Ltd., Conga Foods Pty Ltd, Millaton Fishery Co. Ltd., Sadr Darya Co., Dorj Group Companies, Tohfe Food Product Company, C-Food International LLC and Pegasusfood Co., Ltd.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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