Canned Tuna Market 2017: Report Highlights The Competitive Scenario With Impact Of Drivers till 2022

According to TMR’s analysts, the global market for canned tuna is predicted to rise at a 3.8% CAGR over the forecast period of 2017 to 2025. The market’s global revenue was estimated to stand at US$ 10,496.1 mn in 2017, and is anticipated to be worth US$ 14,125.5 mn by the end of 2025.

With the rising popularity of exotic dishes, and novel food products across the globe such as sushi and sashimi, the Bluefin tuna is expected to emerge as a leading product segment over the forecast period. Among the different geographical segmentations, Europe held a key position in the global canned tuna market in 2017, and this trend is expected to prevail over the coming years. This could be attributed to the high consumption of the fish in the region.

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Adoption of Super-Frozen Tuna to Bolster Product Demand

Preserving tuna in a sushi-quality state is now possible using a special technique. Immediately after the tuna is caught it is cleaned and flash frozen to -60°C. This process prevents dehydration, spoilage and bacteria growth, with very little moisture loss when thawed and no added chemicals or preservatives. This super frozen tuna is exhaustively utilized in culinary products like sashimi and sushi. For Sushi Bluefin tuna is the major product type and for Sashimi, Skipjack and Yellowfin are dominant species in its preparation.

With the boom in demand for ready-to-eat and easy-to-cook value added tuna, there is an increasing demand for super-frozen tunas in the high-end regional markets such as Europe. Super-frozen canned tuna is available at relatively higher rates as compared to regular canned tuna but as consumers in developed regions are willing to experiment with new products and are also ready to pay higher prices for the same, super-frozen tuna is expected to fuel the growth of the canned tuna market across the globe.

Sustainably Caught and Canned Tuna to Emerge as Key Market Trend

A large number of fish consumers in the U.S. and Europe have become increasingly aware regarding the rising incidence of dolphin deaths caused due to tuna fishing. A large 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 is expected to impact the global canned tuna market in some way.

Additionally, consumers are growingly increasingly aware of the harmful effects of extensive fishing. This is leading to the destruction and extinction of some fish species which may be a by-catch. This is leading to a higher awareness of sustainable fishing practices which does not result in harm to other life in the ocean. Informed and aware consumers thus prefer buying sustainably caught, canned tuna fish over other methods. This is generating an increased interest in the product, fuelling the canned tuna market further.

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The global market for canned tuna is anticipated to witness a steady growth curve in the forthcoming years, as reported by Transparency Market Research (TMR). The market’s competitive ecosystem currently features a fragmented scenario with vendors facing stiff competition amongst each other. The vendors typically compete on the basis of quality, price, distribution and brand image/reputation. The vendors are expected to cater to regional market keeping in mind each region’s preferences and tastes, along with their economic and socioeconomic conditions. Recently, an emerging name in canned fish, Vixvital launched canned tuna in aloevera in a leading food trade show- Alimentaria- held in Barcelona, Spain. Such innovations and experiments in flavor and taste are expected to generate substantial traction in the global canned tuna market in the forthcoming years. Leading names in the global canned tuna market include Princes Group, Alliance Select Foods International, Inc., American Tuna Inc., Aneka Tuna Indonesia., and Ocean Brands GP.

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This release was published on openPR.