Global Canned Tuna Market US$ 14,125.5 Mn by 2025| Industry Crucial Players- 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
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Although lifestyles of consumers worldwide are getting busier and faster, and the market offers an extensive range of prepared and frozen food, the global market for canned tuna is projected to experience passive growth over the next few years. Growing consumer dependency on prepared and ready-to-eat food is considered to be a key driver to push the demand for canned tuna a little farther over 2017-2025. Global revenue of canned tuna market was around US$ 10,496.1 Mn in 2017, which is expected to increase at a CAGR of 3.8% over the forecast period, reaching a value worth US$ 14,125.5 Mn by the end of 2025.
Drivers & Restraints:
While 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 is thus heavily dependent on imports from ASEAN countries, especially Vietnam.
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.
Analysis by Region:
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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The growth of the ready-to-eat and easy-to-cook value added tuna market is evident, and there is an increasing demand for super-frozen tunas in the high-end European markets. Super-frozen tuna is mainly consumed in a Japanese delicacy - sashimi. In order to accommodate the supply and demand for super-frozen tuna, the canned tuna supply chain in Europe is improving, which will steadily lead to an increased volume of super-frozen tuna in the European market. Super-frozen canned tuna is available at relatively higher rates as compared to regular canned tuna but as consumers in this region 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 in this region.
Overfishing has led governments to ban commercial fishing in specific parts of the Pacific Ocean. The ban on fishing has led to curtailed 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 have already been categorized as an endangered species. Concerns against overfishing are growing, 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.
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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