In 2019, the global canned tuna market stood at USD 7.69 Billion. It is projected to rise to USD 9.31 Billion by 2029. This projection indicates a CAGR (CAGR) of 2.39% for 2020-2029.
The increasing use of packaged foods is the main reason for market growth. Canned food includes meat, fruits, vegetables, and fish prepared in advance or ready for immediate consumption. Convenience food products have gained popularity in recent years due to the growing number of people who work and their hectic lives. This directly contributes to the market’s expansion.
The global COVID-19 outbreak will have a significant impact on the market. There is a decrease in the availability of food products due to lockdowns in many countries. Many production facilities have been shut down, affecting consumers’ purchasing power. This has affected the sales of processed food products. Numerous governments have established new regulations and rules for purchasing food and beverages. The rising costs of food products and shrinking stocks of certain foods in emerging countries have put a strain on the market. The market is growing as consumers increasingly depend on canned and packaged foods for convenience and availability. The hygiene quotient of canned food is a major driver of market growth. The future market for packaged food products will continue to grow.
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To support development, rising consumer dependence on ready-to-cook and ready-to-eat foods
Consumers can now rely on ready-to-cook and ready-to-eat food because of the ease of cooking. The popularity of canned tuna has increased due to the increase in working women. Because it is easy to prepare and nutritionally balanced, this convenience food product is very popular among millennials. Manufacturers are hard at work to create new products and obtain certifications so consumers can have better products.
Chicken of the Sea introduced a single-serve, recyclable cup of wild tuna to meet the increasing demand from millennials.
Increased Demand from Consumers for Plant-Based Food Products
The increasing preference for plant-based foods has slowed market growth. Consumers have become more concerned about the welfare of animals and the environment, so they are switching to plant-based foods. In developing countries, the vegan trend has helped to increase the use of plant-based products. Consumers love them for their variety of plant-based fish meat options and excellent taste.
Market Key Trends:
Incorporating high-nutritious foods into your daily diet
The acceptance of high-nutrition foods has led to an increase in tuna consumption. Consuming tuna is a nutritious and easy protein source that people are more likely to eat. Tuna is rich in healthy fatty acids, which are vital for growth. It is a popular choice for pregnant women and breastfeeding mothers. Due to increasing tuna consumption and availability, the market offers many growth opportunities.
- Thai Union’s Tuna brand, SEALECT, launched a limited edition Can think of Tuna in March 2021. The container design featured Doraemon from Japanese manga. The SEALECT tuna special Edition transforms canned tuna into rare collector’s items. Available in three Doraemon Shizuka and Nobita styles.
- After Yum and Thai Union, a significant global seafood company, came together in February 2021 to create SEALECT tuna. The unique feature of this canned tuna sauce comes from the fact that consumers can mix chili, vegetables, lime, and other ingredients to make their own spicy salsa.
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The report includes key market players:
Thai Union Group
The Tuna Store
Bumble Bee Foods
Key Market Segments:
Frequently Asked Questions (FAQs):
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