The global canned tuna market size is expected to reach USD 9.22 billion by 2027, exhibiting a CAGR of 2.26% during the forecast period. The rising consumption of packed food items and beverages will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Canned Tuna Market Size, Share & Covid-19 Impact Analysis, By Type (Canned Light Tuna and Canned White Tuna), Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, and Online Retail), and Regional Forecast, 2020 – 2027” the market size stood at USD 7.74 billion in 2019.
The list of Top players profiled in the Global Canned Tuna Market are:
- Thai Union Group PCL (Thailand)
- StarKist Co. (U.S.)
- A.E.C. Canning Company Limited (Thailand)
- American Tuna Inc. (Unites States)
- Bumble Bee Foods LLC (United States)
- Century Pacific Food Inc. (Philippines)
- Crown Prince Inc. (United States)
- Grupo Albacora SA (Spain)
- Wild Planet Foods Inc. (United States)
- Golden Prize Canning Co. Ltd. (Thailand)
- Ocean's (Canada)
- Dongwon Enterprise Co., Ltd. (South Korea)
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Heavy Demand for Ready-to-Eat Food Products to Boost Growth
The rising consumer inclination towards ready-to-cook and ready-to-eat food products owing to the sedentary lifestyle of people in cities will have a tremendous impact on the market in the forthcoming years. The surge in the working women class will subsequently propel the growth of the market in the foreseeable future. The increasing awareness about the benefits of convenience food items such as easy to prepare, nutritious, and instant ready will fuel high demand for the market in the foreseeable future. The focus of manufacturers towards the development of innovative and best quality ready-to-eat packaged food items to serve the needs of the consumers will further enhance the potential of the market. For instance, In February 2019, Chicken of the Sea a leader of packaged seafood based in California announced the launch of a new resealable, single-serve recyclable cup of wild-caught tuna to cater to the high demand for on-the-go food among millennials.
Regional Analysis:
Production of Processed Food Products to Bolster Growth in North America
North America is predicted to witness an exponential growth rate during the forecast period owing to the extensive consumption of processed food products and beverages. The rising demand for convenience food and a well-established supply chain will foster the healthy growth of the market in North America. The expansion of production units of huge multinational processed companies in the U.S, Canada, and Mexico will positively affect market growth. The presence of a large migrant population in the region has led to the consumption of ready-to-eat food items.
The rise in cross-culture food consumption has fuelled demand for various cuisines Japanese and Indian cuisines such as tekkadon, sushi, and curries, which, in turn, will augur well for the market. Asia Pacific is expected to rise tremendously during the forecast period owing to the rising millennial population. The increasing demand for convenience food will contribute positively to the growth of the market in the region. Rapid urbanization and industrialization will propel market growth in Asia Pacific.
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Key Industry Development:
April 2019: John West Foods Limited announced the launch of a new range of canned tuna-based cracker toppers as an initiative to create quick and convenient snacking alternatives along with expanding its product portfolio.
