Canned tuna market to reach $15bn by 2032
The global canned tuna market is set to witness growth at a CAGR of 4.4% and top a valuation of $15 billion by 2032, according to a new report.
Tuna species vary in lifespan and species from around lifespan of 10 years and 40-pound skipjack to lifespan of up to 40 years and 1500 pound bluefin species.
Tuna are recognised as both migratory and predatory species, found in most of the large oceans worldwide.
While classified as white meat tuna (usually albacore) and light meat tuna (mostly skipjack, sometimes yellowfin), canned tuna sold in the US mainly comes from 3 key brands, such as Starkist, Bumble Bee, and Chicken of the Sea.
Though smaller labeled brands are commercially available in the US, but key players contribute to almost 80% of canned tuna in the country.
However, tuna fishing occurs mainly in the Pacific Ocean, though Atlantic Ocean, Indian Ocean, and Mediterranean Sea also contributes a large amount of canned tuna raw material in terms of yield.
Japan, Indonesia, and the Philippines are the top countries that produce the most of tuna fishing yield, while Thailand has become one of the major sites of tuna processing plants, contributing almost 25% of canned tuna in the world.
Key Takeaways from Market Study
- The canned tuna market is worth of $9.8 billion sales in 2022.
- The canned tuna market is expected to expand at CAGRs of 4.4% through 2032.
- Global canned tuna demand is projected to grow year-on-year (Y-o-Y) growth of 3.8%in 2022.
- The canned tuna market is growing with a notable boost towards the production to reach $15 billion by 2032.
- High product demand, soaring production, and widespread usage in food industry are the factors driving growth of the market and to be the influencing factors among consumers, which is driving sales of canned tuna across global markets.
- Demand for canned tuna grew at 3.5% CAGR between 2017 and 2021.
- StarKist Co., Bumble Bee Foods, LLC, Hagoromo Foods Corporation, American Tuna, Inc., and Bolton Alimentari S.p.A. are expected to be the top players in the industry.
- Canned tuna market along with skipjack tuna species, flavoured canned tuna, canned light tuna, solid format, ready to cook items, B2C sales channel are in heavy demand from food industry carrying a notable market share.