Canned tuna refers to tuna or skipjack tuna packed in vegetable oil or water and sealed in airtight containers. It is a convenient source of protein that can be stored for months without refrigeration. The growing health awareness and prevalence of lifestyle diseases has increased the demand for protein-rich and low-fat foods like canned tuna. Canned tuna is low in saturated fat and calories and high in omega-3 fatty acids that are essential for heart and brain health. It is easy to use and requires no cooking, making it ideal for busy lifestyles and outdoor activities.
The global canned tuna market is estimated to be valued at US$ 18.7 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the canned tuna market include Bitmain Technologies, MicroBT, Canaan Creative, NVIDIA, AMD, Genesis Mining, Bitfury Group, Hut 8 Mining Corp., Riot Blockchain, Marathon Digital Holdings, Hive Blockchain Technologies. These players are focusing on capacity expansion, new product launches, and mergers & acquisitions to gain a competitive edge in the market. For instance, in 2022, Bitmain Technologies launched its premium Antminer S19 XP mining machines with 198 TH/s processing power.
The Canned Tuna Market Growth offers significant opportunities in the growing food processing and retail sectors. Rising health consciousness is driving the demand for convenient protein-rich packaged foods. Expanding e-commerce and organized retail is making canned tuna more accessible to consumers. The market players are investing in promotion campaigns, innovations in flavors and packaging sizes, and developing private label offerings to leverage these opportunities.
The canned tuna market has high growth potential in emerging countries of Asia Pacific, South America, Middle East, and Africa. The large population base and rapid urbanization in these regions is increasing disposable incomes and changing dietary patterns. The key market players are focusing on these regions through joint ventures with local players, marketing promotions, and online sales channels to expand their global footprint.
Market Drivers
One of the key drivers of the Canned Tuna Market Size and Trends is growing health awareness and preference for protein-rich nutritious meals. The high protein and omega-3 fatty acid content of canned tuna support weight management, muscle growth, and heart health. This drives its demand among health-conscious consumers.
Market Restrain
Overfishing of tuna in some regions poses a key restrain to the canned tuna market growth. Strict regulations have been imposed on tuna fishing by international bodies to curb overfishing and ensure the sustainability of tuna populations. This adds to the production and operational costs for market players.
Segment Analysis
The canned tuna market is dominated by the chunked and flaked tuna segment. This segment accounts for over 50% of the total market share as chunked and flaked tuna is highly preferred by consumers owing to its versatile usage in salads, sandwiches and pasta dishes. Moreover, chunked and flaked tuna has a longer shelf life as compared to solid tuna steaks thus making it a cost effective option for consumers.
Global Analysis
The Asia Pacific region currently dominates the canned tuna market and accounts for around 40% of the global sales. Countries like China, Indonesia, Thailand and Vietnam are the major markets in this region. The high demand is attributed to growing population and rising disposable incomes in developing economies. Europe is another prominent regional market owing to increasing health awareness among consumers who prefer canned tuna for its protein richness.
North America is expected to witness steady growth due to expanding applicability of canned tuna in prepared food products. Brazil and Mexico offer lucrative opportunities for canned tuna market players in the Latin American region.
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