As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,Product, Distribution Channel, and Region); the Global Canned Tuna Market accounted for USD 8.7 Billion in the year 2021.
The growing demand for Canned Tuna owing to its benefits for health is expected to drive the Canned Tuna Market. Significant growth in Canned Tuna production and a rapidly expanding supply chain are fueling the market growth. For instance, the global production and sale of Canned Tuna reached 9.1 billion units and USD 29.88 million respectively.
Some of the factors that are expected to drive the Canned Tuna Market are increasing benefits obtained from Canned Tuna, lower cost, and higher preservation ratio than un-Canned Tuna. Because of their global economic importance and heavy international trade for canning, the tunas (Thunnini) contain the most economically important species known as primary market tunas.
Canned Tuna Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. Most of the economies have enforced lockdowns and closed businesses except for necessary services as a result of the epidemic (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for the Canned Tuna Market.
According to the United States Fishery Foundation, seafood is nearly as popular as meat, and the two are often considered substitutes for each other. Fresh fish is purchased 4.3 times per year on average in American households, compared to 27 times per year for meat. According to a survey, 55% of Americans living in the Northeastern United States frequently eat seafood at home. During that time, the Midwest of the United States had the lowest seafood consumption.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. For instance, the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), 2021, found out that tuna is the most consumed marine species in Europe. Italy, Spain, and the U.K. are some of the largest economies for Canned Tuna-consuming in the region. Over the projection period, these trends are expected to fuel the regional market's expansion.
Some of the key players in the Global Canned TunaMarketinclude-Frinsa del Noroeste S.A., Thai Union Group PCL, Bumble Bee Foods LLC, Century Pacific Food Inc., Jealsa, Grupo Calvo, Wild Planet Foods Inc., Aneka Tuna Indonesia, American Tuna Inc., Ocean Brands, and others.