by The canned tuna market has been gaining global popularity owing to its high protein and nutritional content. Canned tuna is a great source of protein, vitamins, and minerals and is easy to prepare and consume on the go. The global canned tuna market is mainly driven by growing health and wellness trends as consumers are increasingly choosing canned tuna for its versatility and health benefits. The global canned tuna market is estimated to be valued at US$ 19.54 Billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health conscious consumers is a key trend bolstering growth of the canned tuna market. Canned tuna is preferred by health-conscious consumers due to its high protein content and absence of mercury. The nutritional value of canned tuna makes it popular amongst consumers who prefer a balanced and nutritious diet. Furthermore, fitness enthusiasts and gym-goers include canned tuna in their diet due to its protein-rich composition that aids in muscle development. Varied product offerings catering to specific dietary preferences is another attribute driving the canned tuna industry in recent years.
SWOT Analysis
Strength: Canned tuna has a long shelf life and requires no refrigeration which makes it convenient to store and transport. It is a versatile ingredient that can be used in many recipes.
Weakness: Canned tuna has high levels of mercury which can be harmful if consumed frequently. It also lacks freshness compared to fresh tuna.
Opportunity: There is growth in demand for convenient packaged foods. The rising health consciousness is also increasing the demand for protein-rich canned foods. Developing regions offer growth opportunities.
Threats: Volatile costs of raw materials like tuna affect profitability. Stringent regulations regarding fishery and sustainability pose challenges. Substitute seafood and meat options threaten the market.
Key Takeaways
The Global Canned Tuna Market Size is expected to witness high growth over the forecast period.
Regional Analysis: North America currently dominates canned tuna consumption globally due to factors like strong demand for convenience foods and increasing health awareness. Key players operating in canned tuna are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry.
Key players operating in the canned tuna are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. The market is competitive with major brands focusing on new product launches, regional expansion and mergers & acquisitions to strengthen their foothold. Innovation around flavors and convenient packaging formats will be crucial for success in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
