(MENAFN- Straits Research) Global Statistics Representing Canned Tuna Market Scenario
Tuna fish is diverse saltwater fish belongs to Scombridae family, this genus consist of 15 different species of Tuna. This fish is a rich source of nutrients such as protein, selenium, and vitamin D. This fish is also enriched in antioxidants and protein, without much-saturated fat or sodium. According to USDA National Nutrient Database tuna fish contains appropriate levels of selenium, phosphorous, iron, magnesium, and potassium. Canned tuna is an excellent source of heart-healthy omega-3 fatty acids, which helps in preventing various cardiovascular disease.
The increasing demand of rising trend of the E-commerce offers potential for canned tuna fish and lowering of export duty over the frozen tuna loins/fillets and different type of fishing gear used propel the market growth. Different types of fishing gears like purse seining, longline, pole-and-line fishing. These different fishing catching methods improves the fish catching efficiency.
The global canned tuna market is expected to grow at a CAGR of 5.0% during the forecast period 20182026.
Segmental Insights
The global canned tuna market is segmented into type, sales channel, and region.
Based on the type, the market is segmented into Skipjack Tuna, Yellowfin Tuna, Bluefin Tuna, and others. Skipjack segment is expected to reach USD 10104.1 million by 2026 from USD 3741.2 million in 2012 growing at the CAGR of 4.0% in the forecast period of 2018-2026. This has both commercial and sporting value. Skipjack Tuna segment is expected to hold the major share for the market during the forecast period. Skipjack is highly migratory fish and found all over the world within the tropical water. The school of skipjack avoid swimming with dolphins which saves the school of skipjack fishes.
On the basis of sales channel the market is segmented into retail outlets, supermarket, hypermarket, online market and others. Supermarket segment is expected to reach USD 14995.9 million by 2026 from USD 5330.1 million in 2012 growing at the CAGR of 4.2% in the forecast period of 2018-2026. Supermarket expected to hold the leading position in the canned tuna market owing to the wide presence of superstore chain nearer to the feeder town which provides affordable and very convenient foods, in low price bracket both at retail as well as wholesales level in order to sustain increasing consumption.
Regional Insights
Geographically, the global chocolate beer market is divided into four major region such as North America, Europe, Asia Pacific (APAC), and Latin America and Middle East & Africa (LAMEA).
North America canned tuna market is expected to witness significant growth during the forecast period 20182026 owing to increasing demand for the processed and ready-to-eat food products. North America region is expected to reach USD 2,026.4 million by 2026 from USD 710.5 million in 2012 growing at the CAGR of 4.4% in the forecast period of 2018-2026. The U.S. is expected to hold the largest share of the regional canned tuna market during the forecast period owing to increasing consumption of seafood products. According to the National Fisheries Institute, the U.S. canned tuna is the second most popular seafood product across the country. Additionally, Americans eat about 1 billion pounds of canned and pouched tuna each year. Moreover, about 83% of canned tuna is eaten for lunch by the American population. Thus, the rising consumption and preference for canned tuna is fueling the growth of the canned tuna market in the country.
Europe is expected to witness a considerable growth in the global canned tuna market during the forecast period 20182026 owing to the higher production, especially in the country such as Spain. Europe region is expected to reach USD 5,450.9 million by 2026 from USD 1,469.6 million in 2012 growing at the CAGR of 4.7% in the forecast period of 2018-2026. The increasing demand for the processed and ready-to-eat food is fueling the growth of the canned tuna market in this region. According to the Food and Agriculture Organization of the United Nations, Spain is the top producer of canned food and 8th largest exporter in the world. It is estimated that more than 43% of the production of canned fish is exported, which represents this country as a fifth in terms of value. For instance, in August 2018, Spain was one of the leading exporters of canned tuna, exports of canned, semi-preserved, and prepared fish, as well as shellfish, has experienced an increase of 3.85% in terms of volume and 7.41% in terms of value during the first five months of 2018 as compared to the previous year
Asia Pacific (APAC) is expected to grow significantly in the global canned tuna market owing to the increasing demand for the healthy food products, increasing aging population (who require high protein content). Tuna fish offers high proteins and nutrient values that that forces the demand of canned tuna market in the APAC region.
LAMEA is expected to grow at a have the steady growth during the forecasted period owing to low standard of living and poor economic condition. Middle East and Africa countries are bolstered by the fish and fish products. Fishers market represents the major source of the employment for the people. According to ARSO (African Regional Organization for Standardization), the African Fish Farms account for 8 million tons of fish production, which is nearly 4.9% of the global fish trade. Egypt, Morocco, and South Africa are some of the largest producers in Africa. Fish products account for 18% of the animal protein intake. According to the ARSO, by 2020 sub-Saharan Africa is expected to produce 5.9 million tons of fishes from capture fisheries and 1,32,000 tones from aquaculture, which represent the annual growth of 2% and 6% respectively.
Key Players
Some of the key players of the global chocolate beer market includes Thai Union Group (Thailand), StarKist (U.S.), Ocean Brands (U.S.), Wild Planet (U.S.), American Tuna (U.S.), Trader Joe (U.S.), Safeway (U.S.), Trimarine International (Singapore), Bumble Bee Foods (U.S.), and Thunnus Overseas Group (TOG) (France)
Canned Tuna Market Segmentation
By Type
- Skipjack Tuna
- Yellowfin Tuna
- Bluefin Tuna
- Others
By Sales Channel
- Retail Outlets
- Supermarket
- Hypermarket
- Online Market
- Others
Regions Covered:
- North America
- Europe
- Asia-Pacific
- LAMEA
Frequently Asked Questions (FAQs)
How much is the Canned Tuna Market Worth in the future? The Global Sports Apparel Embellishment Market was valued at around USD 324.05 million in 2018 at a CAGR of 6.0 % during the forecast period. Which is the leading segment in the Canned Tuna Market? Skipjack Tuna Type segment is expected to be leading segments in Canned Tuna Market during the forecast period. Which region is expected to hold the highest market share in the Canned Tuna Market? North America is expected to hold the highest market share in Canned Tuna Market. Who are the active players in Canned Tuna Market? Thai Union Group, StarKist, Ocean Brands, Wild Planet, American Tuna, Trader Joe, Safeway, Trimarine International are the top players in Canned Tuna Market.
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