In terms of revenue, the Global Canned Tuna Market is expected to reach USD 12.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2028.
Constant growth in customer reliability on Ready-to-Cook food and a rise in e-commerce sources is anticipated to augment the growth of the market during the forecast period.
Key Highlights from Report:
- The Hypermarket and Supermarket segment is anticipated to maintain the lead over the forecast period. Supermarkets are expected to occupy a leading position in the Canned Tuna Market due to the wide presence of supermarkets near the city. The Supermarkets provide affordable food, in low price brackets for both retail and others. Major manufacturers advertise their products through offline stores, such as supermarkets and department stores. In addition, several companies have Swarbrick-and-mortarick and mortar stores around the world to expand their customer base.
- The online segment is anticipated to be the fastest-growing Distribution Channel during the forecast period. With the rapid digitalization, the rising penetration of smartphones, and the growing internet access, businesses are slowly moving from brick-and-mortar stores to commercial ones. In addition, manufacturers are increasingly displaying their products on social media, including corporate sites and electronics retailers, to increase the visibility of their products, especially in emerging markets. In addition, online bullies like Tesco.com, Walmart, Amazon Prime Pantry, Alibaba, Godrej Nature's Basket, Honestbee, and Yihaodian are increasing rapidly due to changing consumer preferences.
- Asia Pacific held the largest share in 2021. The region is experiencing significant growth in the number of working professionals. The excellent supply chain and increasing demand for convenience food are expected to boost the market growth. Many multinational companies are expanding their production units, especially in the major markets in the region such as the U.S, Canada, and Mexico, which has led to their collaborations with many local companies. The rise in the cross-culture food consumption trend in the region has led to the wide consumption of various cuisines; Japanese and Indian cuisines, such as sushi, and curries.
Consumers are highly dependent on ready-to-cook and ready-to-eat food products due to the convenience of cooking offered by them. The rise in the working women's population and the less time spent on cooking has led to the wide utilization of Canned Tuna. The millennial population is highly inclined toward such convenient food products as they are easy to prepare, nutritious as well as save food preparation time. Many manufacturers are focusing on the launch of new products and certifications to provide consumers with quality products and to serve them better. The increase in E-commerce channels and the strengthening of the supply chain have positively aided in the Canned Tuna Market's growth.
Online food buying platforms have shown significant growth in recent times as they have eased the availability of processed food products. The growing familiarity with the internet has led to new ways for e-commerce. The millennial population is highly tech-savvy and prefers to purchase their products from various online platforms due to the ease of purchasing. In recent years, many new malls and convenience stores have been established, which has drawn consumers’ attention. This has, in a way, strengthened the supply chain and increased the sales of tuna and other processed food products.
Europe is expected to hold the major share in the Canned Tuna Market. This is due to the growing demand from the millennial population. The rise in the working women's population and busy lifestyle has led to less investment of time in cooking. This has led to their reliance on various ready-to-eat/cook food products as it saves time and fulfills all the nutritional requirements. According to a study by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), tuna is the most consumed fish in the region. The per capita consumption of tuna in the year 2018 was 2.78 kg, most of which accounted for an 11% share of all the fishery and aquaculture products.