In 2023, the canned tuna market was valued at approximately US$ 12.98 billion and is projected to grow to US$ 17.20 billion by 2031, reflecting an estimated compound annual growth rate (CAGR) of 3.6% from 2023 to 2031.
Canned tuna is a processed form of tuna that can be utilized in a variety of dishes, ranging from salads and sandwiches to cutlets, spring rolls, noodles, and pasta. The increasing number of health-conscious individuals looking for convenient protein options, along with a growing reliance on ready-to-cook and ready-to-eat food items, has significantly boosted the canned tuna market. Additionally, shifting dietary habits driven by heightened awareness of the nutritional advantages of tuna are propelling market expansion. Moreover, strategic actions such as product launches, mergers, acquisitions, and partnerships by leading industry players have further fueled the growth of the canned tuna sector. For instance, in March 2021, Thai Union's SEALECT Tuna brand introduced a limited-edition series of canned tuna featuring packaging inspired by the popular character Doraemon, coinciding with the release of the movie "Standby Me Doraemon 2" to attract consumers.
Key factors driving the expansion of the canned tuna market include the health benefits associated with canned tuna, along with its convenience and long shelf life. Canned tuna serves as an excellent source of high-quality protein, essential for tissue, muscle, and organ repair. The protein content in canned tuna helps maintain satiety, making it an appealing choice for consumers aiming to manage their weight or increase muscle mass.
The market is categorized by type into albacore, yellowfin, skipjack, and others, with the albacore segment commanding the largest share. Albacore tuna, also known as longfin tuna, is found in tropical waters worldwide. Canned albacore is often marketed as "white meat tuna" due to its delicate flavor and pale flesh. This type of tuna is particularly favored in countries like France, the United States, and Spain for its low-fat and high-protein profile, along with its mild taste. Albacore tuna is a versatile ingredient that can be incorporated into various recipes, including pastas and salads, and is often used as a chicken substitute. Rich in omega-3 fatty acids, proteins, minerals, and essential vitamins, albacore tuna is low in both fat and mercury, making it a preferred choice among health-conscious and budget-sensitive consumers. These attributes contribute to the growth of the canned tuna market, particularly within the albacore segment.
In 2023, North America accounted for a substantial share of the canned tuna market. The demand for canned tuna in this region is driven by several factors related to market dynamics and consumer preferences. The convenience of canned tuna is a significant driver of its popularity, as consumers with busy lifestyles and limited time seek easy-to-prepare meal options that require minimal effort. Canned tuna meets this demand effectively, providing a quick and versatile protein source suitable for a variety of dishes, including sandwiches, salads, and pastas. A typical four-ounce serving of white tuna contains 26.77 grams of protein, 145 calories, and 3.37 grams of fat, while being free from fiber, carbohydrates, and sugars. Its extended shelf life and portability make it an ideal pantry staple for households in search of convenient meal solutions, further contributing to the projected growth of the canned tuna market in North America.
Prominent companies in the canned tuna market include StarKist Co., Bumble Bee Foods, LLC, Chicken of the Sea, Wild Planet Foods, Genova, Conservas Ortiz S.A., Century Pacific Food Inc., American Tuna Inc., Sustainable Seas, and Pastene Co. These key players, along with several others, have been analyzed in the market report to provide a comprehensive overview of the industry and its ecosystem. The study also examines company positioning and market concentration to assess the competitive landscape of the canned tuna market.
The overall global canned tuna market size has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. Participants included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the canned tuna market.