Canned Tuna Market Estimated To Witness High Growth Owing To Rising Consumer Preference For Protein-Rich Foods
Paragraph: The canned tuna market is estimated to be valued at US$ 19.54 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Canned tuna refers to tuna that has been preserved in oil or water and sealed in airtight containers such as cans. It is a rich source of protein and Omega-3 fatty acids. Canned tuna comes in various styles such as chunked, minced, solid pack etc. It is widely used in sandwiches, salads and pasta dishes due to its versatility and long shelf life.
Market Dynamics:
Rising consumer preference for protein-rich foods is expected to drive the growth of canned tuna market over the forecast period. Protein foods are gaining popularity among health-conscious consumers as protein helps build muscles and aids weight management. Furthermore, high nutritional value of canned tuna along with long shelf life and convenience of use is further fueling the demand. Additionally, growing adoption of canned tuna in fast food products and prepared meals owing to ease of consumption is also propelling the market growth.
SWOT Analysis
Strength: The canned tuna market has strong brand recognition and consumer loyalty towards major brands. Canned tuna has a long shelf life and can be stored and transported easily. It is a convenient and inexpensive source of protein.
Weakness: Heavy fishing has led to declining tuna stocks in certain regions. Canned tuna has perceptions of being low quality and processed food.
Opportunity: Rising health consciousness is increasing demand for protein-rich food products. Emerging markets in Asia and Africa offer significant growth opportunities.
Threats: Stricter fishing regulations to curb overfishing pose challenges for suppliers. Substitute products like canned salmon or plant-based meat alternatives are gaining popularity.
Key Takeaways:
The global Canned Tuna Market Share is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing health awareness. Canned tuna is nutritious and affordable, supporting busy lifestyles. The market size for 2023 is estimated at US$ 19.54 billion.
The Asia Pacific region dominates the global canned tuna market, accounting for around 35% share. China, Thailand, and Indonesia are the major producers and consumers due to a strong seafood culture and large population. North America is another prominent regional market led by the United States.
Key players operating in the canned tuna market are Frinsa, Thai Union Group PCL, Century Pacific Food Inc., Bumble Bee Foods, LLC, Jealsa, Grupo Calvo, PT. Aneka Tuna Indonesia, American Tuna, The Jim Pattison Group, Bolton Group, Dongwon Group. Leading companies are focusing on capacity expansion, product innovation, and mergers & acquisitions to strengthen their positions.
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