WASHINGTON, June 23, 2022 (GLOBE NEWSWIRE) -- Tuna is considered to be low in Glycaemic Index (GI) and an excellent source of Iron, Vitamin B6, Potassium, Selenium, Iodine, and more. It also carries Magnesium, Choline, Vitamin B1 (Thiamine), and Vitamin B2 (Riboflavin). Tuna is low in fat and low in protein. The health benefits gained by consuming tuna in diet drives the market, thus owing to these benefits the market is gaining huge demand, states Vantage Market Research, in a report, titled “Canned Tuna Market Size, Share & Trends Analysis Report by Product (Skipjack, Yellowfin, Others), by Distribution Channel (Hypermarket & Supermarket, Specialty Stores, Online), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
The Global Market revenue stood at a value USD 8.7 Billion in the year 2021.
The Global Canned Tuna Market size is forecasted to reach USD 12.5 Billion by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period.
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Market Overview:
Driver:
Increase in Tuna Fish & Growing Disposable Income
The demand for tuna fish is rising and proves to be the major factor that are expected to drive the growth of the Canned Tuna Market. This is owing to the growing offline distribution and awareness among consumers about the health benefits obtained from tuna consumption. The consumption of seafood refers to the amount of fish caught by a country. For instance, in the United States, commercial fish amounted to approximately 9.9 billion pounds in 2017. The design and application of Good Manufacturing Practice (GMP) guidelines aim at the prevention of problems by controlling the quality of the raw material and packaging materials and the manufacturing processes involved, rather than the identification of problems in finished products.
Restrain:
Increasing Awareness towards Environmental & Animal Safety
Tuna is found all over the world’s oceans, but government organizations and animal safety associations are limiting the fishing of tuna and canning it. The growing demand for limited access to fishing is thus restraining market growth. Although fishing is minimized, government and animal health associations do restrict higher consumption of tuna owing to the presence of mercury (Hg) in the fish, which is not healthy for humans. These are some of the restraining factors that are hindering market growth.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Canned Tuna market is predicted to grow at a CAGR of roughly 6.3% during the forecast period.
- The Canned Tuna market was estimated to be worth roughly USD 8.7 Billion in 2021 and is expected to reach USD 12.5 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Canned Tuna market.
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Segmentation of the Global Canned Tuna Market:
- Product
- Skipjack
- Yellowfin
- Others
- Distribution Channel
- Hypermarket & Supermarket
- Specialty Stores
- Online
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Analysis:
The COVID-19 outbreak has affected various industries worldwide. The Canned Tuna Market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implements strict social distancing measures to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, reduced manufacturing activities further affected the demand for Canned Tuna Market across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
- Impact Assessment of COVID-19 Pandemic
I. North America
II. Europe
III. Asia Pacific
IV. Latin America
V. Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Canned Tuna Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Porter’s Five Forces Analysis
- Global and Regional Dynamics
Regional Analysis:
Increasing Growth of Canned Tuna Market in Europe
Europe accounted for the largest share of the Canned Tuna Market in 2021. The large share of this region in the Global Canned Tuna Market can be attributed to the factors such as the rising prevalence of demand for Canned Tuna Market and positive health factors in this region. Thailand is the world’s leading exporter of Canned Tuna Market and is currently the largest source of imported Canned Tuna Market in the US, Canada, Japan and European markets. Canned Tuna Market is also an important export commodity of ASEAN nations such as the Philippines, Indonesia, Malaysia, and Singapore.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Canned Tuna Market Size, Share & Trends Analysis Report by Product (Skipjack, Yellowfin, Others), by Distribution Channel (Hypermarket & Supermarket, Specialty Stores, Online), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in the Canned Tuna Market:
- Frinsa del Noroeste S.A.
- Thai Union Group PCL
- Bumble Bee Foods LLC
- Century Pacific Food Inc.
- Jealsa
- Grupo Calvo
- Wild Planet Foods Inc.
- Aneka Tuna Indonesia
- American Tuna Inc.
- Ocean Brands
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Canned Tuna Market?
- How will the Canned Tuna Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Canned Tuna Market?
- What is the Canned Tuna market drivers and restrictions?
- What will be the CAGR and size of the Canned Tuna Market throughout the forecast period?
This market titled “Canned Tuna Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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