The global canned tuna market size was valued at USD 18.76 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.
The industry is predicted to be significantly impacted by changing customer tastes for seafood in various cuisines due to its abundance in vital proteins, vitamins, and minerals. Moreover, the convenience, and economic value imparted by canned tuna are other factors propelling the market.
According to a report by Grand View Research, the global canned tuna market is segmented by product (Skipjack, Yellowfin), distribution channel (Hypermarket & Supermarket, Specialty Stores, Online), and region.
The report also highlights that the COVID-19 pandemic had a significant impact on the market. With lockdowns and stay-at-home orders in place, many people stocked up on non-perishable food items, including canned tuna. This led to an increase in demand for canned tuna products, as consumers looked for affordable and long-lasting sources of protein.
The market size of canned tuna is projected to grow to USD 15.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.15% during the forecast period (2022 - 2030).
Another report by Precedence Research estimates that the global canned tuna market revenue was estimated at US$ 29.88 billion in 2021 and is expected to reach over US$ 40.47 billion by the end of 2030, poised to grow at a CAGR of 3.4% over the forecast period 2021 to 2030.
According to the statistics provided by the ‘GLOBEFISH’, a product, trading, and marketing branch of FAO Fisheries and Aquaculture Department, Thailand, Ecuador, China, Indonesia, and Philippines were the largest exporter of canned tuna. Additionally, the European Union, the United States and Japan are the largest consumers of canned tuna.
Europe is the world's largest consumer of canned tuna. Middle Eastern countries such as Israel, Saudi Arabia, and Egypt, which are among the world's largest tuna importers, have seen their markets expand. This is because the Middle East has substantially lower duties on canned tuna imports.
Source: Grand view Research
Source: EMR
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