The Canned Tuna Market was estimated with a global market value of $7.74 billion in the initial days of its forecast period. The forecast period of the market was predicted from 2020 to 2027. With a healthy and substantial growth rate of 4.2% of CAGR, the market is again predicted to stand at $9.16 billion.
Canned tuna is one of the essential dietary sources that’s required not only for the development of the body but also helps in maintaining a healthy heart condition. With essential nutrients like omega-3 fatty acids, it has a strong shelf life. It is rich in some high-quality vitamins, proteins and selenium. Due to disposable income factors of the growing number of consumers, there has been increased consumption of packaged food and beverages. Canned food can be easily cooked and packed and can be served with ease. With the increase in urbanization, people are inclining toward an easy rise and buying an option that has significantly led to an increase in the Canned Tuna Market size. With this, there has been an increase in the online distribution channels of the product, boosting market growth and development. However, the Covid-19 pandemic led to several restraints that hampered market growth. The availability of raw materials was completely reduced, and production declined. Along with this, people have been focusing on adopting vegan food products.
The government in many countries has also made it a strict imposition for the consumption of vegan food, and counties like such have become a major threat to the market economy. The regulatory framework and the risk of several contaminations from diseases have also been a major threat to the market dynamics. Despite the restraining factors, potential growth is also expected from the Canned Tuna Market in its forecast period.
Market Segmentation
Based on several factors affecting the market dynamics, the canned tuna market is divided into its type and distribution channel. By type, the market is divided into Albacore tuna, Yellowfin Tuna, and Skipjack tuna. Depending upon its distribution channel, the market is again divided into store-based and non-store-based outlets.
Regional Analysis
North America has been considered one of the highest substantial share markets as far as the Canned Tuna Market is concerned. Due to its omega-3 fatty acids, it has been widespread in areas of the US and Chicago in the states. Driving its growth through Europe, the market has also managed to dominate parts of Europe like the UK, Italy, Spain and Germany. Other parts of the world dominated by the market include parts of Asia-Pacific like India, Japan, South Korea and China.
Recent Developments
Many key players are actively a part of the canned tuna market research, which helps enhance the market font. They participate in potential collaborations and product launches which contribute to the growth and development of the same. Some of the key players in the market are the Thai Union Group PCL, American Tuna inc., and the Crown Prince.
- In April 2021: One of the market firms, Waitrose, launched the first albacore in the country, which enhanced the production to the supplier market.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact:
Market Research Future®
99 Hudson Street, 5Th Floor
New York, New York 10013
United States of America
Email: sales@marketresearchfuture.com