The global canned tuna market size is expected to reach USD 9.22 billion by2027, exhibiting a CAGR of 2.26% during the forecast period. The risingconsumption of packed food items and beverages will spur lucrativeopportunities for the market during the forecast period, states FortuneBusiness Insights in a report, titled “Canned Tuna Market Size, Share &Industry Analysis, By Type (Canned Light Tuna and Canned White Tuna),Distribution Channel (Supermarket/Hypermarket, Convenience Stores, SpecialtyStores, and Online Retail), and Regional Forecast, 2020 – 2027” the market sizestood at USD 7.74 billion in 2019.
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Thereport on cannedtunamarket highlights:
· Explanatory analysis of the impact of theCOVID-19 pandemic on the market;
· Tactical insights for crisis management;
· All-Inclusive Evaluation of the factorsaffecting the market; and
· Thorough data on all the regions andprominent players in the market
Market Driver:
Heavy Demand forReady-to-Eat Food Products to Boost Growth
The rising consumerinclination towards ready-to-cook and ready-to-eat food products owing to thesedentary lifestyle of people in cities will have a tremendous impact on themarket in the forthcoming years. The surge in the working women class willsubsequently propel the growth of the market in the foreseeable future. Theincreasing awareness about the benefits of convenience food items such as easyto prepare, nutritious, and instant ready will fuel high demand for the marketin the foreseeable future. The focus of manufacturers towards the developmentof innovative and best quality ready-to-eat packaged food items to serve theneeds of the consumers will further enhance the potential of the market. Forinstance, In February 2019, Chicken of the Sea a leader of packaged seafood basedin California announced the launch of a new resealable, single-serve recyclablecup of wild-caught tuna to cater to the high demand for on-the-go food amongmillennials.
Regional Analysis:
Production of Processed Food Productsto Bolster Growth in North America
North America is predicted towitness an exponential growth rate during the forecast period owing to theextensive consumption of processed food products and beverages. The risingdemand for convenience food and a well-established supply chain will foster thehealthy growth of the market in North America. The expansion of productionunits of huge multinational processed companies in the U.S, Canada, and Mexicowill positively affect market growth. The presence of a large migrantpopulation in the region has led to the consumption of ready-to-eat fooditems. The rise in cross-culture foodconsumption has fuelled demand for various cuisines Japanese and Indiancuisines such as tekkadon, sushi, and curries, which, in turn, will augur wellfor the market. Asia Pacific is expected to rise tremendously during theforecast period owing to the rising millennial population. The increasingdemand for convenience food will contribute positively to the growth of themarket in the region. The rapid urbanization and industrialization will propelthe market growth in Asia Pacific.
Key Development:
April 2019: John West Foods Limitedannounced the launch of a new range of canned tuna-based cracker toppers as aninitiative to create quick and convenient snacking alternatives along withexpanding its product portfolio.
The Report Lists the Main Companiesin the Canned Tuna Market:
· Thai Union Group PCL (Thailand)
· StarKist Co. (U.S.)
· A.E.C. Canning Company Limited (Thailand)
· AmericanTuna Inc. (Unites States)
· BumbleBee Foods LLC (United States)
· CenturyPacific Food Inc. (Philippines)
· CrownPrince Inc. (United States)
· GrupoAlbacora SA (Spain)
· WildPlanet Foods Inc. (United States)
· Golden PrizeCanning Co. Ltd.(Thailand)
· Ocean's(Canada)
· DongwonEnterprise Co., Ltd. (South Korea)
Information Source
https://www.fortunebusinessinsights.com/canned-tuna-market-103190
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