$11.7 Billion By 2026, Rising at A Rate of CAGR 8.7%
The Global Canned Tuna Market is projected to hit $11.7 billion by 2026, increasing at a market growth rate of 8.7% CAGR throughout the forecasted time according to a market report released in 2020.
Canned Tuna market development across the globe is on the rise largely due to the increasingly prevalent consumption of packaged foods items and beverages. This is resultant of the chaotic lifestyles and growth within the working-class population increasing the appeal for convenience food items. The global pandemic has also excelled the demand for canned food, particularly fish, because it is one of the least expensive proteins on the market and boasts an extended shelf life.
According to the report, the U.S. and countries across Europe are currently the top consumers of canned tuna, with a portion of Asian nations like Japan and South Korea also contributing to the expanding development of the market.
Thailand, Ecuador, China, Indonesia, and the Philippines were named the biggest exporters of canned and processed fish. Countries including the U.S., Japan, Australia, Egypt, Saudi Arabia, and multiple across Europe, were the biggest importers of canned and processed tuna.
Strategies Deployed in the Market Since 2019
For more information about the global canned tuna market analysis and forecast, check out KBVResearch.com:
“Strategies deployed in Canned Tuna Market
Aug-2020: Thai Union Group PCL and Seafood Alliance, an investor group led by restaurant industry executives announced the acquisition of Red Lobster Seafood Co. from Golden Gate Capital. The acquisition broadened Thai Union’s seafood business.
Jan-2020: Wild Planet Foods released the newest product line of flavored wild albacore tuna pouches. The company announced this new line in the following varieties: Jalapeño & Cumin; Lime & Basil; Sweet Chili Pepper; and Lemon & Thyme. These Albacore Wild Tuna pouches are 100% sustainably caught using pole & line fishing methods.
Nov-2019: Grupo Jealsa Rianxeira introduced a new line of 100% sustainable canned tuna. The line of canned tuna includes MSC-certified light tuna with organic sunflower oil and fleur de sel, with organic extra virgin olive oil and fleur de sel, with mineral water and fleur de sel, in brine; pole and line caught MSC-certified bluefin tuna with olive oil and a pinch of sea salt, salmon with a pinch of salt, and mussels; and pole and line caught light tuna with organic extra virgin olive oil and fleur de sel.
Sep-2019: Frinsa del Noroeste acquired 50% stake in Portuguese A Poveira, a company that produces top-quality canned fish products. The acquisition reinforced Frinsa’s seafood business. This acquisition allowed Frinsa in expanding its presence in the Portuguese market, where it is already present in the supermarket lines with the Ribeira brand.
Aug-2019: Thai Union Group launched the ready-to-eat Tuna Infusions in Thailand. Tuna Infusions by SEALECT Tuna is sold at 7-11 convenience stores, WE Fitness outlets, and Tops Supermarket, in both Thai chili and sun-dried tomato flavors. It comes in a recyclable transparent cup with built-in fork.”
Source: Global Canned Tuna Market by Product, By Distribution Channel, By Region, Industry Analysis and Forecast, 2020 - 2026 - KBVResearch
Photo Source: WIX - www.wix.com
Written by AQUAMERGE
November 1, 2020