Impact Assessment of COVID-19 Outbreak on Canned Tuna Market
the global tuna market is anticipated to face a steady growth in coming years due to various vendors in the market trying to come up with better products. According to a report by Transparency Market Research, the market’s competitive landscape is currently fragmented because vendors are engaging in stiff competition. The vendors are competing on the basis of brand, distribution, price, and quality. The vendors are catering regional market according to the region’s taste and preferences. Along with their socioeconomic and economic conditions. New experiments and innovations in taste and flavour is likely to boost the market and show significant rise in the global canned tuna market. Some of the leading companies in the market are Alliance Select Foods International, Inc., Princes Group, American Tuna Inc., Ocean Brands GP, and Aneka Tuna Indonesia.
The global market for canned tuna is likely to rise at CAGR of 3.8% during the forecast period of 2017 to 2025. The global revenue of the canned tuna market held US$ 10,496.1 mn in 2017 and is predicted to value US$ 14,125.5 mn by the end of forecast period. According to product, Bluefin tuna is expected to rise as the leading product among all other products in the segment. Geographically, Europe held the maximum share in the global canned tuna market during 2017 and is expected to lead the market during the forecast period due to high consumption of tuna in this region.
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Increased Consumption of Ready to Eat Food Likely to Fuel Market
The demand for ready to eat and easy to cook foods will likely add value to the rise of tuna in the market. Many regions have high demand for super frozen tuna leading to rise in growth of the market. Developed regions are ready to pay high and experiment with different variety of tuna dishes due to large amount of disposable income thus, leading to rise in growth of the same. Rise in demand for tuna from emerging economies such as Middle East and ASEAN due to increase in exports in this region is likely to increase the revenue growth of canned tuna market in this region. The increase in shipment in these regions have also boosted the market. Easy availability of canned tuna food in the market increases its consumption among people. These canned tuna food are also affordable hence, increasing the revenue growth in the global market. Tuna also provide health benefits like boosting immune system. They are natural antioxidants and provide omega3 which is very healthy for the body. Increase demand for exotic food in restaurants and hotels has also brought significant rise in the canned tuna market.
Ban on Fishing Leads to Curtailed Tuna Supply
The consumers being aware about the death of dolphins due to tuna fishing will likely hamper the growth of canned tuna market. Consumers have sensitivity against death of dolphins and adverse effects of buying tuna. This is expected to hamper the growth of canned tuna market globally. The fight of canned tuna market with environmental organizations had severely damaged the growth of the market. Additionally, consumers are aware of the harmful effects of excess fishing. This is leading in extinction and destruction of fish species therefore, they restrain from buying tuna fish.
The information in this review is based on the findings of a report by Transparency Market Research, titled “Canned Tuna Market (Species Type – Albacore Tuna, Skipjack Tuna, Yellowfin Tuna, Bigeye Tuna, Longtail Tuna, Bluefin Tuna; End-use – Foodservice, Households; Distribution Channel – Direct, Indirect) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025.”
The market is segmented along the following lines:
Global Canned Tuna market – By Species Type
- Skipjack Tuna
- Yellowfin Tuna
- Bigeye Tuna
- Longtail Tuna
- Bluefin Tuna
Global Canned Tuna market – Distribution Channel
- Specialty Stores
- Online Channels
- Convenience Stores
Global Canned Tuna market – By End Use
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