CANNED TUNA MARKET SIZE WORTH $11.89B BY 2027
Canned tuna market size worth $11.89b by 2027. The global canned tuna market size is expected to reach USD 11.89 billion by 2027, according to a new report by Grand View Research Inc., expanding at a CAGR of 4.7% from 2020 to 2027. The growing adoption of seafood among consumers is expected to be a key factor for market growth. Moreover, exceptional nutritional properties, coupled with excellent taste and texture associated with tuna species, are expected to expand the market scope over the next few years.
Key suggestions from the report:
- By product, the skipjack segment accounted for the largest volume share of more than 55.0% in 2019. Exceptional nutritional properties associated with this species are expected to expand the segment reach in the near future
- The yellowfin product segment is anticipated to witness the fastest growth with a revenue-based CAGR of 5.0% from 2020 to 2027. These products have been gaining popularity among consumers owing to their rich taste and excellent texture
- Hypermarket and supermarket was the largest distribution channel segment with a volume share of more than 60.0% in 2019 and is anticipated to maintain the lead over the forecast period
- The Middle East and Africa is anticipated to be the fastest-growing regional market with a revenue-based CAGR of 5.6% from 2020 to 2027. Strong untapped potential in Middle Eastern and African countries, including Saudi Arabia and Egypt, is expected to remain a favorable factor for the regional market growth.
Read 80 page research report with ToC on “Canned Tuna Market Size, Share & Trends Analysis Report By Product (Skipjack, Yellowfin), By Distribution Channel (Hypermarket & Supermarket, Specialty Stores, Online), By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/canned-tuna-market.
Consumers around the world are increasingly adding canned tuna in their daily meals as it has rich nutritional properties with great taste and excellent seafood experience. Canned tuna is widely used in various daily dishes as well as delicacies, including salads, croquette, sandwiches, burgers, pasta, tacos, and sushi. These dishes are easily cooked in less time at home, and thus they are highly appreciated by the consumers who believe in home cooking and a healthy lifestyle. These consumer trends are anticipated to boost the demand for the product across the globe over the forecast period.
Europe was the largest regional market with a revenue share of more than 40.0% in 2019 owing to the growing preference for nutritious, ready-to-eat, and convenient seafood choices. The U.S. is one of the largest consumers in the world with a consumption of 1.3-kilogram per capita as per the statistics provided by the FAO, Globefish. The Asia Pacific is witnessing decent growth in the market with some of the largest canned tuna consuming countries, including Japan, Australia, South Korea, China, and Indonesia.