Dublin, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The "Canned Tuna Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global canned tuna market is estimated to grow at a CAGR of 3.54% from a market value of USD8,200.066 million in 2019 to achieve a market value of USD10,103.371 million by the end of 2025.
According to the FAO 2019 information, the worldwide demand for processed and canned tuna continued to increase, and this was further supported by stable and cheaper raw material supplies. It was noticed that imports in the United States and the EU28, in the two large markets, were found to be steady, with minimum growth in supplies. On the other hand, import increase in the Middle Eastern markets was found to be remarkable. On the basis of exports, In the first half of 2019, Thailand, Ecuador, and Spain were reported to be the top three suppliers of the processed and canned tuna to the global industry. China replaced fourth position by Philippines. It was reported that Thailand achieved a double-digit growth with substantial growth in exports to the Middle-Eastern countries. Minor growth was observed to the United States market with 2% growth rate. However, Thailand exports reported a negative growth trend in the EU28 market with -21% growth.
Ecuador, on the other hand, shipped more than 60% of its exports to the EU28, 11% to the United States, 9% to Colombian market, 7% to Argentina, and 3.5% to Chile.
China's importance in processed or canned tuna imports is attributed to the aggressive sales of precooked tuna loins to the EU and Thailand. However, it was found that the exports to the United States decreased owing to the rise in tariffs imposed on the Chinese products.
The demand for canned tuna in the global market in the first half of 2019 remained quite promising as compared to the previous year. The Middle Eastern markets was strong for the products of Asian origin, in addition, consumer preference for higher value products continued in the Western region.
On the basis of distribution channel, the market is segmented into online and offline sales channel.
It is predicted that by the end of 2025, the offline sales channel is projected to hold a significant market share, on the other hand, over the forecast period, the online mode of sales channel will grow at a high growth rate due to the increasing internet penetration at the global level.
Concerns regarding over fishing of tuna species is projected to hamper the market growth in the forecast period.
COVID-19 impact on canned tuna industry: It has been predicted that inspite of the novel coronavirus pandemic situation, the demand for retail packs for canned tuna is projected to grow, however, the demand for catering packs is estimated to decline. This is due to the fact that people demand for healthy tuna along with a shelf-steady life in comparison to other food products that the forced to close during the current pandemic scenario. Hence, market is predicted to be stable.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porters Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. Canned Tuna Market Analysis, by Species
6. Canned Tuna Market Analysis, by Distribution Channel
7. Canned Tuna Market Analysis, by Geography
7.2. North America
7.2.1. North America Canned Tuna Market, By Species
7.2.2. North America Canned Tuna Market, By Distribution Channel
7.2.3. By Country
184.108.40.206. United States
7.3. South America
7.3.1. South America Canned Tuna Market, By Species
7.3.2. South America Canned Tuna Market, By Distribution Channel
7.3.3. By Country
7.4.1. Europe Canned Tuna Market, By Species
7.4.2. Europe Canned Tuna Market, By Distribution Channel
7.4.3. By Country
7.5. Middle East and Africa
7.5.1. Middle East and Africa Canned Tuna Market, By Species
7.5.2. Middle East and Africa Canned Tuna Market, By Distribution Channel
7.5.3. By Country
220.127.116.11. United Arab Emirates
18.104.22.168. Saudi Arabia
7.6. Asia Pacific
7.6.1. Asia Pacific Canned Tuna Market, By Species
7.6.2. Asia Pacific Canned Tuna Market, By Distribution Channel
7.6.3. By Country
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. A.E.C. Canning Co.,Ltd.
9.2. American Tuna
9.3. Bumble Bee Foods, LLC
9.4. Dongwon Group
9.5. Golden Prize Canning Co., Ltd.
9.6. Thai Union Group PCL
For more information about this report visit https://www.researchandmarkets.com/r/v008zo
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