The canned tuna market in India has been witnessing significant growth over the past few years. Canned tuna is usually processed, precooked and sealed in airtight containers like cans to prevent spoilage for extended shelf life. Tuna is a popular fish high in protein and omega-3 fatty acids. The canned variety provides customers the advantage of portability and ease of consumption without the hassle of fresh preparation. Canned tuna has emerged as a versatile ingredient used in salads, sandwiches and ready-to-eat meals.
The Global canned tuna market is estimated to be valued at US$ 22.52 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the canned tuna market are Indian Tobacco Company, Mavalli Tiffin Room, Gits Food Products Pvt. Ltd., Kohinoor Foods, Priya Foods, and Bambino Agro-Industry. The increasing health consciousness and protein requirement of the growing population has fuelled the demand for canned seafood products in recent years. Canned tuna offers a rich source of protein and omega-3 fatty acids and has emerged as a popular snack and meal option. The key players are focusing on capacity expansion plans and global partnerships to cater to the increasing demand. Rising disposable incomes and hectic urban lifestyles have further propelled the market growth.
Growing demand in urban centres has encouraged key FMCG players to expand their product portfolio and distribution networks in India's canned tuna segment. The Canned Tuna Market Growth is witnessing increased popularity especially among millennials and office-goers who prefer ready-to-eat packaged foods. Developing cold chain infrastructure and rising penetration of modern retail are also aiding the availability and access to canned tuna across the country.
Market Drivers
Changing consumer food preferences towards healthy and convenient ready-to-eat packaged foods has been a major driver for the canned tuna market in India. With growing health awareness, canned tuna with high protein and omega-3 content has emerged as a popular snack and meal option. Rising disposable incomes in urban centres have further increased the affordability of packaged and protein-rich foods. The global tuna market has also expanded significantly over the past decade which benefits canned tuna producers and suppliers.
The geopolitical situation is significantly impacting the growth of the canned tuna market. Ongoing international conflicts and trade wars are disrupting the global supply chains in the canned tuna industry. The tariffs imposed by major trading partners are increasing the overall production and transportation costs for canned tuna producers. This is negatively affecting the profit margins of companies operating in the market. Furthermore, sudden changes in regulations and import-export policies by some countries due to tensions can reduce the availability of raw materials. This may hinder the production volumes of canned tuna in the short run until alternate sources are established.
To ensure sustainable growth in such a volatile environment, canned tuna producers must diversify their supply networks and establish local sourcing hubs across different geographical regions. Adopting a multi-country sourcing model can help minimize risks arising from delays or restrictions in single markets. Canned tuna companies also need to invest in innovation and product development to cater to the evolving tastes of health-conscious consumers. Offering canned tuna products with additional health benefits and varied flavors can boost demand even during economic downturns caused by geopolitical issues.
In terms of value, the canned tuna market is currently concentrated in North America and Europe due to high consumption levels. The per capita canned tuna expenditure is significantly higher in countries like the United States, United Kingdom, Germany, and France compared to other regions. However, Asia Pacific is expected to witness the fastest growth in the canned tuna market over the forecast period due to rising incomes, improvement in cold chain logistics, and growing health awareness among consumers in countries like China, India, and Indonesia. Latin America and the Middle East regions also offer substantial growth opportunities for canned tuna producers given their large population bases and increasing demand for packaged and protein-rich foods.
The canned tuna production is centered around coastal regions with access to tuna fish stock as the raw material transportation costs are high. Major canned tuna manufacturing hubs include California and American Pacific Northwest in North America; Galicia and Andalusia in Spain; Brittany and Nouvelle-Aquitaine in France; Western Australia; and Southeast Asian coastal regions of Indonesia, Thailand, and Philippines. Moreover, canned tuna is gaining popularity in landlocked areas across Central Europe, Russia, China, and African countries as well due to rising urbanization and changing lifestyles. This presents lucrative opportunities for canned tuna producers to expand their presence beyond traditional strongholds through strategic partnerships and acquisitions in emerging markets of high growth potential.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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