CANNED TUNA MARKET ANALYSIS

Market Challenges And Opportunities

Global Canned Tuna Market Drivers:

Rising popularity of seafood

Canned seafood, including canned tuna, is becoming an important part of people's daily diet due to its unique texture and taste. Canned tuna is a popular source of protein, low in fat, low in calories, and an excellent source of omega-3 essential fatty acids that help lower blood pressure and cholesterol levels. The launch of new products in the canned tuna market is also expected to drive the growth of the overall market. For instance, in October 2021, Walmart U.S. entered into a partnership agreement with Pacific Island Tuna (PIT) for an in-house canned tuna brand and to transform the supply chain. PIT claims to adhere to environmental and labor standards in its supply chain and supports the elimination of illegal, unreported, and unregulated (IUU) fishing.

Increasing awareness regarding the health benefits of tuna

Growing awareness of tuna's many health benefits is a major factor in tuna adoption. Seafood is rich in a variety of essential nutrients that boost metabolism and focus, improve eyesight, reduce the risk of depression, boost immunity, and more. Governments and health agencies recommend he eat two meals of seafood a week to improve his overall health.

Many people substitute tuna for chicken in various recipes because of its tender meat and health benefits. For the same reason, tuna is also called chicken of the sea.

Global Canned Tuna Market Opportunities:

Sustainability in canned products

Sustainability is a key opportunity many companies are leveraging in retailing canned tuna. Large companies and retailers are capturing consumer attention by offering certified sustainable canned tuna. American Tuna, Fishing Vessel St. Jude, Mind Fish Co., Ocean Naturals, Safe Catch, Wild Planet and Whole Foods 365 are some of the US brands that offer certified canned tuna. For Instance, In March 2020, Bumble Bee Foods, LLC partnered with Gathered Foods Corporation, producer of plant- based seafood products Good Catch. This partnership made Bumble Bee the first and only major seafood company to supply plant-based seafood products in North America.

Global Canned Tuna Market Restraints:

Uncertain climatic conditions and environmental impacts

Rising ocean temperatures and increasing acidity make it difficult for marine life to survive. Many important animals such as zooplankton, which form the basis of the marine food chain, also have calcium shells. The entire ocean food web is changing, and this could lead to cracks in the food chain. As a result, the distribution, productivity and species composition of global fish production are changing, with complex and interrelated impacts on the oceans, estuaries and seagrass beds that serve as habitats and breeding grounds for fish. This could jeopardize not just the canned tuna market, but the entire fish market.