Although
lifestyles of consumers worldwide are getting busier and faster, and
the market offers an extensive range of prepared and frozen food, the
global market for canned tuna is projected to experience passive
growth over the next few years. Growing consumer dependency on
prepared and ready-to-eat food is considered to be a key driver to
push the demand for canned tuna a little farther over 2017-2025.
Global revenue of canned tuna market was around US$ 10,496.1 Mn in
2017, which is expected to increase at a CAGR of 3.8% over the
forecast period, reaching a value worth US$ 14,125.5 Mn by the end of
2025.
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While
consumer demand for canned tuna witnesses a downward trend, the
increasing demand from the Middle East is leveling off this decline,
and emerging as an attractive market for ASEAN canned tuna exporters.
The exemption from import duties in the Middle East has led to higher
exports in this region. Egypt, Saudi Arabia, and Israel are the
largest importers of tuna in the Middle East, accounting for 21%,
19%, and 11% import share, respectively. The import tariff in most of
the countries in this region is only 5%, which is very low as
compared to the U.S. and the EU. In spite of the large scope for
fishing, the Middle Eastern region is poorly developed in fishing,
and is thus heavily dependent on imports from ASEAN countries,
especially Vietnam.
The
growth of the ready-to-eat and easy-to-cook value added tuna market
is evident, and there is an increasing demand for super-frozen tunas
in the high-end European markets. Super-frozen tuna is mainly
consumed in a Japanese delicacy - sashimi. In order to accommodate
the supply and demand for super-frozen tuna, the canned tuna supply
chain in Europe is improving, which will steadily lead to an
increased volume of super-frozen tuna in the European market.
Super-frozen canned tuna is available at relatively higher rates as
compared to regular canned tuna but as consumers in this region are
willing to experiment with new products and are also ready to pay
higher prices for the same, super-frozen tuna is expected to fuel the
growth of the canned
tuna market in this region.
Overfishing
has led governments to ban commercial fishing in specific parts of
the Pacific Ocean. The ban on fishing has led to curtailed supply of
tuna, consequently leading to higher prices of canned tuna. Higher
prices have, in turn, led to lower demand for canned tuna from
regions such as Europe. Tuna species such as yellowfin are overfished
and have already been categorized as an endangered species. Concerns
against overfishing are growing, leading to the fluctuating supply
and demand of canned seafood, globally.
In
the U.S., the canned seafood market is also indicating a clear
downward trend due to the lack of sustainable and regular supply of
its main product. Consumers in the U.S. and Europe are highly
concerned about dolphin deaths caused due to tuna fishing. A vast
number of dolphins have been killed during tuna fishing, and
consumers are averse to buying products that have resulted in the
deaths of this large by catch. Consumer sensitivity towards the
sustainability of canned tuna dictates the growth of the market. The
dolphin safety issue has been trending in the canned tuna market over
the past many years and is still a major obstacle being blamed for
the decline of the canned tuna market.
Some
of the major companies operating in the global Canned Tuna market are
Thai Union Group, Alliance Select Foods International, Inc., Ocean
Brands GP, Bumble Bee Foods, LLC, StarKist Co., Raincoast Trading
Company, Princes Group, Golden Prize Canning Co., Ltd., PT. Aneka
Tuna Indonesia., Wild Planet Foods Inc.., Hi-Q Food Products Co.,
Ltd., American Tuna Inc., Safcol Australia Pty. Ltd., Conga Foods Pty
Ltd, Millaton Fishery Co. Ltd., Sadr Darya Co., Dorj Group Companies,
Tohfe Food Product Company, C-Food International LLC and Pegasusfood
Co., Ltd.
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