The
global tuna market is anticipated to face a steady growth in coming years due
to various vendors in the market trying to come up with better products.
According to a report by Transparency Market Research, the market’s competitive
landscape is currently fragmented because vendors are engaging in stiff
competition. The vendors are competing on the basis of brand, distribution,
price, and quality. The vendors are catering regional market according to the
region’s taste and preferences. Along with their socioeconomic and economic
conditions. New experiments and innovations in taste and flavour is
likely to boost the market and show significant rise in the global canned tuna
market. Some of the leading companies in the market are Alliance Select Foods
International, Inc., Princes Group, American Tuna Inc., Ocean Brands GP, and
Aneka Tuna Indonesia.
The
global market for canned tuna is likely to rise at CAGR of 3.8% during the
forecast period of 2017 to 2025. The global revenue of the canned tuna market
held US$ 10,496.1 mn in 2017 and is predicted to value US$ 14,125.5 mn by the
end of forecast period. According to product, Bluefin tuna is expected to rise
as the leading product among all other products in the segment. Geographically,
Europe held the maximum share in the global canned tuna
market during
2017 and is expected to lead the market during the forecast period due to high
consumption of tuna in this region.
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Increased
Consumption of Ready to Eat Food Likely to Fuel Market
The
demand for ready to eat and easy to cook foods will likely add value to the
rise of tuna in the market. Many regions have high demand for super frozen tuna
leading to rise in growth of the market. Developed regions are ready to pay
high and experiment with different variety of tuna dishes due to large amount
of disposable income thus, leading to rise in growth of the same. Rise in
demand for tuna from emerging economies such as Middle East and ASEAN due to
increase in exports in this region is likely to increase the revenue growth of
canned tuna market in this region. The increase in shipment in these regions
have also boosted the market. Easy availability of canned tuna food in the
market increases its consumption among people. These canned tuna food are also
affordable hence, increasing the revenue growth in the global market. Tuna also
provide health benefits like boosting immune system. They are natural
antioxidants and provide omega3 which is very healthy for the body. Increase
demand for exotic food in restaurants and hotels has also brought significant
rise in the canned tuna market.
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Ban
on Fishing Leads to Curtailed Tuna Supply
The
consumers being aware about the death of dolphins due to tuna fishing will
likely hamper the growth of canned tuna market. Consumers have sensitivity
against death of dolphins and adverse effects of buying tuna. This is expected
to hamper the growth of canned tuna market globally. The fight of canned tuna
market with environmental organizations had severely damaged the growth of the
market. Additionally, consumers are aware of the harmful effects of excess
fishing. This is leading in extinction and destruction of fish species
therefore, they restrain from buying tuna fish.
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