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 Market Dynamics 

Riding the Waves of Change: Key Currents Shaping Global Tuna Consumption

The global canned tuna market in 2024 was defined by powerful currents of change in trade, consumer behavior, and industry standards. A significant trend was the evolution of the global supply chain, evidenced by the fact that in the first three quarters of the year alone, global imports of processed and canned tuna reached a massive 1.4 million tons. This was supported by a strategic shift in raw material sourcing, with imports of frozen tuna loins for secondary processing increasing to 232,000 tons. Thailand capitalized on this dynamic, with its canned tuna export volume surging to 548,653 tons in the same period, cementing its role as the world's leading processor and exporter. This industrial-scale activity was mirrored at the consumer level, where the food service sector's procurement hit an estimated 350,000 metric tons.

On the retail front, consumer-facing trends reshaped the canned tuna market landscape. The rise of private labels became an undeniable force, particularly in mature European markets where store brands now account for more than 50 of every 100 cans sold. To compete, major brands accelerated their innovation pipelines, introducing more than 50 new value-added tuna products. This creativity was vital in capturing sales across diverse channels, from major online retailers in North America selling a collective of more than 15 million units, to the unique market in Japan where over 1,200 vending machines now dispense specialty canned tuna. Underpinning these commercial trends was a non-negotiable push for sustainability, with the number of tuna fisheries engaged with the Marine Stewardship Council surpassing 90 and major fishery bodies mandating 100% observer coverage on industrial vessels.

• Dominant Retail Force: Private label products now represent over 50 of every 100 cans of tuna sold in key European countries.
• Massive Export Growth: Thailand's canned tuna export volume reached 548,653 tons in just the first nine months of 2024.
• Unprecedented Observer Coverage: 100% of industrial purse seine vessels are now required to have human or electronic observer coverage.

Navigating Troubled Waters: Economic and Logistical Hurdles Facing the Industry

The operational environment for the canned tuna market in 2024 was fraught with significant economic and logistical challenges that tested its resilience. At the forefront was extreme raw material price volatility; the benchmark price for skipjack tuna delivered to Bangkok swung from over US$ 2,000 down to approximately US$ 1,750 per metric ton within the year, creating profound uncertainty in production costing. This was compounded by severe supply chain pressures. The average cost to ship a 40-foot container from Southeast Asia to Europe remained stubbornly high at over US$ 4,000, while geopolitical tensions forced the rerouting of at least 500 shipping vessels, adding a costly 10 to 14 days to their transit times. Furthermore, a collective labor shortfall of over 10,000 workers in Southeast Asian canneries hampered the industry's ability to operate at full capacity.

Beyond logistics, the canned tuna market grappled with a tightening web of regulatory and environmental pressures. The annual cost for a large cannery to remain compliant with international food safety standards surpassed US$ 150,000. Failure to meet these standards had direct consequences, as seen when EU customs authorities rejected approximately 4,500 metric tons of canned tuna for non-compliance. Ecologically, the fact that at least 3 major commercial tuna stocks remain overfished puts long-term supply at risk, while new bycatch reduction mandates forced operational changes for over 1,000 fishing vessels. This complex landscape was made more challenging by resource constraints, with a typical cannery requiring 1,000 liters of fresh water per ton of product, and by intensifying price competition from ever-cheaper plant-based proteins on retail shelves.

• Extreme Price Volatility: The raw material price for skipjack tuna fluctuated by more than US$ 250 per metric ton during the year.
• Costly Trade Disruptions: Rerouting due to geopolitical issues added up to 14 days and significant cost to shipping routes.
• Labor Shortfall Impact: Tuna processing hubs faced a critical labor shortage amounting to more than 10,000 essential workers.

Charting New Courses: Unlocking Future Growth in a Dynamic Tuna Market

Amidst its challenges, the canned tuna market in 2024 was ripe with opportunities for strategic growth and innovation. Significant potential was unlocked in emerging markets, with the Middle East and North Africa region's combined import volume growing to over 150,000 metric tons. Simultaneously, in established markets, there was a clear opportunity in premiumization. The launch of over 30 new artisanal and gourmet product lines catered to consumer demand for high-value items like ventresca and tuna in premium olive oil. The industry also looked beyond the can for growth, with the annual production volume of tuna sold in convenient flexible pouches surpassing 1.5 billion units globally. This momentum attracted serious capital, with over US$ 200 million in private equity invested into seafood companies with a stake in tuna processing and supply chain technology.

Value creation also emerged from areas beyond the final product. The canned tuna market’s investment of over US$ 10 million into Fishery Improvement Projects (FIPs) presented an opportunity to secure future supply chains and meet corporate sustainability goals. The 1.6 million metric tons of processing by-products created a lucrative secondary market for high-value fish oil and premium pet food ingredients. Brands found new ways to connect with consumers directly; over 2 million QR codes on packaging were scanned by shoppers seeking traceability information. This digital engagement was part of a larger push to capture younger demographics, with at least 10 major marketing campaigns launched on social media. This was complemented by product development targeting specific health needs, with over 75 low-sodium SKUs now on shelves, and by penetrating new channels like the meal kit market, where over 60 services now feature canned tuna.

• Emerging Market Growth: The Middle East and North Africa region's import volume grew to exceed 150,000 metric tons.
• Beyond the Can: Production of tuna in flexible pouches surged past 1.5 billion units, signaling a major packaging shift.
• Significant Capital Injection: Over US$ 200 million in private equity was invested into companies within the tuna sector in 2024.

Segmental Analysis

By Type: Flavor and Speed of the Ready to Cook Canned Tuna Drive Global Resurgence

The global canned tuna market is undergoing a dynamic transformation, driven by the modern consumer's insatiable appetite for convenience and culinary exploration. A remarkable 38% growth in the demand for ready-to-eat tuna meals signals a significant shift away from basic cans toward value-added products that fit seamlessly into fast-paced lifestyles. This trend is not just about speed but also about taste. Flavor innovation has become the central battleground for brands, with over 46% of all new tuna product launches between 2023 and 2024 being flavor-centric. This strategic focus is paying off, as flavored canned tuna now accounts for a substantial 33% of all canned tuna sales. 

The demand for complete meal solutions is evident in the 36% expansion of ready-to-eat kits across urban retail outlets. In the U.S. market, while the ready-to-eat segment held a strong position in 2024, it is the ready-to-cook category that is poised for the most significant future growth. This growth is fueled by the introduction of innovative products like tuna-based snack packs and meal kits. In fact, the flavored tuna segment is projected to expand at a robust rate of 5.7% from 2025 to 2035. Companies are actively responding, like Bumble Bee Seafoods, which launched 12 new flavored and kit-based products in 2023 alone. With the global ready-to-eat canned tuna market valued at US$ 5.29 billion in 2024 and growing, it's clear that the fusion of international culinary trends and ultimate convenience is charting a lucrative new course for the industry.

By Tuna Species: How Skipjack Tuna Conquered the Canned Seafood Aisle

Skipjack tuna's reign over the canned seafood aisle is an undeniable reality, built on a foundation of sheer abundance and economic practicality. Holding a staggering 60% of the global canned tuna market's revenue share in 2024, its dominance is not just a trend but a long-established market truth. This dominance is further cemented by its immense catch volume; in 2023, skipjack accounted for approximately 57% of the entire 5.2-million-tonne global tuna catch, making it the most harvested tuna species by a significant margin. This widespread availability naturally translates to cost-effectiveness, a key factor in its market leadership, a position it is expected to hold through 2034. The impact is profoundly felt in major consumer markets like the United States, where a massive 70% of all canned and pouched tuna consumed is skipjack, often marketed as the affordable and popular "light tuna." This preference is echoed in Europe, where in 2023, reported first sales of skipjack reached over 18,000 tons. 

The commitment to sustainability also plays a role in its market position. In the Netherlands, an overwhelming 97.2% of MSC-labelled tuna products are skipjack, while in Poland, these cans constitute 89% of the sustainable tuna market. Collectively, the immense volume of skipjack, alongside yellowfin, generated over three-quarters of the total end values in the tuna market back in 2018, underscoring how this single species has become the economic engine of the global canned tuna industry.

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Regional Analysis 

America's Tuna Paradox: Record Imports Meet a Quest for Health and Flavor

The United States canned tuna market represents a fascinating paradox of peak demand and evolving consumer behavior. The nation's appetite for canned tuna has driven imports to a record high of 230,557 tonnes, a volume so significant that it prompted the government to increase its tariff-rate quota to over 15.2 million kilograms for the year. The first quarter alone saw nearly 33,000 tons enter the country, underscoring this relentless demand. Despite these figures, a deeper look reveals a shifting landscape; while canned tuna remains the third most popular seafood after shrimp and salmon, overall per capita consumption has been on a downward trend.

Responding to this, dominant brands like StarKist, Bumble Bee, and Chicken of the Sea are pivoting their strategies. They are increasingly focusing on sustainable sourcing and introducing a variety of value-added products, such as flavored tuna pouches, to recapture consumer interest. The main sales channels continue to be hypermarkets and supermarkets, where the competitive landscape is also changing. Although Thailand remains the primary supplier, its import volumes have recently stagnated, creating a valuable opening for countries like Vietnam and South Korea to increase their market share and cater to the nuanced American palate.

Europe's Tuna Crucible: A Mature Market Forging Sustainability and Value

The European Union stands as a mature, sophisticated, and substantially self-reliant canned tuna market, with a strong emphasis on sustainability and intra-regional commerce. The region is currently leading the global market by controlling more than 41.65% market share. The EU's formidable production capacity is estimated at approximately 400,000 tons annually. Spain is the undisputed leader, contributing about two-thirds of this total with its 2023 production reaching 222,628 tons and providing direct employment to over 25,000 people. This robust output supports a high consumption rate, with tuna being the most consumed fish product in the region, averaging around 1.3 kg per person per year. 

The EU's trade dynamics are complex; in the first nine months of 2024, it imported 518,331 tons of processed tuna. Spain's trade figures highlight this complexity, having imported 140.76 million kilograms while exporting 103.45 million kilograms in 2023, much of it within the EU bloc. Looking ahead, the market is driven by a pronounced consumer demand for sustainably sourced products and innovative value-added options. A clear sign of this innovation is the emergence of a niche market for frozen or defrosted tuna slices, which is already estimated to have a market volume of 68,000 tons annually.

Asia-Pacific's Tuna Dominance: The Undisputed Global Engine of Production and Export

The Asia-Pacific region, spearheaded by Thailand, unequivocally functions as the global epicenter of canned tuna market in terms of production and export, powering markets across the world. Thailand's dominance was starkly illustrated in 2024, with its canned tuna exports surging by an incredible 32% to reach 548,653 tons for the year, with 221,092 tons of that shipped in the first five months alone. The primary destinations for this massive volume are key markets including the United States, Japan, and Australia. The regional demand is also robust, as evidenced by Japan's importation of 175,088 tons of fresh and frozen tuna in 2024. 

Furthermore, demand is on the rise in the Middle East and other parts of Asia, a trend partly fueled by geopolitical factors and the inherent convenience of shelf-stable foods. To maintain their competitive edge amidst rising labor costs, Thai producers are increasingly turning to cooked frozen loins as a raw material for processing. This industrial efficiency extends throughout the value chain, with by-products from the canning process being intelligently repurposed for the growing pet food manufacturing sector, showcasing a holistic and resourceful approach to production.

Canned Tuna Market Navigates New Waters with Strategic Deals and Innovations 

Merger & Acquisition Activity

• Safe Catch Acquires Scout: On April 1, 2024, canned seafood producer Safe Catch acquired Scout, a Canadian brand known for its craft canned seafood. This merger is set to expand Safe Catch's portfolio and integrate its proprietary mercury-testing technology across Scout's product lines.

Funding and Investment Fueling Future Growth

• BlueNalu's Ongoing Funding for Cultivated Tuna: San Diego-based BlueNalu, a pioneer in cell-cultured seafood, secured $33.5 million in a Series B funding round in late 2023 and has ongoing investment needs as it plans to build its first commercial facility. The company is actively seeking further investment to scale up production of its cell-cultured bluefin tuna, with plans to break ground on a larger facility in 2025.
• Wanda Fish Secures Seed Funding for 3D-Printed Tuna: Israeli food-tech startup Wanda Fish raised $7 million in seed funding in late 2023 to advance its technology for producing 3D-printed, cultivated bluefin tuna sashimi. The company unveiled its bluefin tuna toro sashimi prototype in May 2024 and is planning a Series A funding round later in the year to further scale its operations.
• Thai Union's Share Repurchase Program: Global seafood giant Thai Union Group announced a share repurchase program for financial management purposes, set to run from January to June 2025. The company's board approved the repurchase of up to 200 million shares.
• Tuna Chain Attracts Early-Stage Investment: In March 2024, Tuna Chain, a company focused on blockchain solutions, secured early-stage venture capital funding. While not directly a canned tuna producer, its focus on enhancing supply chain transparency through blockchain could have significant implications for the industry.

Expansion and New Product Development in Canned Tuna Market

Established and emerging companies are actively expanding their production capabilities and diversifying their product offerings to meet new consumer trends.

• Indian Ocean Tuna Ltd.'s Seychelles Expansion: A subsidiary of Thai Union, Indian Ocean Tuna Ltd. (IOT), has been expanding its processing capacity in Seychelles. This expansion, supported by the Economic Partnership Agreement between the EU and Eastern and Southern Africa, positions IOT as one of the largest tuna processing factories in Africa, producing for major European brands.
• Frime's "Ready to Eat" Line: In a move to capture the convenience market, Spanish tuna company Frime S.A.U. launched a new "Ready to Eat" line in June 2024. This range includes marinated tuna products that are safe for raw consumption, targeting the restaurant sector with value-added, easy-to-prepare options.
• Walker Seafoods Australia's Local Tuna Line: In August 2024, Tuna Australia member Walker Seafoods Australia partnered with chef Neil Perry to launch a new line of preserved local albacore tuna. The products feature sustainably caught, Marine Stewardship Council (MSC) certified tuna.
• Safe Catch Enters New Categories: Following its acquisition of Scout, Safe Catch has been expanding its own product lines. In July 2024, the company launched a new line of premium Smoked Rainbow Trout.
• Carrefour's Supply Chain Transformation: In July 2024, major European retailer Carrefour partnered with the Global Tuna Alliance (GTA) to improve tuna fishing regulations and ensure best practices on vessels supplying Carrefour, signalling a significant push towards greater sustainability in the supply chain.

Top Companies in the Canned Tuna Market

• A.E.C. Canning Company Limited
• American Tuna Inc.
• Bumble Bee Foods LLC
• Century Pacific Food Inc.
• Crown Prince Inc.
• Dongwon Enterprise Co., Ltd.
• Golden Prize Canning Co. Ltd.
• Grupo Albacora SA
• StarKist Co.
• Thai Union Group PLC
• Wild Planet Foods Inc.
• Other Prominent Players

Market Segmentation Overview

By Tuna Species

• Skip Jack
• Yellowfin
• Others

By Type

• Ready-To-Eat
• Ready-To-Cook

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Hungary
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • UAE
  • Saudi Arabia
  • Bahrain
  • Kuwait
  • Qatar
  • Rest of Middle East
• Africa
  • Oman
  • Egypt
  • Nigeria
  • South Africa
  • Rest of Africa
• South America
  • Argentina
  • Brazil
  • Rest of South America