Canned Tuna Market Poised For Growth
The global canned tuna market is estimated to grow by $3.56 billion over the next five years, according to new research from Technavio, with the segment expected to grow at a CAGR of nearly 3.8%.
According to the report, the Launch of new products is driving market growth, with a trend towards expansion in online retailing. However, adverse effects associated with the overconsumption of canned tuna poses a challenge.
The global canned tuna market is experiencing significant growth due to the increasing popularity of online shopping. With more consumers preferring the convenience of buying products online, leading vendors are collaborating with retailers like Amazon and Alibaba to expand their sales channels. The trend towards online shopping is expected to continue, driving up sales of canned tuna products worldwide, the report said.
The canned tuna market has seen significant growth in recent years as the demand for canned tuna is increasing due to its convenience and long shelf life. Environmental concerns have driven the industry to focus on sustainable practices with annalore and skipjack popular choices for canned tuna. The report noted the trend is toward more value-added products such as flavored and organic canned tuna. The sector is expected to continue growing with technologies like canned tuna in pouches and improved preservation methods.
While growth is expected, the canned tuna market also faces several challenges. The report noted that production and supply of canned tuna require large quantities of fish, making sustainability a significant concern. The use of preservatives and additives in canned tuna may raise health concerns for consumers.
Additionally, competition from other protein sources, such as chicken and beef, can impact market demand. Technological advancements in canning processes aim to improve product quality and reduce environmental impact while regulations on labeling and packaging also pose challenges for manufacturers. Consumers are seeking greater transparency and ethical sourcing practices, adding to the complexity of the canned tuna market.