Albany, NY -- (SBWIRE) -- 12/17/2018 -- 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.

Country demand patterns have been considered while estimating the market for various end users of canned tuna in the different regions. Top-down approach has been used to estimate the canned tuna market by countries. Global market numbers by species type has been derived using the bottom-up approach, which is cumulative of each country's demand. Company-level market share has been derived on the basis of canned tuna penetration. The market has been forecast based on constant currency rates.

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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.

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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The report includes Canned Tuna market company profiles and the revenue generated from the companies across North America, Latin America, Europe, APAC, and MEA. By species type, the global Canned Tuna market is segmented as albacore, yellowfin tuna, skipjack tuna, Bluefin tuna, bigeye tuna and longtail tuna. By distribution channel, the market is segmented as direct and indirect. Furthermore, by end use, the market is segmented as foodservice and households. For the calculation of revenue collection of average regional prices were obtained through primary quotes from numerous canned Tuna manufacturers, retailers and distributors. All key end users have been considered and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents.