The global Canned Tuna market is profitable, both for existing players as well as new entrants. The market is highly competitive with all the players competing to gain a higher market share. Intense competition, rapid advances in Canned Tuna technology, and regulations are key factors that confront the market growth. A substantial level of rivalry is observed among the existing manufacturers in the market. Our analysis revealed that market players had adopted different strategies and innovative research and development techniques to expand their business and secure their position in the global Canned Tuna market. In recent years, strategic movements by major players included approvals, which have been used as market penetration strategies and a means to reduce competition. The key players profiled in the global Canned Tuna analysis are Thai Union Group PCL, Bolton Foods, Grupo Calvo, Ocean Brands, American Tuna Inc., Aneka Tuna Indonesia, Wild Planet Foods Inc, Sea Value PLC and many more. The industry is characterized by the presence of several small-scale industrial producers with obsolete production technologies and limited capacity, especially in developing nations such as India, which has lent a significant advantage to new industry participants with better processing technologies.
The global market for Canned Tuna is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Growing awareness about the nutritional benefits of fish and seafood consumption is on the rise. For this, individuals prefer canned seafood because of the convenience and long shelf life. This, in turn, can drastically benefit the food cans market.
For instance,
In January 2022, Nostromo, Italian canned tuna fish brand of Calvo Group, has introduced an attractive new packaging which features real peel technology. The end product or 'Apri gira facile' tuna has no inner rim when processed with this method, and can be tipped onto the plate directly eliminating waste of product and without an help of fork. In 2020, the Italian company Bolton Food has partnered with Oxfam, first in the world with this venture, and has taken an aim of implementing new standards in the fishing industry regarding social enterprise sustainability. Furthermore, Isabel brand of the company has become the first brand to certify all tuna products in compliance wit Atun de Pesca Responsable.standard (AENOR).In January 2020, the Thai Union has partnered with a local producer of mixed chili paste to launch five new flavors of spicy tuna flakes for the Thai market. The SEALECT spicy tuna flakes come in five flavors, combining key Thai spices such as galangal, turmeric, bird’s eye chili, pepper, and lemongrass. The new product was launched by the manufacturer due to the increasing demand of consumers for innovative food variants.
This way it helps increase production and introduce improved quality products in the market. Thai Union Group PCL, Bumble Bee Foods LLC, StarKist Co., and American Tuna Inc. are the prominent market players among the others.In January 21, 2022, Calvo Group's Nostromo canned tuna fish brand has debuted a new container design that incorporates genuine peel technology.
When prepared this way, the resulting product, known as 'Apri gira facile,' has no inner rim and can be tipped directly onto the plate, eliminating waste and need for a fork.In October 2022, SELECT, BELLOTA, and MARVO products from Thai Union and ITC are given to residents in Ubon Ratchathani Province who have been affected by flooding.In April 2022, StarKist will open a new corporate office in Reston, Virginia.In October 2022, New StarKist® Smart BowlsTM will be released by StarKist®.In September 2022, Ocean Brands will release new sardine and mackerel tins onto the U.S. market.In September 2022, on its website, Trader Joe's disclosed that it intended to open new locations in Oregon and Rhode Island as part of its ongoing growth.In December 2021, Century Pacific Food, Inc., Philippines based food and beverage companies had announced the acquisition of 'Ligo,' a brand known for its high-quality sardines and other marine goods.In August 2021, Wild Planet Foods, a leader in the canned fish sector, has been acquired by Italy's Bolton Group.
Bolton Group and Wild Planet will collaborate to create an exceptionally responsible supply chain.In Feb 2021, Grupo Calvo has introduced a new way of producing, presenting and eating canned tuna that meets the growing consumer demand for simplicity, healthy options and sustainability. The Easy Flip (Vuelca Fácil) packaging is the result of a €30 million investment by the company, and follows a restructuring of the manufacturing process at its Carballo plant near Coruña.In April 2021, Waitrose, a supermarket chain in the UK, launched the country’s first albacore and yellowfin tuna certified under the renowned Marine Stewardship Council (MSC) standard. The supermarket spent more than 10 years working with governments, NGOs, and suppliers to bring the certified products to the UK market.In March 2021, Thai Union's Tuna brand SEALECT, launched a limited edition of canned tuna with a container design featuring Doraemon, the popular Japanese manga series. The special edition of SEALECT tuna turning the canned tuna into rare collector's items and comes in three Doraemon, Shizuka, and Nobita designs. In February 2021, Thai Union, a leading global seafood company, collaborated with local restaurant After Yum to deliver an innovative new product, SEALECT tuna x After Yum.
The canned tuna is a special sauce to which consumers can make their own unique spicy salad dish by adding chili, vegetables, and lime juice.
Threat of New Entrants
The canned tuna industry has a high barrier to entry due to the significant investments required to establish a processing plant, procure raw Distribution Channels, and acquire necessary certifications. The established players in the industry have significant economies of scale, which makes it difficult for new entrants to compete. Established players in the industry have significant economies of scale, which means that they can produce canned tuna at a lower cost per unit compared to new entrants. This makes it difficult for new entrants to compete with the established players on price. Furthermore, the canned tuna industry is characterized by tight profit margins, which means that new entrants have to operate at scale to achieve profitability. This makes it difficult for small players to enter the market and compete with the larger players. Hence, the threat of new entrants in the Global Canned Tuna Market is expected to be High.
Bargaining Power of Suppliers
The suppliers of tuna fish, packaging Distribution Channels, and other raw Distribution Channels have moderate bargaining power. There are multiple suppliers of these raw Distribution Channels, and the industry players can easily switch suppliers if they are not satisfied with the terms of the agreement. The suppliers of tuna fish, packaging Distribution Channels, and other raw Distribution Channels have moderate bargaining power. There are multiple suppliers of these raw Distribution Channels, and the industry players can easily switch suppliers if they are not satisfied with the terms of the agreement. For example, tuna fish suppliers are spread across the world, and many companies import their tuna from different countries. This makes it easy for companies to switch suppliers if they are not satisfied with the quality, price, or other terms of the agreement. Similarly, packaging Distribution Channels such as cans, lids, labels, and cartons are widely available, and there are multiple suppliers of these Distribution Channels. This makes it easy for industry players to switch suppliers if they are not satisfied with the terms of the agreement. Overall, the moderate bargaining power of suppliers allows the industry players to maintain competitive prices and quality of raw Distribution Channels.
However, suppliers can still exert some power if they are able to offer unique or specialized raw Distribution Channels that are not readily available from other sources. Hence, the bargaining power of suppliers in the Global Canned Tuna Market is expected to be Moderate.
Threat Of Substitutes
The canned tuna industry faces a high threat of substitute products, including fresh tuna, salmon, and other seafood products. Consumers who prefer fresh seafood may choose to purchase fresh tuna or salmon instead of canned tuna.
To stay competitive, industry players have to constantly innovate and differentiate their products. For example, some companies offer canned tuna products that are flavored or seasoned, which provides a unique taste and can help differentiate their products from other brands. Other companies have focused on offering sustainably caught tuna, which appeals to environmentally conscious consumers. Furthermore, industry players can also differentiate their products based on the packaging they use. Some companies have introduced easy-to-open packaging, which makes it more convenient for consumers to open and consume their products. Others have focused on packaging that is more environmentally friendly, such as BPA-free cans or packaging made from recycled Distribution Channels. Overall, the high threat of substitute products in the canned tuna industry makes it important for industry players to constantly innovate and differentiate their products to stay competitive. Hence, the threat of substitutes in the Global Canned Tuna Market is expected to be High.
Bargaining Power of Buyers
Buyers of canned tuna, such as supermarkets, grocery stores, and foodservice providers, have a moderate bargaining power in the industry. This is because there are usually multiple suppliers and brands of canned tuna available in the market, and buyers have the ability to switch to different brands or suppliers if they are not satisfied with the pricing, quality, or other terms of the current supplier. To retain customers and maintain market share, industry players must compete on various factors, including price, quality, and brand recognition. This competition often leads to price pressure and the need to invest in marketing and product differentiation to stand out from competitors. As a result, buyers can use their bargaining power to negotiate better pricing or other terms from suppliers to gain a competitive advantage. However, the bargaining power of buyers may vary depending on the specific market and geographic location. For example, in some regions or markets, there may be fewer suppliers and brands of canned tuna available, which may increase the bargaining power of buyers. Similarly, in some cases, buyers may be more concentrated and have more bargaining power if they are large and powerful players in the industry, such as major supermarket chains. Hence, the bargaining power of buyers in the Global Canned Tuna Market is expected to be high.
Intensity Of Rivalry
The Global Canned Tuna Market is highly competitive, marked with fierce rivalry among the players in terms of quality, variety, and pricing. The growing demand for Canned Tuna among end user industries is creating opportunities for the players to emphasize innovation and product quality to expand their customer base. Thus, manufacturers are focusing on reducing production costs to compete in the cut-throat market. They are also engaged in strategic expansions to strengthen their businesses worldwide and survive in the market. Canned Tuna market is competitive market as there are players operating at various stages of the value chain.
Hence, the intensity of rivalry in the Global Canned Tuna Market is expected to be high.
