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Latin America Canned Tuna Market Share, Size, Analysis, Trends, Growth, Forecast: By Product: Skipjack, Yellowfin, Others; By Distribution Channels: Hypermarket and Supermarket, Specialty Stores, Online, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

Latin America Canned Tuna Market Outlook 

The Latin America canned tuna market size reached a value of USD 1.68 billion in 2021. During the forecast period of between 2023 and 2028, the market is expected to grow at a CAGR of 5.50% to reach a value of around USD 2.31 billionby2027.

 

Key Trends in the Market

A particular species of saltwater fish called tuna is primarily found in the subtropical and temperate waters of the Atlantic Ocean, Black Sea, and Mediterranean Sea. It is a vital source of nutrients such omega-3 fatty acids, iron, potassium, proteins, niacin, magnesium, proteins, and vitamins A, B6, and B12. There are typically two types of canned tuna: light meat tuna, which is mostly skipjack and occasionally yellowfin, and white meat tuna, which is typically albacore.

 

  • The market for canned tuna is anticipated to be driven primarily by the accessibility of numerous tuna species and the rapid shift in consumer preferences for seafood due to its abundance in vital vitamins, proteins, and minerals. Additionally, tuna has a flavour that is widely appreciated and unique from that of other seafood, which contributes to the strong demand of canned tuna in the Latin America region.
  • The Latin America canned tuna market is also expanding as a result of the products' extended shelf life and ease of shipment across longer distances. Demand for ready-to-eat foods is rising as a result of people's busy schedules, with canned tuna becoming a popular choice.
  • There are also significant potential opportunities for manufacturers of canned tuna in the developing e-commerce sector. Numerous businesses have been influenced by this evolving trend to target new, tech-savvy consumers and enter this expanding sector. Due to widespread internet use and the expansion of the e-commerce sector, the market for canned tuna is growing.

 

Latin America Canned Tuna Market Analysis

Based on product, the market is segmented into skipjack and yellowfin, among others. The market is divided on the basis of distribution channels into hypermarket and supermarket, speciality stores, and online, among others. The major countries for canned tuna can be divided into Brazil, Argentina, Mexico, and Chile, among others.

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America canned tuna market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

 

  • Dongwon Group
  • Bolton Group
  • Bumble Bee Foods, LLC
  • Grupo Calvo
  • Camil Alimentos S/A
  • Grupo Herdez
  • JEALSA
  • Tri Marine Group
  • Others

 

Market Share by Product

Skip jack tuna is anticipated to make up one of the largest shares in the Latin America canned tuna market due to its increasing popularity in developed and emerging markets. In order to meet the soaring demand for skipjack tuna purse seine fishing is used, in which a cylindrical net with a closed bottom may be lowered around a school of fish. This specific approach is highly popular as it allows for a reduction in bycatch levels while still being a productive way to catch larger numbers of fish. 

 

Additionally, it is projected that the yellowfin segment will also expand at a significant rate and raise market revenue. This kind of tuna is becoming more popular with consumers because of its outstanding texture and rich flavour. Over the forecast period, it is anticipated that the increasing demand for this type of canned tuna would accelerate growth in Latin America.

 

Market Share by Distribution Channel

Over the forecast period, it is anticipated that the supermarkets and hypermarkets distribution channel would lead the Latin America canned tuna market growth. Major producers advertise their goods in physical retail establishments like supermarkets and hypermarkets. In addition, a number of businesses are opening new physical stores in Latin America to increase their consumer base. In the near future, a growing number of offline retailers will widen the reach of this distribution channel.  

 

The online segment is expected to be the fastest-growing distribution channel. As a result of rapid digitalisation, rising smartphone penetration, and expanding internet access, businesses are progressively switching from brick-and-mortar locations to online sales. Additionally, manufacturers are increasingly using company-owned portals and e-retailers to display their items online in order to boost their product visibility, particularly in emerging regions. 

 

Competitive Landscape

Dongwon Group since its founding in 1969, has been at the forefront of South Korea's fishing business, travelling to all five oceans, and advancing food culture by offering premium seafood products. Through its local and nationwide logistics network, Cold Chain System, and 72 global partners, Dongwon Industries offers top-notch services to anywhere in the globe in addition to South Korea. 

 

Bolton Group, an Italian family-owned global corporation with its headquarters in Italy, has been manufacturing and marketing a variety of cutting-edge, environmentally friendly, and high-quality branded consumer goods for more than 70 years. The business, which employs more than 15,000 people across 15 facilities, accounts for more than 10% of the global canned tuna industry.

 

Bumble Bee Foods, LLC, with its headquarters in California, United States, aims to feed people by harnessing the power of the ocean. The famous 120-year-old fishing firm continually strives to provide customers with delicious, wholesome, and inexpensive food while making significant efforts to develop innovative strategies to save the ocean and those who depend on it. Under the brand names ‘Bumble Bee’, ‘Wild Selections’, ‘Brunswick’, ‘Beach Cliff’, and ‘Snow's’, the company produces canned tuna, salmon, various seafood, and chicken.

 

Other market players include Grupo Calvo, Camil Alimentos S/A, Grupo Herdez, JEALSA, and Tri Marine Group, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Distribution Channels
  • Region
Breakup by Product
  • Skipjack
  • Yellowfin
  • Others
Breakup by Distribution Channels
  • Hypermarket and Supermarket
  • Specialty Stores
  • Online
  • Others
Breakup by Region
  • Brazil
  • Argentina
  • Mexico
  • Chile
  • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Dongwon Group
  • Bolton Group
  • Bumble Bee Foods, LLC
  • Grupo Calvo
  • Camil Alimentos S/A
  • Grupo Herdez
  • JEALSA
  • Tri Marine Group
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Market Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Industry Opportunities and Challenges
8    Latin America Canned Tuna Market Analysis

    8.1    Key Industry Highlights
    8.2    Latin America Canned Tuna Historical Production (2018-2022) 
    8.3    Latin America Canned Tuna Production Forecast (2023-2028)
    8.4    Latin America Canned Tuna Historical Consumption (2018-2022) 
    8.5    Latin America Canned Tuna Consumption Forecast (2023-2028)
    8.6    Latin America Canned Tuna Market by Product
        8.6.1    Skipjack
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Yellowfin
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Others
    8.7    Latin America Canned Tuna Market by Distribution Channels
        8.7.1    Hypermarket and Supermarket
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Specialty Stores
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Online
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Others
    8.8    Latin America Canned Tuna Market by Country
        8.8.1    Market Share
            8.8.1.1    Brazil
            8.8.1.2    Argentina
            8.8.1.3    Mexico
            8.8.1.4    Chile
            8.8.1.5    Others
9    Regional Analysis
    9.1    Brazil
        9.1.1    Historical Trend (2018-2022)
        9.1.2    Forecast Trend (2023-2028)
        9.1.3    Per Capita Consumption
    9.2    Argentina
        9.2.1    Historical Trend (2018-2022)
        9.2.2    Forecast Trend (2023-2028)
        9.2.3    Per Capita Consumption
    9.3    Mexico
        9.3.1    Historical Trend (2018-2022)
        9.3.2    Forecast Trend (2023-2028)
        9.3.3    Per Capita Consumption
    9.4    Chile
        9.4.1    Historical Trend (2018-2022)
        9.4.2    Forecast Trend (2023-2028)
        9.4.3    Per Capita Consumption
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Powers 
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
11    Trade Data Analysis (HS Code – 160414)
    11.1    Major Exporting Countries
        11.1.1    By Value
        11.1.2    By Volume
    11.2    Major Importing Countries 
        11.2.1    By Value
        11.2.2    By Volume
12    Competitive Landscape
    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Dongwon Group
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Bolton Group
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Bumble Bee Foods, LLC
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Grupo Calvo
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Camil Alimentos S/A
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Grupo Herdez
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    JEALSA
            12.2.7.1    Company Overview
            12.2.7.2    Product Portfolio
            12.2.7.3    Demographic Reach and Achievements
            12.2.7.4    Certifications
        12.2.8    Tri Marine Group
            12.2.8.1    Company Overview
            12.2.8.2    Product Portfolio
            12.2.8.3    Demographic Reach and Achievements
            12.2.8.4    Certifications
        12.2.9    Others
13    Key Trends and Developments in the Market

 

List of Figures and Tables

1.    Latin America Canned Tuna Market: Key Industry Highlights, 2018 and 2028
2.    Latin America Canned Tuna Historical Market: Breakup by Product (USD Million), 2018-2022
3.    Latin America Canned Tuna Market Forecast: Breakup by Product (USD Million), 2023-2028
4.    Latin America Canned Tuna Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
5.    Latin America Canned Tuna Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
6.    Latin America Canned Tuna Historical Market: Breakup by Country (USD Million), 2018-2022
7.    Latin America Canned Tuna Market Forecast: Breakup by Country (USD Million), 2023-2028
8.    Major Exporting Countries by Value
9.    Major Importing Countries by Value
10.    Major Exporting Countries by Volume
11.    Major Importing Countries by Volume
12.    Latin America Canned Tuna Market Structure

Key Questions Answered in the Report

In 2021, the market for canned tuna in Latin America attained a value of nearly USD 1.68 billion.

The market is projected to grow at a CAGR of 5.50% between 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028, reaching a projected value of USD 2.31 billion by 2027.

The major drivers of the market include the extended shelf life of canned tuna, ease of shipment, growing demand for ready-to-eat foods, and expansion of the e-commerce sector.

The rapid shift in consumer preferences for seafood and growing accessibility of numerous canned tuna varieties are the key industry trends propelling the growth of the market.

The major players in the Latin America canned tuna market are Dongwon Group, Bolton Group, Bumble Bee Foods, LLC, Grupo Calvo, Camil Alimentos S/A, Grupo Herdez, JEALSA, and Tri Marine Group, among others.

Tuna is a nutritious food that is high in protein and contains a variety of vitamins and minerals, including iron, selenium, phosphorus, and the B-complex vitamins, as well as vitamins A and D. DHA and EPA, two beneficial omega 3 essential fatty acids, are also present in tuna. Careful canning retains most of the nutrients of tuna.

According to the FDA and EPA, canned light tuna is a preferable option because it contains less mercury. White and yellowfin tuna in cans tend to have higher mercury levels while still being safe to eat.

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