Latin America Canned Tuna Market Report and Forecast 2024-2032

Latin America Canned Tuna Market Outlook 

The Latin America canned tuna market size reached a value of USD 3.28 billion in 2023. During the forecast period of between 2024 and 2032, the market is expected to grow at a CAGR of 3.9% to reach a value of around USD 4.56 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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. 

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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