The emerging tuna canned consumer market is expected to rise in the next decade
According to the report of the food and Agriculture Organization of the United Nations (FAO), global agriculture will face several challenges in the next decade. For example, while expanding agricultural production capacity in a sustainable way, it will meet the increasing human demand for 4f (i.e. food, fuel, feed and fiber). Today's agriculture has been closely related to the energy industry. For example, corn can be fermented into bioethanol, which also brings another great variable to the bulk agricultural product market. As long as oil prices rise, the prices of bulk agricultural products will be driven up. Under the interaction of these interrelated factors, mankind will have to get used to the increase of agricultural production costs and food prices in the next decade.
In the next decade, six countries, including Brazil, China, Indonesia, Thailand, Russia and Ukraine, will master most of the global agricultural trading market. The main bulk agricultural products will be oil, protein, sugar, rice and corn. In most Asian and African economies, meat consumption will increase due to factors such as increased purchasing power, improved food quality, more refined catering, higher pursuit of delicious food and an increase in the proportion of takeout food. Poultry is expected to surpass pork as the cheapest source of protein. In addition, after the demand for protein increases, the price of fish will also be directly affected.
It is estimated that the prices of various animal proteins will rise to varying degrees in the next decade. The average price of poultry will rise from US $1100 to US $1500 per ton, meat from US $4000 to US $4800 per ton, and fish from US $2700 to US $3300 per ton. During this period, the global population will increase by at least 700 million to 7.8 billion, and most will be born in Africa and Asia (including India). These people are potential consumers of aquatic products. In addition, the world's per capita annual consumption of aquatic products will increase from the current 19 kg to nearly 20 kg by 2021, that is, the per capita consumption will be 1 kg more. It can be asserted that the increased intake of canned tuna in the next decade is about 10% of the increase in the world's per capita annual consumption of aquatic products (i.e. 1kg), which is almost the proportion of the global tuna catch (4.5 million tons) to the global fishery output (172 million tons).
Ten countries (Brazil, Colombia, Nigeria, Russia, Turkey, China, India, Indonesia, Vietnam and Pakistan) are enough to attract the tuna canning industry, because although their per capita annual consumption of canned tuna is higher than the global average, it is still far lower than that of developed countries. In terms of market size, Brazil is also a BRICs country. The annual market size of canned tuna in Brazil is about 25000 tons, but China, India (and Russia), with a large population, is less than 5000 tons. In order to open the canned tuna market in the BRICs countries, Dongwon, a large Korean enterprise, recently signed a cooperation contract with Chinese local wholesalers to take advantage of their 10000 retail bases in China, and also developed three new canned tuna flavors to meet the appetite of Chinese consumers. Princes and Thailand Union have also increased their investment in Russia.