Tuna companies are trying to reboot demand for the fish as they seek to hold on to their dominance in a shrinking market, reports The Wall Street Journal. Canned tuna makers are struggling to connect with younger generations who favor fresher, less-processed options, as well as dealing with competition from newer and more innovative brands. Sales of tuna slumped 4 percent by volume from 2013 to October 2018, according to IRI. This decline may be led by younger consumers, as just 32 percent of consumers aged 18 to 34 recently bought canned fish or shellfish, compared with 45 percent of those aged 55 and older, according to Mintel.
StarKist sees promise in pouches and trendy flavors, as sales of tuna pouches are growing 20 percent annually, while Bumble Bee plans to come out with a "next generation pouch" for its tuna in summer 2019. "In order to bring excitement back to the category, we have to be more creative," says Jan Tharp, Bumble Bee's interim CEO.
Smaller brands, including Wild Planet Foods Inc. and Safe Catch Inc., are trying to attract consumers with promises of safer, more sustainable, and higher-quality fish. Small brands controlled 6.3 percent of the packaged tuna market as of October, compared with 3.7 percent in 2014, according to Nielsen. Full Story (WSJ Subscription Required)
Related: Greenpeace Reports on Retailers' Sustainable Seafood Progress; Vegan Seafood Is Ripe for Investment.
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