The canned tuna industry, worth $40 billion, is facing existential threats.

The tuna industry, worth an estimated $40 billion, is a major contributor to the global food industry.

Nearly 71% of the 637.9 million pounds of tuna imported into the U.S. in 2021 was canned, according to the latest data from the National Oceanic and Atmospheric Administration.

Some challenges confront the industry, which is largely controlled by multinational corporations such as the owner of Chicken of the Sea.

Between 2000 and 2021, per capita consumption of tuna dropped 45%.

Tuna's popularity among Americans has been impacted by shifting consumer preferences, market consolidation, sustainability concerns, transparency issues, and a nearly decade-long price-fixing scandal.

In 2020, during the first year of the Covid-19 pandemic, demand for tuna, a protein-rich and affordable option, reached its highest level since 2011. As a result, Thai Union experienced a nearly 19% profit increase compared to the previous year.

The war between Russia and Ukraine is causing inflation, which is leading to rising costs for Thai Union. In response, the company has raised prices and is considering automation to reduce expenses.

The industry is facing existential threats from sustainability, climate change, and illegal fishing.

The $40 billion tuna industry is the subject of the video.