Fashion Trends

Tuna Fish Market Analysis Forecast Report 2024-2032

June 29, 2024 | by Shunmarsh

Tuna Fish Market

Global Tuna Fish Market Analysis

The global market for tuna fish is projected to grow from US$40.93 billion in 2023 to US$53.73 billion by 2032, representing a compound annual growth rate (CAGR) of 3.07% from 2024 to 2032.

Over many years, tuna fisheries have played a substantial role in the global market. Tuna is revered for its culinary versatility and nutritional benefits, and it is found in various species across temperate and tropical oceans. Unfortunately, tuna fisheries are encountering sustainability challenges arising from overfishing, habitat degradation, and bycatch concerns. To effectively address these issues and ensure the preservation of both tuna species and the ecosystems they inhabit, it is imperative to implement sustainable fishing practices and for consumers to make responsible choices.

Commercial tuna fishing is a significant part of the blue economy, with certain species commanding high prices. Consumption patterns have changed recently, with the United States, Japan, and the European Union being the largest consumers of canned fish globally. In the United States alone, over 1 billion pounds of pressed and canned fish are consumed yearly.

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Driving Factor of the Tuna Fish Market

Growing Demand for Protein-rich Foods: Increasing global demand for protein-rich diets, particularly in emerging markets, has significantly boosted tuna fish consumption. Tuna is prized for its high protein content, essential omega-3 fatty acids, and low saturated fat levels, making it a preferred choice among health-conscious consumers. Its versatility in culinary applications, from canned tuna in sandwiches and salads to fresh tuna served in sushi and sashimi, further enhances its appeal worldwide. As dietary trends shift towards healthier and more sustainable food choices, tuna’s nutritional benefits align well with these preferences. This trend supports market growth for tuna producers and underscores its role in meeting the dietary needs of a growing global population seeking nutritious and protein-rich food options.

Rising Preference for Healthy and Sustainable Seafood: Tuna is widely regarded as a healthy seafood choice, appealing to health-conscious consumers for several reasons. It is rich in omega-3 fatty acids, which are beneficial for heart health and brain function, while low in saturated fats, making it a preferred protein source for those aiming to maintain a balanced diet. Additionally, sustainability certifications and practices in tuna fishing and processing are crucial in driving consumer preference. Certifications such as MSC (Marine Stewardship Council) ensure that tuna is sourced from sustainable fisheries, promoting ethical and environmentally responsible practices. Consumers increasingly seek these certifications as they prioritize sustainability in their purchasing decisions, influencing market dynamics and encouraging industry stakeholders to adopt more sustainable practices in tuna fishing and processing.

Expanding Food Industry Applications: Tuna’s versatility makes it a staple in various food products, contributing significantly to market growth in the food industry. Canned tuna is famous for its convenience and long shelf life and is often used in sandwiches, salads, and pasta dishes. Fresh tuna is prized for its delicate flavor and texture in sushi and sashimi, appealing to consumers who enjoy Japanese cuisine. The widespread use of tuna in these diverse culinary applications reflects changing consumer preferences towards healthier and more globally inspired diets. As the demand for convenient, nutritious, and culturally diverse food options continues to rise, tuna’s adaptability across different cuisines and meal formats positions it as a critical ingredient driving growth in the food industry, domestically and globally.

Globalization of Trade and Supply Chain: Increasing globalization has revolutionized the trade and distribution of tuna fish, facilitating more comprehensive market access and enhancing supply chain efficiency globally. With improved logistics and transportation networks, tuna can be harvested from various fishing grounds and efficiently transported to markets worldwide. This globalization enables suppliers to meet the growing demand for tuna fish across regions, catering to diverse consumer preferences and culinary traditions. Moreover, advancements in cold chain technology ensure that tuna reaches its destination in optimal condition, preserving its freshness and quality. As a result, the global tuna market benefits from increased availability, diversity of product offerings, and competitive pricing. Globalization also fosters collaboration among industry stakeholders, promoting best practices in sustainable fishing, processing, and distribution, thereby supporting the long-term viability of the tuna fish industry on a global scale.

Europe Tuna Fish Market

Europe is the leading force in the European tuna fish market due to its strong emphasis on tuna consumption and high per capita fish utilization. According to the European Market Observatory for Fisheries and Aquaculture Products file, European households increased their spending on fish and aquaculture products by 11% in 2022 compared to 2021. In 2022, 10% of all European fish came from aquaculture, making it one of the top 5 most prevalent species raised there. Compared to 2021, there has been a 1% growth in volume and a significant 29% increase in price. Moreover, Ecuador experienced a 24% rise in fish import fees in 2022.

Asia Pacific Tuna Fish Market

The Asia-Pacific region is expected to grow significantly in the tuna fish market, holding the second-largest share. This growth can be attributed to the increasing demand for animal protein, which has rapidly expanded fish farming and aquaculture in Asia. The affordability of animal protein in low-income developing countries has opened up opportunities for fish processors to enter these markets. Furthermore, Japan stands out as one of the major global markets for tuna fish, particularly during the winter when traditional celebrations drive the demand for frozen and fresh fish for sashimi. Interestingly, there has been a notable increase in sashimi fish consumption in China during autumn festivals.

Tuna Fish Market Company Overview

Prominent player in the Global Tuna Fish Market include Century Pacific Foods Inc., ITOCHU Corporation, Thai Union Group Inc., IBL Ltd., Bolton Group, Grupo Albacore S.A., and Dongwon Enterprises Co. Ltd.

Tuna Fish Market News

In September 2023, Dongwon Enterprises Co. Ltd. acquired StarKist Co., a US-based provider of nutritious meal objects. The organizations aimed to grow their operations by promoting the family proprietors’ stakes in other organizations and attracting traders before going public.

In July 2023, Big Fish Maldives Pvt Ltd. opened a brand-new plant in Himmafushi and introduced an ultra-low-temperature tuna product processing system that operates at minus 60 °C. The company spent USD five million on gadgets to reinforce output, and the factory can produce 6,000 metric tons of tuna fish each year.

In May 2023, Thai Union Group’s Select logo launched canned tuna steak in Himalayan purple brine for fitness-aware purchasers in Thailand.

Type – Global Tuna Fish Market breakup in 3 viewpoints:

  1. Canned
  2. Fresh
  3. Frozen

Species – Global Tuna Fish Market breakup in 6 viewpoints:

  1. Skipjack
  2. Albacore
  3. Yellowfin
  4. Bigeye
  5. Bluefin
  6. Others

End Use – Global Tuna Fish Market breakup in 3 viewpoints:

  1. Retail
  2. Food Service
  3. Industrial

Country – Global Tuna Fish Market breakup in 25 viewpoints:

North America

1.            United States

2.            Canada 

Europe

1.            France

2.            Germany

3.            Italy

4.            Spain

5.            United Kingdom

6.            Belgium

7.            the Netherlands

8.            Turkey

Asia Pacific

1.            China

2.            Japan

3.            India

4.            Australia

5.            South Korea

6.            Thailand

7.            Malaysia

8.            Indonesia

9.            New Zealand

Latin America

1.            Brazil

2.            Mexico

3.            Argentina

Middle East & Africa

1.            South Africa

2.            Saudi Arabia

3.            United Arab Emirates

All the Key players have been covered from 4 Viewpoints:

  1. Overview
  2. Recent Development & Strategies
  3. Product Portfolio
  4. Financial Insights

Company Analysis:

  1. Century Pacific Foods Inc.
  2. ITOCHU Corporation
  3. Thai Union Group Inc.
  4. IBL Ltd.
  5. Bolton Group
  6. Grupo Albacore S.A.
  7. Dongwon Enterprises Co. Ltd.

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