The global tuna fish market size was valued at USD 41.94 billion in 2023. The market is projected to grow from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, recording a CAGR of 3.01% during the forecast period of 2024-2032.
The global market share of tuna fish is anticipated to increase significantly because it is one of the most valuable fish for trade and has a big impact on the marine environment. A major component of the blue economy is the seven species of commercial tuna that are fished, namely Skipjack, Yellowfin, Bigeye, Pacific, Atlantic, and Southern Bluefin. The fish industry has observed changes in its customer base's eating preferences in recent years. The demand for foods high in protein has significantly increased as a result of people all around the world looking for quick and wholesome meals.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/tuna-fish-market-100744
COVID-19 Impact:
COVID-19-related Supply Chain Disruptions to Negatively Influence Market Growth
The COVID-19 epidemic had a negative impact on the world economy. Everywhere governments imposed a variety of safety regulations and restrictions, which had a significant effect on the landing of commercial fish. This was ascribed to things like closed eateries, labor movement restrictions, and laws requiring social separation. According to the Food and Agriculture Organization (FAO), the pandemic drastically decreased restaurant sales, which resulted in an approximately 80–90% decline in the market for tuna in cans.
Segments:
Skipjack Tuna to Gain Traction among Consumers due to its Rich Nutritional Value and Easy Availability
The market is separated among species such as Albacore, Yellowfin, Bigeye, Bluefin, Skipjack, and others.
Because skipjack has a great nutritional profile and is readily available in the market, it is anticipated to grab the largest market share. Since skipjack is one of the most often utilized fish in goods like canned tuna, it has significant commercial value. Around 70% of all tuna captures in the Western and Central Pacific and nearly half in the Indian Ocean are skipjack tuna, according to Asia Pacific - Fish Watch. This kind contributes even more to the segment's growth because it has a reasonable cholesterol level and is a great source of salt and low-fat protein.
Canned Segment Sales to Grow with Rise in Convenience Food Consumption
The market is divided into three categories: fresh, tinned, and frozen. Over the course of the projected period, the canned sector is predicted to maintain its commanding position and emerge as the leading segment. This is because of its ease of use and growing consumer knowledge of its health benefits.
Omega-3 fatty acids, which are included in canned tuna, have the ability to decrease cholesterol and blood pressure. It can also lessen the chance of inflammatory illnesses and dementia. The market's abundance of canned tuna varieties, ranging from prepared, grilled, and marinated to simple and unseasoned, is also contributing to the segment's rise.
Report Coverage:
The study report offers market insights that are both quantitative and qualitative. It also offers a comprehensive analysis of the kinds, applications, market share, and growth rate of every product category in the sector.
Furthermore, the study offers a comprehensive examination of the competitive landscape and market dynamics. Among the many significant insights in the report are an overview of linked markets, research methodology, recent industry activity, such as mergers and acquisitions, the regulatory environment in major nations, and significant industry trends.
Drivers and Restraints:
Canned Tuna to be Widely Consumed Due to its Affordability and Longer Shelf-life
The consumption of tuna in cans has expanded dramatically in recent years on a global scale. It is a popular and moderately priced source of protein that is also easy to preserve. This is an easy-to-ship product that doesn't require refrigeration. A discernible rise in the percentage of the working population has enhanced the demand for processed, ready-to-cook, and ready-to-eat goods. Our hectic schedules mean that we spend less time preparing meals at home, which boosts the demand for convenience foods like tuna in a can.
Europe and Asia Pacific are the most popular locations in the world to buy canned tuna, and a number of Middle Eastern and South American countries have recently become fans of these regions as well. Sales of canned tuna, a high-protein food, are predicted to increase yearly as more consumers choose healthier seafood, especially processed fish.
A growing number of people are turning vegetarian due to reasons like environmental concerns and dairy allergies, which is hurting the sales of meat and seafood in several locations. An increasing number of businesses, such as Beyond Meat and MorningStar Farms, are investing more in plant-based alternatives to conventional meat products and raising their costs in order to produce a wide variety of vegan meat products. These issues can prevent the tuna fish market from growing in the future years.
Regional Insights:
Europe held a dominant market share of USD 14.95 billion in 2022. The demand for fish and seafood is rising as a result of the high per capita consumption of these foods and the robust seafood sector. Because functional and healthful foods offer many health benefits to those with busy and active lifestyles, consumers in the area are choosing them. Businesses are also trying to satisfy the increasing demand from consumers for products with useful benefits. For example, in September 2021, the Thai Union Group brand John West introduced a range of nutrient-dense canned tuna to UK supermarkets.The three functional flavors in the product line—Immunity, Heart, and Energy—are targeted at younger consumers who are searching for tasty and practical dietary supplements.
Competitive Landscape:
New Product Launches by Reputed Companies to Accelerate Market Development
Leading players in the market are introducing a wide range of inventive and distinctive seafood types in response to consumers' growing desires for seafood. Additionally, these firms are making goods with useful benefits in an attempt to attract more customers. For example, in September 2021, the Thai Union Group company John West announced the launch of a range of nutrient-rich canned tuna in UK supermarkets. The three functional flavors in the product line—Immunity, Heart, and Energy—are targeted at younger consumers looking for tasty and practical nutritional choices.
Key Industry Development:
January 2023 - Tuna fish farming startup, Next Tuna announced its partnership with Skretting, a manufacturer of feeds for farmed fish, to create dry feeds for Atlantic Bluefin tuna fish.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
- Bolton Group (Italy)
- Century Pacific Foods Inc. (Philippines)
- The Jealsa Rianxeira S.AU. Group (Spain)
- Grupo Albacore S.A. (Spain)
- ITOCHU Corporation (Japan)
- Thai Union Group Inc. (Thailand)
- Dongwon Enterprises Co. Ltd. (South Korea)
- IBL Ltd. (Mauritius)
- FCF Co. Ltd. (Taiwan)
- Sea Delight (U.S.)
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