Tuna Fish Market
Tuna Fish Market - Global Industry Assessment & Forecast
- By Species Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, Others
- By Type Canned, Fresh, Frozen
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 39.90 Billion|
|Revenue 2030:||USD 47.87 Billion|
|Revenue CAGR (2023 - 2030):||2.30%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Europe|
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The Global Tuna Fish Market is valued at USD 39.90 Billion in the year 2022 and is projected to reach a value of USD 47.87 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 2.30% over the forecast period.
Tuna Fish Market Size, 2022 To 2030 (USD Billion)
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Tuna is an important part of the marine ecosystem and one of the most economically valuable species. Skipjack, yellowfin, bigeye, Pacific, Atlantic, and Southern Bluefin tuna are all important species in the commercial tuna fishery. Companies have increased their investment in Research and Development (R&D) efforts in response to the growing demand for a healthy diet and sustainable fishing operations. Consumer demand has prompted the implementation of sophisticated tuna processing processes in response to changing dietary preferences. In recent years, the global consumption of canned Tuna Fish has exploded. Tuna in a can is a popular low-cost protein that is easy to store and does not require refrigeration. It is a convenient product to export because it requires little to no refrigeration, which is a benefit that promotes demand for canned tuna products in both developed and developing countries. The substantial increase in the working population boosted demand for processed, ready-to-cook, ready-to-eat goods.
Due to factors such as environmental concerns and dairy allergies, a large section of the world's population has become vegetarian, significantly impacting meat and seafood sales in many places. Because of the growing popularity of plant-based foods among customers, the number of plant-based meat producers has increased. Even though demand for seafood continues to rise, sustainably produced plant-based seafood can help to maintain biodiversity and reduce overfishing, which is why a major corporation like Nestle S.A. is introducing plant-based tuna to the market. Market participants such as Beyond Meat and MorningStar Farms are investing in vegetarian alternatives to typical meat products as well as developing a diverse vegan meat product line. As a result, customers' shift to plant-based tuna is likely to stifle Tuna Fish industry growth in the future years.
The Tuna Fish Market is segmented on the basis of Species, and Type. On the basis of Species, the market is segmented into Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and Others. On the basis of Type, the market is segmented into Canned and Fresh Frozen.
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Based on Species
The most popular canned tuna species is skipjack tuna. According to Asia Pacific - Fish Watch, skipjack tuna account for more than 70% of total tuna captures in the Western and Central Pacific, and about half in the Indian Ocean. Skipjack also has a modest cholesterol content and is high in low-fat protein and salt, both of which aid plant growth. Yellowfin tuna is becoming increasingly popular among customers due to its rich flavor and excellent texture. The species is predominantly sold canned and frozen as plate-sized small pelagic fish in the Philippines and Indonesia.
Based on Type
Canned tuna is the most popular product category, owing to growing awareness of its health benefits and ease of preparation. It is likely to maintain its dominance during the forecast period. Omega-3 fatty acids included in canned tuna help to lower blood pressure, cholesterol, dementia, and inflammatory diseases. Furthermore, the huge variety of products accessible on the market, ranging from basic and unseasoned products to prepared, grilled, and marinated products, aids the segment's growth. Fresh tuna is expected to grow greatly due to the rise of Asian restaurants around the world, which has stimulated interest in it and its consumption in a number of ways.
Europe Holds the Largest Share in the Global Tuna Fish Market
Europe dominated the Global Tuna Fish sector in 2021, with a market value of USD 12.9 billion. The region's rapid expansion is fueled by high per capita consumption of fish and seafood, as well as the presence of well-organized seafood industry. Customers in the region have been leaning toward nutritious and functional meals since COVID-19, which provide health benefits for busy and active consumers. Companies are focusing their efforts on addressing the growing demand for useful things from customers. In September 2021, for example, John West, a Thai Union Group brand, launched a nutrient-dense canned tuna variety in UK stores. Energy, Heart, and Immunity are the three functional flavors in the product range, which are aimed at young consumers looking for tasty and practical dietary options.
Key players operating in the Global Tuna Fish Market include- Bolton Group (Milan - Italy), Century Pacific Foods Inc. (Pasig - Philippines), The Jealsa Rianxeira S. AU. Group (Boiro - Spain), Grupo Albacore S.A. (Basque - Spain), ITOCHU Corporation (Tokyo - Japan), Thai Union Group Inc. (Samut Sakhon - Thailand), Dongwon Enterprises Co. Ltd. (Seoul - South Korea), IBL Ltd. (Port Louis - Mauritius), FCF Co. Ltd. (Kaohsiung - Taiwan), Sea Delight (Florida, U.S.) and others.
Segmentation of the Global Tuna Fish Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Tuna Fish in terms of revenue?
The global Tuna Fish valued at USD 39.90 Billion in 2022 and is expected to reach USD 47.87 Billion in 2030 growing at a CAGR of 2.30%.
Which are the prominent players in the market?
The prominent players in the market are Bolton Group (Milan - Italy), Century Pacific Foods Inc. (Pasig - Philippines), The Jealsa Rianxeira S. AU. Group (Boiro - Spain), Grupo Albacore S.A. (Basque - Spain), ITOCHU Corporation (Tokyo - Japan), Thai Union Group Inc. (Samut Sakhon - Thailand), Dongwon Enterprises Co. Ltd. (Seoul - South Korea), IBL Ltd. (Port Louis - Mauritius), FCF Co. Ltd. (Kaohsiung - Taiwan), Sea Delight (Florida, U.S.).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 2.30% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Tuna Fish include
- Increasing Demand for Canned Tuna Due to Higher Shelf-life and Affordability of the Product
Which region accounted for the largest share in the market?
Europe was the leading regional segment of the Tuna Fish in 2022.