In terms of revenue, the Global Tuna Fish Market is expected to reach USD 46.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 2.30% from 2022 to 2028.
The growing demand from consumers for healthy food and increasing health concerns obtained from a healthy diet is driving the Tuna Fish Market. Increasing concerns about environmental sustainability in fishing tuna for commercial benefits are also expected to generate revenue from the market in the forecast years. Organizations across the globe are creating sustainable supply chains to cater to the growth of Tuna Fish Market.
- The canned sub-segment of the packaging type segment is anticipated to dominate the Tuna Fish Market. The rapid growth in the food industry and high consumption of canned tuna across the globe are the key reasons for the segment to grow.
- Fish type spices segment accounted for the largest market share in 2021 for the Tuna Fish Market. According to fish organizations, bluefin tuna is considered to be dominating the market over the years. This is attributed owing to the increasing demand for Bluefin consumption globally.
- Europe is the largest regional segment. This surge is attributed to the rising demand of Tuna Fish in developing economies such as Japan, China, and Indonesia.
At the global level, fish consumption has more than doubled over recent decades. Tuna is one of the most popular seafood products worldwide. World tuna consumption is estimated at 0.45 kg per capita per year, which represents 2.2% of global fish consumption. This level of consumption is close to the global consumption of Nutella (0.51 kg per capita per year), with canned tuna being the most frequently consumed form. The Tuna Fish Market is a global market. In 2021, almost half (46%) of tuna catches were traded on the international market through globalized value chains. In the international fishery trade, Tuna Fish is the fourth most traded product and accounts for 9% of the overall value of seafood exports, after shrimps (15%), salmon (14%), and whitefish (10%).
Europe dominated the Global Tuna Fish Market in 2021 and is likely to continue the same trend during the forecast period. Increase in government initiatives and support for Tuna Fishing is likely to generate demand in this region for this market in near future. Increasing aquaculture demand for tuna in countries such as China & Japan is further adding to the spotlight. Significant improvements in the aquatic infrastructure, especially in the developing economies, are providing a thrust to the Tuna Fish Market growth.