The global tuna fish market was valued at USD 41.94 billion in 2023, and it is expected to grow from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, registering a CAGR of 3.01% over the forecast period of 2024-2032.
This market is set for substantial growth, driven by tuna's high trade value and its vital role in the marine ecosystem. The seven primary commercial tuna species—Skipjack, Yellowfin, Bigeye, Pacific, Atlantic, and Southern Bluefin—are central to the blue economy. With a rising global appetite for protein-rich and convenient food options, tuna's market share is anticipated to expand as consumers increasingly turn to nutritious, ready-to-eat meal solutions.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/tuna-fish-market-100744
Segments:
Skipjack Tuna to Gain Traction among Consumers due to its Rich Nutritional Value and Easy Availability
The market is segmented by species, including Albacore, Yellowfin, Bigeye, Bluefin, Skipjack, and others.
Skipjack tuna is expected to capture the largest market share due to its excellent nutritional profile and widespread availability. As one of the most commonly used species in products like canned tuna, Skipjack holds substantial commercial value. According to Asia Pacific - Fish Watch, Skipjack tuna accounts for approximately 70% of all tuna catches in the Western and Central Pacific and nearly half in the Indian Ocean. Its moderate cholesterol content, along with its status as a rich source of salt and low-fat protein, further contributes to the growth of this segment.
Canned Segment Sales to Grow with Rise in Convenience Food Consumption
The market is segmented into three categories: fresh, tinned, and frozen. Throughout the forecast period, the tinned (canned) segment is expected to maintain its dominant position and emerge as the leading category. This growth is attributed to its convenience and increasing consumer awareness of its health benefits.
Canned tuna is rich in omega-3 fatty acids, which can help lower cholesterol and blood pressure, reduce the risk of inflammatory diseases, and decrease the likelihood of developing dementia. Additionally, the wide variety of canned tuna options—ranging from ready-to-eat, grilled, and marinated to simple and unseasoned—further fuels the segment's growth.
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 global consumption of canned tuna has surged significantly in recent years. As an affordable and convenient source of protein that is easy to preserve, canned tuna has become increasingly popular. Its ease of storage and shipping, without the need for refrigeration, further adds to its appeal. The growing proportion of the working population has driven demand for processed, ready-to-cook, and ready-to-eat products. With busy lifestyles leaving less time for home-cooked meals, the demand for convenient foods like canned tuna continues to rise.
Europe and Asia Pacific are the leading regions for canned tuna consumption, with several Middle Eastern and South American countries also becoming key markets. As more consumers opt for healthier seafood options, particularly processed fish, annual sales of canned tuna—a high-protein food—are expected to grow.
However, the market faces challenges from the rising trend of vegetarianism, driven by environmental concerns and dietary restrictions like dairy allergies. This shift is impacting meat and seafood sales in various regions. Companies such as Beyond Meat and MorningStar Farms are increasingly investing in plant-based alternatives to traditional meat products, expanding their offerings to include a wide variety of vegan meat options. These factors could potentially hinder the growth of the tuna fish market in the coming years.
Regional Insights:
Europe held a dominant market share of USD 14.95 billion in 2022, fueled by high per capita consumption and a robust seafood industry. The region's growing demand for fish and seafood is largely driven by a rising preference for functional and healthful foods that align with busy and active lifestyles.
In response to this demand, companies are launching products with added health benefits. For example, in September 2021, Thai Union Group's brand John West introduced a range of nutrient-dense canned tuna in the UK. This product line features three functional flavors—Immunity, Heart, and Energy—aimed at younger consumers who seek convenient and nutritious dietary supplements.
Competitive Landscape:
New Product Launches by Reputed Companies to Accelerate Market Development
Leading players in the market are responding to the growing consumer demand for seafood by introducing a diverse array of innovative and distinctive seafood products. These companies are also developing products with functional benefits to attract a broader customer base. For instance, in September 2021, Thai Union Group's brand John West launched a range of nutrient-rich canned tuna in UK supermarkets. This product line includes three functional flavors—Immunity, Heart, and Energy—specifically designed to appeal to younger consumers seeking convenient and flavorful nutritional options.
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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