The global tuna fish market was valued at USD 41.94 billion in 2023 and is projected to grow from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, achieving a compound annual growth rate (CAGR) of 3.01% during the forecast period from 2024 to 2032.
The market share for tuna fish is expected to expand significantly, as tuna is one of the most commercially valuable fish species and plays a crucial role in the marine ecosystem. The commercial tuna fishery is a key component of the blue economy, with seven important varieties, including Skipjack, Yellowfin, Bigeye, Pacific, Atlantic, and Southern Bluefin. In recent years, the seafood industry has seen new trends in consumer eating patterns, with a growing global demand for healthy and convenient foods, which is significantly driving interest in protein-rich options.
This information is presented in the report titled "Global Tuna Fish Market, 2024-2032" by Fortune Business Insights™.
Information Source: https://www.fortunebusinessinsights.com/muffins-market-103834
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.)
Segments:
Skipjack Tuna to Gain Traction among Consumers due to its Rich Nutritional Value and Easy Availability
The tuna fish market is segmented by species into Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and others.
The Skipjack segment is expected to hold the largest market share due to its widespread availability and strong nutritional profile. Skipjack is commercially significant as it is one of the most popular species used in canned tuna products. According to Asia Pacific – Fish Watch, over 70% of total tuna catches in the Western and Central Pacific and nearly half in the Indian Ocean consist of skipjack tuna. This species boasts a moderate cholesterol level and is an excellent source of low-fat protein and sodium, further contributing to the growth of the segment.
Canned Segment Sales to Grow with Rise in Convenience Food Consumption
The tuna fish market is categorized by type into fresh, canned, and frozen products. The canned segment is expected to emerge as the leading category and is anticipated to maintain its dominant position throughout the forecast period. This growth can be attributed to increasing consumer awareness of the health benefits associated with canned tuna and its convenience for use.
Canned tuna is rich in omega-3 fatty acids, which can help lower blood pressure and cholesterol levels, as well as reduce the risk of dementia and inflammatory disorders. Additionally, the wide availability of various types of canned tuna—ranging from plain and unseasoned options to prepared, grilled, and marinated varieties—is further driving the growth of this segment.
Report Coverage:
The research report delivers both qualitative and quantitative insights into the tuna fish market, offering a comprehensive analysis of product types, applications, market size, and growth rates for all segments.
Additionally, the report provides an in-depth examination of the competitive landscape and market dynamics. Key insights include an overview of related markets, the research methodology employed, recent industry developments such as mergers and acquisitions, the regulatory landscape in key countries, and significant industry trends.
Drivers and Restraints:
Canned Tuna to be Widely Consumed Due to its Affordability and Longer Shelf-life
Canned tuna has experienced a significant increase in global consumption rates in recent years, becoming a popular and affordable source of protein. Its convenience—requiring no refrigeration and being easy to transport—has contributed to its rising demand. The growing percentage of the working population has fueled the need for processed, ready-to-cook, and ready-to-eat foods, as cooking time at home diminishes due to busy lifestyles. This trend has notably augmented the demand for convenience foods like canned tuna.
Europe and the Asia Pacific are currently the largest consumers of canned tuna, with this popularity spreading to several South American and Middle Eastern countries. As the consumption of healthy seafood, particularly processed fish, continues to rise each year, the sales of canned tuna are also expected to grow due to its high protein content.
However, a shift toward vegetarianism, driven by factors such as dairy allergies and environmental concerns, is negatively impacting meat and seafood sales in various regions. Companies like Beyond Meat and MorningStar Farms are investing in vegetarian alternatives to conventional meat products, thereby enhancing their portfolios of vibrant vegan options. These trends could pose challenges for growth in the tuna fish market in the coming years.
Regional Insights:
Europe holds a dominant share of the global tuna fish market, valued at USD 14.95 billion in 2022. This strong market position is attributed to high per capita fish and seafood consumption, coupled with a well-organized seafood industry. Consumers in the region are increasingly opting for healthy and functional foods, recognizing the numerous health benefits these products offer for active lifestyles.
To meet this rising consumer demand for functional benefits, companies are innovating their product lines. A notable example is John West, a brand under the Thai Union Group, which launched a nutrient-rich canned tuna range in September 2021 across grocery outlets in the U.K. This new product line features three functional flavors—Energy, Heart, and Immunity—specifically designed for younger consumers seeking convenient and tasty food options that align with their health-conscious preferences. This trend highlights the industry's response to consumer needs and the ongoing evolution of the tuna market in Europe.
Competitive Landscape:
New Product Launches by Reputed Companies to Accelerate Market Development
Key players in the tuna fish market are actively introducing innovative and exotic seafood variations to cater to the increasing consumer demand for seafood. Manufacturers are focusing on creating products with functional benefits to attract a broader customer base. For instance, in September 2021, John West, part of the Thai Union Group, launched a nutrient-rich canned tuna range across grocery outlets in the U.K. This new product line features three functional flavors—Energy, Heart, and Immunity—specifically targeting young consumers seeking convenient, flavorful, and health-oriented food choices. This initiative illustrates the industry's strategic efforts to align with evolving consumer preferences and enhance product offerings in the competitive seafood market.
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.
Comments
0 comment