The global tuna fish market was valued at USD 41.94 billion in 2023 and is expected to grow from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, with a compound annual growth rate (CAGR) of 3.01% over the forecast period (2024-2032).
This growth is driven by tuna's high trade value and its vital role in the marine ecosystem. The market is centered around seven key commercial tuna species: Skipjack, Yellowfin, Bigeye, and the Pacific, Atlantic, and Southern Bluefin tunas. As global demand for protein-rich, convenient food options continues to rise, the market is set for expansion, with consumers increasingly gravitating toward 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 tuna market is segmented by species, including Albacore, Yellowfin, Bigeye, Bluefin, Skipjack, and others.
Skipjack tuna is expected to lead the market share due to its strong nutritional profile and widespread availability. As one of the most commonly used species in products such as canned tuna, Skipjack holds considerable commercial importance. According to Asia Pacific - Fish Watch, Skipjack accounts for about 70% of all tuna catches in the Western and Central Pacific and nearly half of those in the Indian Ocean. Its appeal is further enhanced by its moderate cholesterol levels, rich salt content, and low-fat protein, which contribute to the robust growth of this segment.
Canned Segment Sales to Grow with Rise in Convenience Food Consumption
The tuna market is categorized into three segments: fresh, tinned (canned), and frozen. During the forecast period, the tinned segment is expected to maintain its dominance and emerge as the leading category. This growth is primarily driven by the convenience of canned tuna and the increasing consumer awareness of its health benefits.
Canned tuna is a rich source of omega-3 fatty acids, which are known to help lower cholesterol and blood pressure, reduce the risk of inflammatory diseases, and lower the likelihood of developing dementia. Additionally, the availability of a wide range of canned tuna options—including ready-to-eat, grilled, marinated, and unseasoned varieties—further fuels the growth of this segment.
Report Coverage:
The report offers comprehensive quantitative and qualitative insights, providing a detailed analysis of product types, applications, market share, and the growth rate of each category within the industry.
Additionally, it presents an in-depth evaluation of the competitive landscape and market dynamics. Key highlights include an overview of related markets, the research methodology applied, recent industry developments such as mergers and acquisitions, the regulatory landscape in major countries, and notable industry trends. This thorough assessment equips stakeholders with a clearer understanding of the market's current state and future prospects.
Drivers and Restraints:
Canned Tuna to be Widely Consumed Due to its Affordability and Longer Shelf-life
Global consumption of canned tuna has experienced substantial growth in recent years. As an affordable, convenient, and easily stored source of protein, canned tuna has gained widespread appeal. Its ability to be preserved and shipped without refrigeration enhances its attractiveness, particularly for busy individuals seeking ready-to-cook and ready-to-eat meal options. With the increasing number of working professionals and limited time for home-cooked meals, demand for convenient food products like canned tuna continues to rise.
Europe and Asia Pacific lead in canned tuna consumption, while emerging markets in the Middle East and South America are also showing strong growth potential. As consumers increasingly prioritize healthier seafood options, particularly processed fish, the annual sales of canned tuna—rich in protein—are expected to continue growing.
However, the market faces challenges due to the rising popularity of vegetarianism, driven by environmental concerns and dietary restrictions such as dairy allergies. This shift is affecting the demand for meat and seafood in various regions. Companies like Beyond Meat and MorningStar Farms are expanding their plant-based portfolios, offering vegan alternatives to traditional meat products. These trends may present a potential obstacle to the growth of the tuna fish market in the coming years.
Regional Insights:
Europe maintained a dominant market share of USD 14.95 billion in 2022, supported by high per capita consumption and a robust seafood industry. The region's growing appetite for fish and seafood is primarily driven by an increasing preference for functional and health-focused foods that cater to busy, active lifestyles.
In response to this trend, companies are launching products that offer enhanced health benefits. For example, in September 2021, Thai Union Group's brand John West introduced a range of nutrient-rich canned tuna in the UK. This product line features three functional varieties—Immunity, Heart, and Energy—specifically designed for younger consumers seeking convenient and nutritious dietary options.
Competitive Landscape:
New Product Launches by Reputed Companies to Accelerate Market Development
Leading players in the market are actively responding to the increasing consumer demand for seafood by launching a diverse range of innovative and unique products. These companies are also concentrating on developing offerings that provide functional health benefits to appeal to a wider customer base. For instance, in September 2021, Thai Union Group’s brand John West unveiled a range of nutrient-rich canned tuna in UK supermarkets. This product line includes three functional flavors—Immunity, Heart, and Energy—specifically targeted at younger consumers seeking convenient, flavorful, and nutritious 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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