The global tuna fish market size 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, reflecting a CAGR of 3.01% during the forecast period. In 2023, Europe led the market with a 36.39% share, driven by high seafood consumption and a well-established seafood processing industry.
The U.S. tuna fish market is also anticipated to grow substantially, reaching an estimated value of USD 10.17 billion by 2032. This growth is fueled by increasing demand for fresh seafood and rising consumption of cultural cuisines, particularly those of Asian origin.
Tuna is among the most significant and commercially valuable fish species, playing a vital role in the marine ecosystem and the global blue economy. Six key species—Southern Bluefin, Skipjack, Bigeye, Atlantic, Yellowfin, and Pacific—are particularly important in the industry.
Recent trends in seafood consumption show a global shift toward healthier and more convenient food options. This has significantly boosted demand for protein-rich foods such as tuna, aligning with consumer preferences for nutritious and functional diets.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/tuna-fish-market-100744
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.)
Segmentation:
Skipjack Tuna Gaining Popularity Due to Nutritional Value and Availability
The tuna fish market is segmented by species into Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and others.
Skipjack tuna is expected to dominate the market, driven by its abundant availability and rich nutritional profile. As a primary species in the canned tuna industry, Skipjack accounts for over 70% of total tuna catches in the Western and Central Pacific and nearly half in the Indian Ocean, according to Asia Pacific – Fish Watch. Its low-fat protein content and moderate cholesterol levels contribute to its widespread adoption among consumers.
Canned Tuna Sales Surging with Demand for Convenient Food
By product type, the tuna fish market is categorized into fresh, canned, and frozen. The canned tuna segment is anticipated to lead the market, propelled by increasing consumer preference for convenient and health-focused food options.
Canned tuna offers omega-3 fatty acids, which help lower blood pressure, reduce cholesterol, and mitigate risks of dementia and inflammatory disorders. Additionally, the availability of diverse options, including plain, marinated, and grilled varieties, further supports its market growth.
Report Coverage:
The research report provides both qualitative and quantitative insights into the tuna fish market, including analyses of product types, applications, and market growth rates. Key features include:
- Detailed examination of competitive dynamics.
- Overview of associated markets and regulatory environments.
- Recent developments, such as mergers, acquisitions, and product innovations.
- Insights into consumer trends and regional market dynamics.
Drivers and Restraints:
Affordability and Shelf-life Propel Canned Tuna Demand
Canned tuna has emerged as an affordable and accessible protein source, especially appealing to working populations with limited time for meal preparation. Its non-refrigeration requirements and transport convenience further boost its appeal.
Europe and Asia Pacific are the largest markets for canned tuna, while demand is growing in South America and the Middle East. The high protein content of canned tuna aligns with increasing consumer interest in healthy, processed seafood.
Challenges from Rising Vegetarianism
Despite its popularity, the tuna market faces challenges from the growing shift toward vegetarian and plant-based diets. Brands like Beyond Meat and MorningStar Farms are expanding plant-based seafood alternatives, potentially impacting traditional tuna sales.
Regional Insights:
Europe Leads the Tuna Fish Market
Europe held a dominant share of the global tuna fish market, valued at USD 14.95 billion in 2022. High per capita fish consumption and a robust seafood industry drive the market in this region. European consumers increasingly seek functional and healthy foods, encouraging product innovation.
For example, in September 2021, John West, a Thai Union Group brand, launched a nutrient-rich canned tuna range in the U.K., including functional flavors like Energy, Heart, and Immunity. These products target younger, health-conscious consumers seeking convenient yet nutritious food options.
Competitive Landscape:
Innovation and New Product Launches Driving Market Growth
Leading players in the tuna fish market focus on product innovation to meet evolving consumer demands.
In September 2021, John West introduced a range of nutrient-rich canned tuna products featuring functional benefits, including Energy, Heart, and Immunity, to cater to health-focused young consumers. Such initiatives underscore the competitive drive within the seafood market and highlight manufacturers' efforts to adapt to changing preferences.
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Key Industry Development:
January 2023 - Tuna fish farming startup, Next Tuna, has announced a partnership with Skretting, a leading manufacturer of feeds for farmed fish, to develop dry feeds for Atlantic Bluefin tuna. This collaboration aims to improve the sustainability and efficiency of tuna farming, supporting the growing demand for farmed tuna in the seafood industry.
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