Tuna Fish Market Size, Share, Report Insights: Growth Forecast Through 2032

cruzsmith25

posted on 3 months ago — updated on 1 second ago

43
views

The global tuna fish market was valued at USD 41.94 billion in 2023 and is projected to increase from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, registering a compound annual growth rate (CAGR) of 3.01% during the forecast period (2024-2032).

This growth is fueled by tuna's significant trade value and its essential role in the marine ecosystem. The market revolves around seven key commercial tuna species: Skipjack, Yellowfin, Bigeye, and the Pacific, Atlantic, and Southern Bluefin tunas. As global demand for protein-rich and convenient food options rises, the market is set to expand, with consumers increasingly opting for 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 dominate the market share due to its strong nutritional profile and widespread availability. As one of the most frequently used species in products like canned tuna, Skipjack holds significant commercial value. According to Asia Pacific - Fish Watch, Skipjack tuna represents about 70% of all tuna catches in the Western and Central Pacific and nearly half of those in the Indian Ocean. Its moderate cholesterol levels, combined with its rich salt content and low-fat protein, further drive 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 (canned), and frozen. During the forecast period, the tinned segment is expected to retain its dominant position and emerge as the leading category. This growth is driven by its convenience and growing consumer awareness of its health benefits.

Canned tuna is a rich source of omega-3 fatty acids, known to help lower cholesterol and blood pressure, reduce the risk of inflammatory diseases, and decrease the likelihood of developing dementia. Additionally, the wide range of canned tuna options—including ready-to-eat, grilled, marinated, and simple unseasoned varieties—continues to drive the segment's growth.

Report Coverage:

The report provides both quantitative and qualitative market insights, offering a thorough analysis of the types, applications, market share, and growth rate of each product category within the industry.

In addition, the report delivers an in-depth assessment of the competitive landscape and market dynamics. Key insights include an overview of related markets, the research methodology used, recent industry developments such as mergers and acquisitions, the regulatory landscape in major countries, and notable industry trends.

Drivers and Restraints:

Canned Tuna to be Widely Consumed Due to its Affordability and Longer Shelf-life

Global consumption of canned tuna has seen a significant surge in recent years. As an affordable and convenient source of protein that is easy to store and preserve, canned tuna has gained widespread popularity. Its ability to be stored and shipped without refrigeration further enhances its appeal. The growing number of working individuals has fueled demand for processed, ready-to-cook, and ready-to-eat products. With busy lifestyles reducing the time available for home-cooked meals, the demand for convenient food options like canned tuna continues to rise.

Europe and Asia Pacific are the leading regions for canned tuna consumption, while several Middle Eastern and South American countries are also emerging as key markets. As consumers increasingly seek healthier seafood options, particularly processed fish, the annual sales of canned tuna—rich in protein—are expected to grow.

However, the market faces challenges from the rising popularity of vegetarianism, spurred by environmental concerns and dietary restrictions such as dairy allergies. This shift is impacting the demand for meat and seafood in various regions. Companies like Beyond Meat and MorningStar Farms are actively investing in plant-based alternatives to traditional meat products, expanding their portfolios to include a range of vegan meat options. These trends may pose a potential challenge to 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, driven by high per capita consumption and a strong seafood industry. The region's growing demand for fish and seafood is largely fueled by an increasing preference for functional and health-focused foods that cater to busy, active lifestyles.

In response to this trend, companies are introducing products with enhanced health benefits. For instance, in September 2021, Thai Union Group's brand John West launched a range of nutrient-rich canned tuna in the UK. This product line includes three functional varieties—Immunity, Heart, and Energy—targeted at younger consumers seeking 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 rising consumer demand for seafood by launching a wide variety of innovative and unique products. These companies are also focusing on developing offerings with functional health benefits to attract a broader customer base. For example, in September 2021, Thai Union Group’s brand John West introduced a range of nutrient-packed canned tuna in UK supermarkets. This product line features three functional flavors—Immunity, Heart, and Energy—specifically aimed at younger consumers looking for 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