Tuna Fish Market Size, Share & Industry Analysis, By Species (Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and Others), By Type (Canned, Fresh, and Frozen), and Regional Forecast, 2024-2032

The global tuna fish market size 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, exhibiting a CAGR of 3.01% during the forecast period. Europe dominated the tuna fish market with a market share of 36.39% in 2023. Moreover, the tuna fish market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 10.17 billion by 2032, driven by increasing demand of fresh seafood and growing consumption of cultural, especially Asian cuisines.

Tuna is considered one of the most important and commercially valuable fish and is an essential part of the marine ecosystem. Commercial tuna fishery forms a key part of the blue economy, and six varieties of this fish are considered important, among others, namely Southern Bluefin, Skipjack, Bigeye, Atlantic, Yellowfin, and Pacific. In recent years, the seafood industry has observed new trends in terms of consumers’ consumption patterns. People across the globe are opting for healthy and convenient foods, which has significantly boosted the demand for protein-rich foods such as tuna.

The COVID-19 pandemic significantly affected the global tuna fish market value growth. The governments imposed various safety measures and restrictions during the outbreak, significantly impacting commercial fish landings due to reduced labor mobility, restaurant closures, and social distancing protocols. According to the Food and Agriculture Organization (FAO), the pandemic affected the demand for canned tuna as the restaurant trade declined by 80-90%.

Tuna Fish Market Trends

Proliferating Demand for Sustainably Sourced Fish to Augment the Market Growth

A sustainable lifestyle is one of the key concerns of individuals globally. The increasing concern regarding health and environmental sustainability has pushed the demand for value-added and sustainably sourced seafood. Moreover, several fishery management organizations are helping create a sustainable supply chain in the tuna fishing industry. For instance, in November 2022, the International Commission for the Conservation of Atlantic Tunas (ICCAT) adopted a modernized fishery management plan for Atlantic Bluefin tuna species.

The new plan resulted from extensive collaboration with scientists, stakeholders, and managers while ensuring long-term sustainability, post-harvesting loss reduction, and profitability. For instance, in October 2021, World Wide Fund for Nature (WWF)-Philippines launched a new EU SWITCH-Asia funded project to improve product quality, tackle post-harvesting loss of tuna and achieve sustainability from fishing. Such governments and organizations focus on improving fishing and achieving sustainability, poised to drive the global tuna fish market growth in the upcoming years.

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Tuna Fish Market Growth Factors

Longer Shelf-life and Affordability of Tuna Fish to Drive the Demand for Canned Tuna

Canned tuna fish consumption across the world has increased exponentially in recent years. It is a highly sought-after protein source that is convenient to store and does not need refrigeration. Moreover, it is an easy-to-ship product as it has no-to-low refrigeration costs. Moreover, a rising working population has augmented the demand for ready-to-eat, ready-to-cook, and processed foods. The incredibly high shelf-life of the product and the low price of canned tuna, as compared to its other forms, such as frozen and fresh fish, make it an ideal choice for consumers seeking affordable animal protein and prefer convenient food. Furthermore, key leaders are introducing novel products to meet the consumers’ requirements. It is another positive factor that propels market growth. For instance, in September 2021, Thai Union brand John West announced the launch of a new nutrient-rich canned tuna range in the U.K. grocery outlets. The product is available in three flavors: Energy, Immunity, and Heart.

Rising Consumption of Animal Protein to Favor the Market Growth

The rapidly changing lifestyle and increasing urbanization are leading to major shifts in consumers’ dietary patterns and their food choices. Consumers nowadays are more inclined toward healthy and nutritious food options. Consuming tuna can provide humans with animal proteins and micronutrients.  Thus, the market has shown promising growth in recent years.

Consumers are attempting to incorporate healthier and lighter protein alternatives, such as canned and frozen tuna. In addition, the demand for low-fat, low-calorie, and high-quality protein foods is so high in Western countries that tuna is a popular choice for customers. Furthermore, government authorities are developing new policies to promote fish production to meet the increasing demand for seafood, including tuna. For instance, in February 2021, the governing authority of Japan and the United Nations Industrial Development Organization (UNIDO) signed a funding agreement to stimulate the sustainable development of the tuna value chain in Iran. This funding will support the ability of Iran’s local fishermen to access new markets. Such instances are expected to push the global market to the next height in the upcoming years.

RESTRAINING FACTORS

Growing Consumer Inclination Toward Plant-based Protein May Restrict the Market Growth

More individuals are adopting vegetarian and vegan eating trends due to environmental concerns and dairy allergies, which are negatively impacting the sales of seafood and meat in different regions. The rising popularity of plant-sourced food products among consumers has led to more artificial meat producers. Despite the rising seafood demand, plant-based alternatives are gaining traction as they minimize overfishing and help protect biodiversity. Furthermore, rapid innovation and technology lead to the uptake of plant-based foods to the next level. According to the Good Food Institute’s 2023 outlook on the plant-based foods industry, retail dollar sales of plant-based meat category products in the U.S. increased to USD 1.4 billion in 2022. Therefore, the increasing veganism trend is poised to hamper market growth in the coming years.

Tuna Fish Market Segmentation Analysis

By Species Analysis

Skipjack Segment to Hold Major Market Share due to its Easy Availability and Rich Nutritional Profile

The market is segmented based on species: albacore, skipjack, bigeye, yellowfin, bluefin, and others.

The skipjack segment is expected to account for the largest market share during the forecast period owing to its easy availability in the market and high nutritional value. According to the statistics of the National Oceanic and Atmospheric Administration (NOAA), approximately 216 pounds of Atlantic skipjack tuna commercially landed in 2022. Furthermore, more than 70% of overall tuna catches in the Indian Ocean and the Western and Central Pacific regions are Skipjack tuna, as per the Asia Pacific – Fish Watch. Skipjack fish is predominantly consumed for commercial canning purposes. This tuna species has a moderate cholesterol level and is an excellent source of low-fat protein and sodium, further aiding the segment's growth.

Bluefin tuna is gaining popularity due to its excellent texture and rich taste. This species is popularly consumed in sushi and sashimi. Bluefin tuna sales are expected to grow considerably in the forthcoming years. The increasing utilization of this species in several restaurants for preparing exotic dishes is anticipated to support the steady growth of the segment.

By Type Analysis

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Canned Segment to Dominate Due to Surge in Convenience Food Consumption

The market is segmented based on type into canned, fresh, and frozen.

The canned segment is the leading product type and is predicted to maintain its dominance throughout the forecast period, owing to the rising awareness of its health benefits and convenience in usage. Furthermore, adopting Western food culture in Asian countries such as India, China, and Japan is further propelling the demand for canned products. According to the statistics from Japan Customs, the import volume of processed and canned tuna increased from 65,000 tons in 2018 to 69,000 tons in 2022. In addition, the strengthening of the food industry's supply chain and the growth of e-commerce channels have actively supported the growth of canned tuna demand. Moreover, online grocery shopping platforms have recently grown and have eased access to processed foods.

The fresh segment is expected to grow substantially during the forecast period with rising consumer interest in Asian cuisines, including fresh tuna. The dynamic growth of sushi bars and restaurants in European countries also positively affected the demand for fresh tuna in EU countries.

REGIONAL INSIGHTS

Regionally, the market is segregated into the Asia Pacific, Europe, North America, the Middle East & Africa, and South America.

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Europe dominated the global tuna fish market share in 2023 due to high per capita fish and seafood consumption and an established seafood industry. According to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), the household expenditure on fishery and aquaculture products in Europe grew to 11% in 2022 compared to 2021. Tuna is one of the five favourite consumed species in Europe, accounting for about 10% of total seafood consumption in 2022. The consumption increased by 1% in terms of volume and 29% in terms of value, compared with 2021. In addition, tuna import value from Ecuador increased by 24% in 2022. Furthermore, market players are focusing on responding to the increased consumer demand for products with functional benefits by introducing new products to the retail shelves, which is anticipated to drive market growth in the upcoming years.

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The Asia Pacific market for tuna fish is likely to hold the second-largest share during the forecast period. The Asian seafood and aquaculture production and processing is growing at a crucial pace owing to the increase in demand for animal protein. In low-income developing nations, the demand for affordable animal protein is high which presents an opportunity to tuna processors to tap into these economies.  Moreover, the aquaculture sector offers huge employment opportunities to the local people, hence development of this sector by the government is slated to aid the market growth of aquaculture, which is predicted to have a positive impact on the market. Moreover, Japan is one of the leading markets for the product globally and the demand for fresh and frozen tuna peaks for sashimi usages during winter months, for traditional celebrations. However, in China, during autumn festive holidays, there is an increased consumption of sashimi tuna.

North America has been one of the major markets for seafood as consumers in the region are well aware about the importance of a healthy diet and to fulfill that requirement, they rely on various food, including seafood.  The demand for fresh seafood products is also rising in the region. The demand for Bluefin and Bigeye tuna remains strong from Japanese restaurants in the U.S. Moreover, the growing consumption of cultural foods, which leads to the wide intake of various Asian cuisines, such as sushi, tekkadon, and curries, further improved the fresh tuna fish market growth in the region. According to the Food and Agriculture Organization, the import of fresh Bluefin increased by nearly 13.4% to 1,090 tonnes and fresh Bigeye increased by 7.8% to reach 950 tonnes during the first quarter of 2023.

The Middle East & Africa is expected to be the fastest-growing region due to the growing popularity of premium products in the region's developing markets. The rising demand for canned tuna products is primarily attributed to their diverse flavor and taste notes and is gaining a mainstream position as a premium product in the retail market. Advancements in the region’s food supply chain network have also contributed to the boom in its canned tuna market.

KEY INDUSTRY PLAYERS

New Product Launches by Key Players to Aid the Market Growth

The key players are focused on introducing innovative and exotic seafood variations to meet the growing consumer demand. These companies are also responding to the increased consumer demand for products with functional benefits. For instance, in December 2023, Tonnino, one of the popular seafood brands, launched six new varieties of canned Yellowfin tuna, which include Premium Yellowfin Tuna chunks with sweet corn in water and Premium Yellowfin Tuna with carrots and peas in vegetable oil. These products are available at Walmart stores across the U.S.

List of Top Tuna Fish Companies:

• Bolton Group (Italy)


• Century Pacific Foods Inc. (Philippines)


• The Jealsa Rianxeira S.A.U. 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.)

KEY INDUSTRY DEVELOPMENTS:

• July 2023 - Big Fish Maldives Pvt Ltd., an emerging Asian seafood manufacturer, launched ultra-low temperature, negative 60 degrees Celsius tuna product processing technology at its new factory in Himmafushi. The company also invested USD 5 million to equip and increase its production capacity. The factory has a tuna fish production capacity of 6,000 metric tons annually. 


• May 2023 - Sealect brand, a global fishery company Thai Union Group’s brand, introduced canned tuna steak in Himalayan pink brine to serve health-conscious consumers across Thailand.


• January 2023 - Next Tuna, a Tuna farming startup, partnered with Skretting, a producer of feeds for farmed fish, to develop dry feeds for Atlantic Bluefin tuna.


• August 2021 - Mind Fish Co., a California-based seafood company, launched the first Fair Trade Certified canned tuna product in the U.S. market. The product line includes Skipjack tuna in olive oil and spring water. With the launch of this certified canned tuna, consumers can have a clear conscience about sustainability and its positive impact on society.


• March 2021 - Thai Union Group, a global seafood company, launched a limited edition of canned tuna with the packaging of Doraemon, a popular Japanese mega series under its Sealect brand.

REPORT COVERAGE

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The research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of its types, applications, market size, and growth rate for all segments in the market.

The report also offers an elaborative analysis of the market dynamics and competitive landscape. The report presents various key insights: an overview of related markets, research methodology, recent industry developments, such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.

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