The Global Tuna Fish Market size is expected to reach $51.1 billion by 2030, rising at a market growth of 3.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 5221.4 Killo Tonnes experiencing a growth of 3.7% (2019-2022).
Albacore tuna has a mild, meaty flavor that appeals to a wide range of consumers. Its versatile taste makes it suitable for various culinary preparations, including grilling, searing, baking, and using it in salads, sandwiches, sushi, and more. Consequently, the Albacore segment would generate approximately 11.35% share of the market by 2030. Albacore tuna is highly versatile and can be prepared in various ways, including grilling, broiling, baking, or consuming raw in dishes like sushi and sashimi. It is also commonly used in canned tuna products, where it can be incorporated into salads, sandwiches, and a variety of recipes.
The major strategies followed by the market participants are Merger & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Dongwon Enterprises Co. Ltd. took over StarKist Co., which provides healthy food products in the United States. Under this acquisition, the companies aimed to extend their businesses by selling family owners' holdings in other companies and luring investors in before becoming public. Additionally, In January, 2022, Century Pacific Food Inc. expanded its canned marine products portfolio by acquiring Ligo. This aligns with the company's mission to offer affordable nutrition, enabling regional production of Ligo products.
Based on the Analysis presented in the KBV Cardinal matrix; ITOCHU Corporation is the forerunner in the Market. and Companies such as Century Pacific Foods Inc., Dongwon Enterprises Co. Ltd., Thai Union Group PLC are some of the key innovators in the Market. In May, 2021, Thai Union Group PLC completed theacquisition of the remaining 49 percent of shares in Rugen Fisch AG, produces and sells canned fish. This strategic move underscored the significant valueit added to the company and reaffirmed Thai Union's dedication to the German market.
The use of advanced technology, such as blockchain and electronic tagging, has improved traceability throughout the tuna supply chain. This has allowed stakeholders, from fishermen to consumers, to trace the origin of the tuna they purchase. The ability to track the journey of tuna from catch to plate ensures transparency and helps combat illegal, unreported, and unregulated (IUU) fishing, which is essential for maintaining the sustainability of tuna stocks. Technological innovations in fishing gear and methods have made it possible for the industry to adopt more sustainable practices. This includes the development of selective fishing methods that reduce bycatch and minimize the impact on non-target species. In summary, technological advancements have had a highly positive impact on the market.
As disposable incomes increase, there is a notable surge in consumer spending power, allowing individuals to diversify their dietary choices. In this context, the demand for tuna products experiences a significant upswing, driven by the accessibility to premium and high-quality tuna offerings. The transformation of urban areas, marked by expanding populations, contributes to an environment where a variety of culinary preferences and dining experiences are embraced. Tuna, with its adaptability across diverse culinary applications, has become a popular choice among urban residents. These factors have propelled the growth of the market.
Bycatch, which refers to the unintentional capture of non-target species during tuna fishing, often results from certain fishing methods, such as purse seine nets and longlines. This issue poses several challenges to the industry. The high incidence of bycatch contributes to environmental harm. Non-target species like sharks, turtles, and dolphins can become entangled in fishing gear, resulting in injury or death. This has consequences for marine ecosystems and biodiversity, as these species often have ecological roles that are important for the balance of the oceans. In the upcoming years, these factors are anticipated to impede market growth.
Based on species, the market is divided into skipjack, albacore, yellowfin, bigeye, bluefin, and others. The skipjack segment garnered the highest revenue share in the market in 2022. High-quality protein can be found in abundance in skipjack tuna. Protein is necessary for general growth, muscular building, and tissue repair. It is an ideal food for individuals looking to increase their protein intake, such as athletes and bodybuilders. Skipjack tuna is highly versatile and can be used in various culinary preparations, including salads, sandwiches, sushi, and pasta dishes. Canned skipjack tuna is a convenient pantry staple for quick and easy meal preparation.
On the basis of type, the market is segmented into canned, fresh, and frozen. The fresh segment witnessed a significant revenue share in the market in 2022. Fresh tuna offers a more robust flavor and firmer texture compared to canned tuna. Its taste and texture are preferred by those who appreciate the distinctive characteristics of the fish. When choosing fresh tuna, consumers can select local and sustainably sourced options, contributing to responsible seafood consumption. Fresh tuna can be grilled, seared, broiled, or baked to the preferred level of doneness, allowing for a wide range of culinary applications.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 40.7 Billion |
| Market size forecast in 2030 | USD 51.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 3.3% from 2023 to 2030 |
| Number of Pages | 301 |
| Number of Table | 573 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Species, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region procured a remarkable growth rate in the market in 2022. Demand for foods high in protein, like tuna, has surged in nations like China and India due to population growth and rising per capita income. The world's top four aquaculture-producing countries are all in Asia, according to the European Market Observatory for Fisheries and Aquaculture Products Report 2022. Additionally, residents in this region can find well-paying jobs in the aquaculture industry. These developments will boost the market's advancement by quickening the aquaculture sector's growth.
Free Valuable Insights: The Global Tuna Fish Market size to reach USD 51.1 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Bolton Group, Century Pacific Foods Inc., The Jealsa Rianxeira S.AU. Group, ITOCHU Corporation, Thai Union Group PLC, Dongwon Enterprises Co. Ltd., IBL Ltd., F.C.F. Fishery Co., Ltd., SEA DELIGHT, LLC, and High Liner Foods.
By Type (Volume, Killo Tonnes, USD Million, 2019-2030)
By Species (Volume, Killo Tonnes, USD Million, 2019-2030)
By Geography (Volume, Killo Tonnes, USD Million, 2019-2030)
This Market size is expected to reach $51.1 billion by 2030.
Technological advancements in the supply chain of tuna are driving the Market in coming years, however, Regulations on bycatch and unsustainable fishing practices restraints the growth of the Market.
Bolton Group, Century Pacific Foods Inc., The Jealsa Rianxeira S.AU. Group, ITOCHU Corporation, Thai Union Group PLC, Dongwon Enterprises Co. Ltd., IBL Ltd., F.C.F. Fishery Co., Ltd., SEA DELIGHT, LLC, and High Liner Foods.
In the year 2022, the market attained a volume of 5221.4 Killo Tonnes experiencing a growth of 3.7% (2019-2022).
The Canned segment is leading the Market by Type in 2022; thereby, achieving a market value of $36.3 Billion by 2030.
The Europe region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $18.05 Billion by 2030.
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