Tuna Fish Market Regional Demand, Outlook, Segmentation, Growth, Research Report by 2030

Byshital varma

The global tuna fish market size was valued at USD 41.06 billion in 2022. The market is projected to grow from USD 42.08 billion in 2023 to USD 51.25 billion by 2030, recording a CAGR of 2.86%during the forecast period of 2023-2030.

The global tuna fish market share is set to expand at a notable rate as tuna is one of the most commercially valuable fish that forms an important part of the marine ecosystem. The commercial tuna fishery is an essential component of the blue economy, wherein its seven varieties are deemed vital such as Skipjack, Yellowfin, Bigeye, Pacific, Atlantic, and Southern Bluefin. The seafood industry has observed new trends over the past few years with respect to its customers’ eating patterns. People across the world are looking for healthy and convenient foods, thereby significantly boosting the demand for protein-rich food.

Fortune Business Insights™ displays this information in a report titled, “Global Tuna Fish Market, 2023-2030.”

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.)

Source Link:

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

In terms of species, the market is divided into Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and others.

Skipjack segment is expected to capture the largest market share as it is easily available in the market and has a strong nutritional profile. Skipjack is commercially important as it is one of the most popular fish used in canned tuna products. As per the Asia Pacific – Fish Watch, over 70% of total tuna catches in the Western and Central Pacific and almost half in the Indian Ocean are skipjack tuna. This type has a moderate cholesterol level and is an excellent source of low-fat protein as well as sodium, further aiding the growth of the segment.

Canned Segment Sales to Grow with Rise in Convenience Food Consumption

Based on type, the market is differentiated into fresh, canned, and frozen. Canned segment is expected to emerge as the leading segment and is anticipated to retain its dominant position during the forecast period. This is due to the rising awareness of its health benefits among consumers and convenience of use.

The presence of omega-3 fatty acids in canned tuna can lower a person’s blood pressure and cholesterol. It can also reduce the risk of dementia and inflammatory disorders. The wide availability of different types of canned tuna in the market, from plain and unseasoned products to prepared, grilled, and marinated ones, is also boosting the segment’s growth.

Report Coverage:

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

The report also offers an in-depth analysis of the competitive landscape and market dynamics. Many key insights presented in the report are an overview of the related markets, research methodology, recent industry developments, such as mergers & acquisitions, the regulatory scenario in critical countries, and vital industry trends.

Drivers and Restraints:

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

Canned tuna has witnessed a robust rise in its global consumption rate in recent years. It is a popular source of affordable protein and is convenient to store. It does not require refrigeration and is an easy-to-ship product. A notable increase in the percentage of the working population has improved the demand for processed, ready-to-cook, and ready-to-eat foods. Cooking time at home has decreased due to hectic lifestyle, thereby augmenting the demand for convenience foods such as canned tuna.

Europe and Asia Pacific are among the world’s leading buyers of canned tuna, and their popularity has now spread to several South American and Middle Eastern countries. Since the consumption of healthy seafood, especially processed fish, is increasing every year, the sale of canned tuna is also predicted to grow as it is a rich protein source.

Many people are turning vegetarians due to reasons, such as dairy allergies and environmental concerns, which is hampering the sales of meat and seafood in different regions. Other organizations as well, such as Beyond Meat and MorningStar Farms are investing in vegetarian alternatives of conventional meat products and boosting their spending on developing a vibrant vegan meat product portfolio. These factors might hinder the tuna fish market growth in the coming years.

Regional Insights:

Europe held a dominant market share with a valuation of USD 14.95 billion in 2022. The rising demand for these products is driven by high per capita fish and seafood consumption and the presence of a well-organized seafood industry. Shoppers in the region are opting for healthy and functional foods as they offer a multitude of health benefits for those who live a hectic and active lifestyle. Companies are also trying to respond to the high consumer demand for products with functional benefits. For example, in September 2021, John West, a brand under Thai Union Group, introduced a nutrient-rich canned tuna range across grocery outlets in the U.K. The three functional flavors of the product line include Energy, Heart, and Immunity, intended for young consumers seeking tasty and practical food choices.

Competitive Landscape:

New Product Launches by Reputed Companies to Accelerate Market Development

Key players in the market are introducing a variety of innovative and exotic seafood variations to meet the growing seafood demands of their consumers. These manufacturers are also making products with functional benefits to attract more customers. For example, in September 2021, John West, which is a part of the Thai Union Group, announced the launch of a nutrient-rich canned tuna range across the U.K.’s grocery outlets. The three functional flavors of the product line are Energy, Heart, and Immunity, which target young consumers who are looking for tasty and practical food choices.

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.