Tuna Fish Market Report by Type (Canned, Fresh, and Frozen), Species (Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and Others), End Use (Retail, Food Service, and Industrial), Region and Company Analysis 2024-2032

Global Tuna Fish Market Analysis

Global Tuna Fish Market was US$ 40.93 Billion in 2023 and will grow to US$ 53.73 Billion by 2032, with a CAGR of 3.07% from 2024 to 2032.

The Thunnini clan is home to the tasty fish referred to as fish, generally gathered for its dietary benefit and culinary adaptability. It is found in waters that are tropical and mild. Tuna is a staple in many cuisines, particularly sushi and sashimi, and it is highly prized for its distinctive flavor and meaty, rich texture. Commercial tuna fishing is a big part of the blue economy, with certain species like bluefin, skipjack, bigeye, albacore, and yellowfin fetching high prices. According to the fish industry, consumer consumption habits have changed in recent years.

According to a National Fisheries Institute study, the United States, Japan, and the European Association consume the most canned fish, 51%, 31%, and 6% of worldwide utilization, respectively. More than 1 billion pounds of pressed and canned fish are eaten yearly in the United States. Coffee and sugar are the only items that generate more revenue per square foot of shelf space in grocery stores than canned tuna. As indicated by a review, 23 percent of American shoppers serve fish once a week. An extra 40% of families give canned fish a few times each month, 29% stockpile it once a month, and 10% sell it at regular intervals. This will build the market's interest in fish in the coming years. 

Growth Factors in the Tuna Fish Industry

    The market for canned fish will be driven by the fish's more drawn-out timeframe of realistic usability and lower cost:

The utilization of canned fish has soared worldwide lately. It is a highly regarded protein source that is simple to store and does not necessitate refrigeration. Additionally, its low or nonexistent refrigeration requirements make it an easy product to ship.

For instance, Thai Union brand John West announced in September 2021 the presentation of another line of supplement-rich canned fish in U.K. stores. Three kinds of the item are advertised: Heart, Immunity, and Energy. Heart: fish implanted with rapeseed oil, a rich wellspring of omega-3 unsaturated fats; Immunity: fish in spring water with Vitamin C to support the safe framework; and Energy: fish in spring water with vitamin B to assist with diminishing fatigue and weariness. 

    Developing Animal Protein Utilization to Advance Market Extension:

Massive changes in customers' dietary patterns and food inclinations result from quickly developing ways of life and expanding urbanization. Nowadays, purchasers are bound to pick healthy food determinations. People can get nutrients and creature proteins by eating fish. Consequently, the market has recently experienced encouraging growth.

Government organizations play a vital part in market development. By acquiring new guidelines for energized fish cultivation, they tend to develop an interest in fish, especially fish. This proactive methodology guarantees the market's steadiness and maintainability, notwithstanding expanding purchaser inclinations. 

In a critical turn of events, the United Nations Industrial Development Organization and the Japanese government signed a monetary arrangement in February 2021. The objective of this agreement is to encourage the long-term growth of Iran's tuna value chain, which will allow Iranian fishermen to enter new markets. Such essential drives are supposed to move the worldwide market higher than ever before, highlighting the business's unique idea. 

Europe Tuna Fish Market Overview:

Because of its deep-rooted fish area and high per capita fish and fish utilization, Europe stood firm on a predominant market foothold in the overall fish market in 2023. The sum that families spend on items from fisheries and hydroponics in Europe expanded to 11% in 2022 contrasted with 2021, According to the report distributed by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA).

In 2022, 10% of all European fish will come from fish, making it perhaps of the most famous five specie consumed there. Contrasting the utilization with 2021, there was a 1% ascent in volume and a 29% increment in esteem. Besides, the worth of Ecuador's fish imports rose by 24% in 2022. 

Asia Pacific Tuna Fish Market Overview:

It is anticipated that the Asia-Pacific market for tuna fish will hold the second-largest share. Due to the rising interest for creature protein, the creation and handling of fish and hydroponics in Asia is extending at a basic rate. The popularity for sensibly estimated creature protein in low-pay emerging nations offers fish processors an opportunity to enter these business sectors.

Besides, Japan is one of the world's top business sectors for the item. Throughout the colder time of year, when conventional celebrations happen, interest for frozen and new fish for sashimi tops. Then again, sashimi fish utilization ascends in China during the pre-winter celebrations. 

North America Tuna Fish Market:

Since individuals in the locale grasp the benefit of eating a reasonable eating regimen and rely upon different food varieties, including fish, North America has for some time been one of the basic business sectors for fish. There is a rising requirement for new fish items nearby. Bigeye and bluefin tuna are still in high demand in American Japanese restaurants.

The growing popularity of Asian cuisine, such as sushi, tekkadon, and curries, is also contributing to the expansion of the fresh tuna fish industry in the region.

Tuna Fish Market Company Overview

Some of the industry leaders seen in the Global Tuna Fish Market include Century Pacific Foods Inc., ITOCHU Corporation, Thai Union Group Inc., IBL Ltd., Bolton Group, Grupo Albacore S.A., Dongwon Enterprises Co. Ltd.

Tuna Fish Companies News

• In September of 2023, Dongwon Enterprises Co. Ltd. acquired StarKist Co., a US-based supplier of nutritious food items. By selling the family owners' stakes in other businesses and attracting investors before going public, the companies hoped to grow their operations through this transaction.
• In July 2023, Big Fish Maldives Pvt Ltd., a newly established Asian seafood company, opened its new Himmafushi plant and introduced ultra-low temperature tuna product processing equipment, which operates at minus 60 degrees Celsius. Additionally, the business spent USD 5 million on equipment to boost output. The factory can produce 6,000 metric tons of tuna fish each year.
• In May 2023, Thai Union Group's Sealect brand, a global fisheries corporation, launched canned tuna steak in Himalayan pink brine to cater to health-conscious consumers throughout Thailand.
• In March 2023, Dongwon F&B, a division of Dongwon Enterprises, introduced My Plant, a vegan product range that includes vegetable dumplings and plant-based tuna. My Plant, a line of tuna goods, launches with standard dumplings and kimchi and comprises one canned and four pouches. Dongwon's response to the increasing demand for plant-based substitutes is shown in this growth.
• In January 2023, to provide dry feeds for Atlantic Bluefin tuna, the tuna farming business Next Tuna collaborated with Skretting, a manufacturer of feeds for farmed fish.
• In January 2023, Atlanta's Table introduced a readymade smoked tuna Line. Among the line's offerings are smoked tuna in soybean oil and smoked tuna in soybean oil with oregano and lemon.

Type – Market breakup in 3 viewpoints:

1.    Canned
2.    Fresh
3.    Frozen

Species – Market breakup in 6 viewpoints:

1.    Skipjack
2.    Albacore
3.    Yellowfin
4.    Bigeye
5.    Bluefin
6.    Others

End User – Market breakup in 3 viewpoints:

1.    Retail
2.    Food Service
3.    Industrial

Country – Market breakup in 25 viewpoints:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherlands
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 4 Viewpoints:

1.    Overview
2.    Recent Development
3.    Product Portfolio
4.    Financial Insights

Company Analysis:

1.    Century Pacific Foods Inc. 
2.    ITOCHU Corporation 
3.    Thai Union Group Inc. 
4.    IBL Ltd. 
5.    Bolton Group 
6.    Grupo Albacore S.A. 
7.    Dongwon Enterprises Co. Ltd.

Report Details: