The frozen tuna market has experienced strong growth, increasing from $7.47 billion in 2023 to $8.22 billion in 2024, at a CAGR of 10.0%. This growth is driven by rising seafood demand, increased consumption of plant-based protein sources, growing awareness of health benefits, and the expansion of sushi and sashimi consumption. The market is projected to reach $12.22 billion by 2028, growing at a CAGR of 10.4%. This growth is supported by increased demand for protein-rich foods, value-added seafood, sustainably sourced products, and modern retail and online food delivery services. Major trends include technological innovations, advancements in cold chain logistics, flash-freezing technology, sustainable packaging solutions, and improved thawing techniques.
Major Driver In The Frozen Tuna Market
The frozen tuna market is anticipated to flourish in response to the rising demand for seafood. As a key source of protein, seafood consumption is on the rise due to increased awareness of its health benefits, advancements in aquaculture, and evolving dietary preferences. Frozen tuna, known for its reliability and versatility, caters to diverse culinary needs globally. Statistics Canada reported in September 2023 that sales of farmed shellfish in Canada rose to $125 million in 2022, marking an 11.8% increase from 2021. Therefore, the growing demand for seafood will propel the frozen tuna market's growth.
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Frozen Tuna Market Competitive Landscape
ITOCHU Corporation, Sojitz Corporation, Dongwon Group, Nissui Corporation, Mowi ASA, Thai Union Group PCL, Bolton Group, SalMar ASA, IBL Ltd., High Liner Foods Inc., Century Pacific Food Inc., The Jealsa Rianxeira S.A.U., Bumble Bee Foods LLC, Tassal Group, Chicken of the sea, Shanghai Kaichuang Marine International, Zhejiang Ocean Family Co. Ltd., Grupo Calvo, FCF Co. Ltd., Sea Delight LLC, Pescanova SA, Stehr Group, Golden Prize Canning Co. Ltd.
Key Frozen Tuna Market Trend
The frozen tuna market is seeing companies develop products such as ultra-low temperature (ULT) frozen fish to enhance quality, shelf-life, and sustainability. ULT frozen fish, which is frozen at extremely low temperatures (as low as -60°C), retains freshness and quality for longer periods. In April 2023, Big Fish Maldives launched its ultra-low temperature frozen tuna products, maintaining fish quality and enabling export to high-end overseas markets at significantly higher prices. This method is particularly preferred for sashimi and premium sushi due to its ability to preserve the natural color, rich fat content, and superior eating quality.
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Frozen Tuna Market Segmentation
The frozen tuna market covered in this report is segmented –
1) By Type: Frozen Albacore, Frozen Big Eye Ahi, Frozen Bluefin Tuna, Frozen Skipjack, Frozen Yellowfin Tuna
2) By Distributed Channel: Online, Offline
3) By Application: Supermarkets And Hypermarkets, Convenience Stores, Specialty Stores, Online Retail
By Geography:The regions covered in the frozen tuna market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the frozen tuna market in 2023.
The Frozen Tuna Global Market Report 2024 furnishes information about the global frozen tuna market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
