How Has The Tuna Fish Market Size Evolved In Recent Years?
The tuna fish market has seen considerable growth due to a variety of factors.
•In recent times, there has been a consistent expansion in the size of the tuna fish market. It is anticipated to rise from $35.38 billion in 2024 to $36.36 billion in 2025 with a compound annual growth rate (CAGR) of 2.8%.
The historical growth is credited to factors such as enhanced consumer understanding of health advantages, escalated demand for seafood items, worldwide population increase and urbanization, a growing middle-class demographic, and the globalization of supply chains.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Tuna Fish Market?
The tuna fish market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of tuna fish is projected to experience consistent expansion in the next several years, with its valuation hitting "$41.8 billion in 2029 and a compound annual growth rate (CAGR) of 3.5%.
Such increase in the projection period can be linked to the sustained focus on health-conscious eating, advances in packaging and convenience, responsible fishing methods and certification, growing consumer demand for ready-to-eat meals, and the development of retail outlets for seafood. Noteworthy factors expected to trend within the forecast duration include modifications to regulations, impacts of climate change, evolving health and dietary habits, global supply chain disturbances, the growth of retail and e-commerce platforms, along with cultural and regional food preferences.
Which Drivers Are Accelerating Growth In The Tuna Fish Market?
The upward trend in tuna consumption plays a significant role in the expansion of the tuna fish market. The term 'tuna fish' encompasses seven species of large oceanic fish that belong to the Thunnus genus, and they are known for their high commercial value as a food source. Tuna is widely consumed for its nutritional benefits, its convenience, and its versatility for use in various dishes. It is a rich source of omega-3 fatty acids, proteins, and other essential nutrients. To illustrate, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), a research body of the Australian government that focuses on agriculture, documented an increase in tuna fish production – from $165 million in 2021 to $169 million in 2022. Consequently, the escalating consumption of tuna is a key driver for the growth of the tuna fish market.
What Are The Core Segments Of The Global Tuna Fish Market?
The tuna fish market covered in this report is segmented –
1) By Type: Canned, Fresh, Frozen
2) By Species: Skipjack, Yellowfin, Albacore, Bigeye, Bluefin, Other Species
3) By Distribution Channel: Super markets And Hyper markets, Convenience Stores, Online Retails, Other Channels
Subsegments:
1) By Canned: Chunk Light Tuna, Solid White Tuna, Albacore Tuna, Specialty Varieties
2) By Fresh: Yellowfin Tuna, Bluefin Tuna, Albacore Tuna, Other Fresh Varieties
3) By Frozen: Whole Frozen Tuna, Filleted Frozen Tuna, Portion Frozen Tuna
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Which Emerging Trends Are Reshaping The Tuna Fish Market Size?
The primary emerging trend in the tuna fish market is product innovation. Large corporations in the industry are concentrating on introducing new tuna fish items to meet varying customer demands and increasing health awareness. For example, in June 2022, the Maldives Industrial Fisheries Company Limited (MIFCO), a fishing business based in the Maldives, introduced a new product named Drained Tuna Chunks. This new product differentiates itself from the company's past canned tuna products due to its lesser oil content. The novel tuna cans are designed so that draining oil is unnecessary, removing many common difficulties associated with consuming canned tuna.
Who Are the Key Players in the Tuna Fish Market?
Major companies operating in the tuna fish market include:
• Bolton Group
• ITOCHU Corporation
• Thai Union Group Inc.
• Dongwon Enterprises Co. Ltd.
• FCF Co. Ltd.
• Crown Prince Inc.
• Mitsubishi Corporation
• American Tuna Company
• Alliance Select Foods Inc.
• Wild Planet Foods Inc.
• Century Pacific Foods Inc.
• The Jealsa Rianxeira S. AU. Group
• Grupo Albacore S.A.
• IBL Ltd.
• Sea Delight
• Tri Marine Group
• StarKist Tuna
• Clover Leaf Seafoods Corp.
• Bumble Bee Foods LLC
• Frinsa del Noroeste S.A.
• A.E.C. Canning Company Limited
• Ocean Brands
• Balfegó Group
• Mareblu SRL
• Fish4Ever
• John West Foods
• Princes Group
• Bajamar
• Rio Mare
• Maretti
What are the Regional Insights into the Tuna Fish Market?
Europe was the largest region in the tuna fish market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global tuna fish market report during the forecast period. The regions covered in the tuna fish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
