Tuna Fish Market And Forecast : Report 2024-2030

Global Tuna Fish Market Analysis

The global tuna fish market was valued at USD 40.93 billion in 2023 and is projected to grow to USD 53.73 billion by 2032, with a compound annual growth rate (CAGR) of 3.07% from 2024 to 2032. Tuna, part of the Thunnini clan, is a beloved species harvested globally for its nutritional value and culinary versatility. It thrives in tropical and temperate waters, playing a central role in many cuisines, especially in sushi and sashimi dishes, thanks to its unique flavor and rich texture. Commercial tuna fishing contributes significantly to the blue economy, with species like bluefin, skipjack, bigeye, albacore, and yellowfin fetching high market prices. Consumer trends have seen notable shifts in tuna consumption habits in recent years.

Tuna Consumption Trends

According to the National Fisheries Institute, the United States, Japan, and the European Union are the largest consumers of canned tuna, accounting for 51%, 31%, and 6% of global consumption, respectively. Over 1 billion pounds of canned tuna are consumed annually in the U.S. alone. Tuna ranks as one of the top products in grocery stores in terms of revenue per square foot, outpaced only by coffee and sugar. In a recent survey, 23% of American consumers reported serving tuna once a week, while 40% of households purchase canned tuna a few times a month. The growing demand for tuna, both fresh and canned, is expected to fuel market growth in the coming years.

Key Growth Factors

  1. Increased Demand for Canned Tuna

Canned tuna has gained popularity due to its long shelf life, affordability, and convenience. It is a highly nutritious protein source that requires no refrigeration, making it easy to store and transport. For instance, in September 2021, Thai Union brand John West launched a line of nutrient-rich canned tuna in the U.K. that includes Heart (tuna infused with rapeseed oil, rich in omega-3), Immunity (tuna in spring water with added vitamin C), and Energy (tuna in spring water with vitamin B to help reduce fatigue).

  1. Rising Demand for Animal Protein

The growing preference for high-protein diets and the increasing focus on health-conscious food choices are driving the demand for tuna. Tuna is a rich source of animal protein and essential nutrients, making it a popular choice among health-focused consumers. Government initiatives and partnerships, like the 2021 agreement between the United Nations Industrial Development Organization and the Japanese government to boost Iran’s tuna value chain, further support the market’s expansion.

 

Related Reports

Global Fish Meal Market is anticipated to be US$ 10.80 Billion in 2030, according to Renub Research

Global Salmon Market will reach US$ 37.40 Billion in 2027, according to Renub Research

Global Groundfish Market is projected to reach US$ 13.18 Billion by 2027, according to Renub Research

 

Regional Tuna Fish Market Overview

Europe

Europe held a dominant position in the tuna market in 2023, supported by a well-established fishing industry and high per capita consumption of fish products. According to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), household spending on fish and aquaculture products increased by 11% in 2022 compared to 2021. Tuna made up 10% of the total fish consumption in Europe in 2022, with a 29% increase in market value.

Asia Pacific

The Asia-Pacific region is anticipated to hold the second-largest share of the tuna market, driven by rising demand for animal protein and increasing production and processing of fish and aquaculture products. Japan, in particular, remains a significant market, especially during traditional winter celebrations when demand for sashimi-grade tuna peaks. Similarly, sashimi consumption rises in China during the autumn festivals.

North America

North America has been a key market for tuna, thanks to the region’s awareness of the health benefits of a balanced diet that includes fish. The growing popularity of Asian cuisine, including sushi and curries, has further boosted the demand for fresh tuna in the region, particularly for Bigeye and Bluefin tuna in Japanese restaurants.

Tuna Fish Market – Key Companies

Prominent players in the global tuna market include:

  • Century Pacific Foods Inc.
  • ITOCHU Corporation
  • Thai Union Group Inc.
  • IBL Ltd.
  • Bolton Group
  • Grupo Albacore S.A.
  • Dongwon Enterprises Co. Ltd.

Recent Developments in the Tuna Market

  • September 2023: Dongwon Enterprises Co. Ltd. acquired StarKist Co., a U.S.-based supplier of nutritious food products. This acquisition aimed to expand operations and attract investors ahead of a public listing.
  • July 2023: Big Fish Maldives Pvt Ltd. launched ultra-low temperature tuna product processing at its new Himmafushi plant, investing USD 5 million to boost annual output to 6,000 metric tons.
  • May 2023: Thai Union Group’s Sealect brand introduced canned tuna steak in Himalayan pink brine to appeal to health-conscious consumers in Thailand.
  • March 2023: Dongwon F&B launched its My Plant vegan product line, which includes plant-based tuna and dumplings to meet the growing demand for plant-based alternatives.
  • January 2023: Next Tuna partnered with Skretting to provide dry feeds for Atlantic Bluefin tuna, emphasizing sustainable practices in tuna farming.

Tuna Fish Market Segmentation

By Type:

  1. Canned
  2. Fresh
  3. Frozen

By Species:

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

By End User:

  1. Retail
  2. Food Service
  3. Industrial

By Region:

  1. North America (U.S., Canada)
  2. Europe (France, Germany, Italy, Spain, U.K., Belgium, Netherlands, Turkey)
  3. Asia Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand)
  4. Latin America (Brazil, Mexico, Argentina)
  5. Middle East & Africa (Saudi Arabia, UAE, South Africa)

The global tuna market is poised for steady growth, driven by changing consumer habits, increasing demand for healthy and convenient food products, and strong market players. With ongoing developments and innovation, the tuna industry is set to maintain its vital role in the global seafood market.

 

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Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

 

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