Global Tuna Fish Market

Tuna Fish Market Size, Share, Growth Analysis, By Species(Skipjack, Yellowfin), By Type(Canned, Fresh) - Industry Forecast 2024-2031


Report ID: SQMIG30B2020 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 66 | Figures: 75

Tuna Fish Market Insights

Tuna Fish Market size was valued at USD 40.12 billion in 2019 and is poised to grow from USD 41.23 billion in 2023 to USD 52.73 billion by 2031, growing at a CAGR of 2.77% in the forecast period (2024-2031).

One of the major factors currently driving the global tuna industry is the increase in demand for canned tuna. The demand for ready-to-eat food is rising quickly as a result of people's hectic schedules, with canned tuna being a common option.

Japan is the world's largest consumer of tuna. Japan consumes a quarter of the world’s tuna catch, mostly for sashimi use. The majority of frozen items are now sold to other agencies outside of the auction system, whereas fresh tuna is often marketed whole through auction.

In developed countries, traditional markets for canned tuna products have declined during the past ten years. Fortunately for producers, more canned tuna is being traded into the Near East and Latin America, where new markets have opened up and trade volumes have expanded. This has contributed to the continued growth of the global canned tuna trade's volume and value. The canned tuna industry is facing numerous significant problems as a result of increased public concerns about the sustainability and safety of tuna in recent years.

US Tuna Fish Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 40.12 billion

Largest Segment

Canned

Fastest Growth

Canned

Growth Rate

2.77% CAGR

Global Tuna Fish Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Tuna Fish Market Size By Type, 2021-2028 ($ Bn)
Global Tuna Fish Market Size By Type, 2021-2028 (%)

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Tuna Fish Market Segmental Analysis

The Global Tuna Fish Market is segmented based on the Species, Type, and region. Based on the Species, the Global Tuna Fish Market is segmented as Skipjack, Yellowfin, Albacore, Bigeye, Bluefin, and Others. Based On Type, the Global Tuna Fish Market is segmented as Canned, fresh and frozen. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Tuna Fish Market Analysis by Species

Based on the Species, the types of species are Skipjack, Yellowfin, Albacore, Bigeye, and Bluefin. Among these, in 2021, the Skipjack segment accounts for the greatest tuna fish market revenue share. The most prevalent and smallest species of commercially important tuna is the skipjack. The data from Fish20.org show that Skipjack makes up roughly 58 % of tuna catch in 2021. Skipjack is a readily available shellfish product that offers a wealth of nutrients. The demand for this species is rising globally as a result. For instance, according to information published by the Centre for the Promotion of Imports, skipjack species make about 75% of the canned tuna imported into Europe.

Tuna Fish Market Analysis by Type

The Global Tuna Fish Market has been segmented on the basis of Type such as Canned, fresh and frozen. Among these, the most popular product segment is canned tuna, which is expected to continue to dominate for the duration of the forecast period due to growing public awareness of its advantages in terms of health and convenience. The omega-3 fatty acids in canned tuna can reduce inflammatory diseases, dementia, blood pressure, and cholesterol. The National Fisheries Institute (NFI) reports that canned tuna was the third-most popular seafood item in the United States.

Global Tuna Fish Market By Type , 2021(%), 2023 (%)

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Tuna Fish Market Regional Insights

Europe is predicted to hold a substantial share of the tuna fish industry due to its large per capita consumption of fish and seafood. The tuna fish market in Europe, which was valued at USD 14.65 billion in 2021, is forecast to expand significantly. Additionally, a well-run seafood business is anticipated to support industrial growth. Also, the population's increased demand for nutritious foods is anticipated to fuel market growth.

The second-largest market share is expected to be held by the Asia Pacific, which has experienced significant growth. The demand for protein-rich foods like tuna has grown as a result of the expanding populations of nations like China and India as well as the rising per capita income of residents of Asian nations. Due to the rising need for animal protein, the production and processing of seafood and aquaculture in Asia are expanding quickly. Asia has had an 89 percent share of the global aquaculture production of aquatic animals during the past 20 years, according to FAO.

Due to the rising per capita seafood consumption in the region, North America is predicted to experience a considerable increase during the projection period. The National Oceanic and Atmospheric Administration (NOAA) reports that in 2017, Americans consumed 16 pounds of seafood per person, an increase of 1.1 pounds in almost a decade. In 2018, the per-person consumption grew even further, reaching 16.1 pounds

Global Tuna Fish Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Tuna Fish Market Dynamics

Tuna Fish Market Driver

  • It is expected that the population's high consumption of foods and protein from animals will increase the demand for tuna fish. Furthermore, it is predicted that the product's sales will be boosted by the growing demand for packaged and canned meals. In addition, the prevalence of obesity and the increased need for low-fat protein encourage people to use the product. Also, it is anticipated that more food makers would use the component as the demand for convenience foods rises. These elements could fuel the pandemic's growth in the tuna fish industry.

Tuna Fish Market Restraint

  • Due to factors including environmental awareness and dairy sensitivity, a sizeable segment of the global population has chosen to become vegetarian, which is having a detrimental effect on the demand for meat and seafood in many parts of the world. A rise in the production of plant-based meat is a result of the customer demand for plant-based food products becoming more and more widespread.
  • Although tuna is present in all of the world's oceans, governmental agencies and animal welfare organizations have placed restrictions on tuna fishing and canning. Thus, the increased demand for restricted fishing access is limiting tuna fish market expansion. Although fishing is kept to a minimum, the government and animal health organizations do limit the amount of tuna that may be consumed since the fish contains mercury (Hg), which is bad for human health. These are a few of the restraints preventing market expansion.

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Tuna Fish Market Competitive Landscape

The Global Tuna Fish Market is Highly fragmented, with a high level of competition. The prominent players include companies like Thai Union Group and American Tuna Company, which are embarking on new product launches and collaborations with relevant stakeholders to broaden their portfolio and market their products.

Tuna Fish Market Top Player's Company Profiles

  • Thai Union Group PCL
  • Dongwon Industries Co., Ltd.
  • Bumble Bee Foods LLC
  • StarKist Co.
  • Tri Marine International Inc.
  • Ocean Brands GP
  • Crown Prince Inc.
  • Wild Planet Foods Inc.
  • American Tuna Company
  • Century Pacific Food Inc.
  • C-Food International LLC
  • HENAN FUMEI FOODS CO.,LTD.
  • F.C.F. Fishery Co., Ltd.
  • Princes Ltd.
  • Maruha Nichiro Corporation
  • JE Merit International LLC
  • Ocean Outcomes
  • Sirena S.A.
  • Italian Foods Corp.
  • B & C FOODS, INC.

Tuna Fish Market Recent Developments

  • In January 2022, Nostromo, an Italian brand of canned tuna fish owned by the Calvo Group, launched a stylish new package with real peel technology.  The final product, which is processed by this is known as "Apri gira facile" tuna, it has no inner rim and may be placed directly onto the dish without the need for a fork, preventing food waste.
  • In June 2022, ‘EatMyPlants’ Berlin-based start-up announced that they are combining microalgae with fermentation technology to develop a range of fish-free seafood products, starting with an alt canned tuna product. They will be introducing a tuna alternative in its pure form.

Tuna Fish Key Market Trends

  • Customers now look for products that will enable them to lead more ethical and sustainable lives. The demand for seafood with added value and that has been sourced sustainably has grown in response to rising environmental and health concerns. Global organizations are assisting in the development of a sustainable supply chain for the tuna fishing industry. The Earthworm Foundation and the International Pole and Line Foundation (IPNLF) joined forces in 2021 to support ethical tuna fishing in France. Through the new cooperation, the two groups will collaborate in the French market to improve working conditions for workers both at sea and on land, strengthen and more responsibly manage tuna populations globally, and promote sustainable fishing.
  • The expansion of the tuna fish industry is anticipated to be positively impacted by an increase in the number of businesses implementing vertical integration strategies to ensure sustainability at all phases of product development and distribution, from fishing to processing and logistics.

Tuna Fish Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Tuna Fish Market Analysis, in terms of Species, the Skipjack segment accounts for the greatest market revenue share. In terms of types, the most popular product segment is canned tuna, which is expected to continue to dominate for the duration of the forecast period. Among the regions, Europe is predicted to hold a substantial share of the tuna fish industry.

Report Metric Details
Market size value in 2023 USD 40.12 billion
Market size value in 2031 USD 52.73 billion
Growth Rate 2.77%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Species
    • Skipjack, Yellowfin, Albacore, Bigeye, Bluefin, Others
  • Type
    • Canned, Fresh, Frozen
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Thai Union Group PCL
  • Dongwon Industries Co., Ltd.
  • Bumble Bee Foods LLC
  • StarKist Co.
  • Tri Marine International Inc.
  • Ocean Brands GP
  • Crown Prince Inc.
  • Wild Planet Foods Inc.
  • American Tuna Company
  • Century Pacific Food Inc.
  • C-Food International LLC
  • HENAN FUMEI FOODS CO.,LTD.
  • F.C.F. Fishery Co., Ltd.
  • Princes Ltd.
  • Maruha Nichiro Corporation
  • JE Merit International LLC
  • Ocean Outcomes
  • Sirena S.A.
  • Italian Foods Corp.
  • B & C FOODS, INC.
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Tuna Fish Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Tuna Fish Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Tuna Fish Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tuna Fish Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tuna Fish Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Tuna Fish Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Tuna Fish Market size was valued at USD 40.12 billion in 2019 and is poised to grow from USD 41.23 billion in 2023 to USD 52.73 billion by 2031, growing at a CAGR of 2.77% in the forecast period (2024-2031).

The Tuna Fish Market is Highly fragmented, with a high level of competition. The prominent players include companies like Thai Union Group and American Tuna Company, which are embarking on new product launches and collaborations with relevant stakeholders to broaden their portfolio and market their products. 'Thai Union Group PCL', 'Dongwon Industries Co., Ltd.', 'Bumble Bee Foods LLC', 'StarKist Co.', 'Tri Marine International Inc.', 'Ocean Brands GP', 'Crown Prince Inc.', 'Wild Planet Foods Inc.', 'American Tuna Company', 'Century Pacific Food Inc.', 'C-Food International LLC', 'HENAN FUMEI FOODS CO.,LTD.', 'F.C.F. Fishery Co., Ltd.', 'Princes Ltd.', 'Maruha Nichiro Corporation', 'JE Merit International LLC', 'Ocean Outcomes', 'Sirena S.A.', 'Italian Foods Corp.', 'B & C FOODS, INC.'

It is expected that the population's high consumption of foods and protein from animals will increase the demand for tuna fish. Furthermore, it is predicted that the product's sales will be boosted by the growing demand for packaged and canned meals. In addition, the prevalence of obesity and the increased need for low-fat protein encourage people to use the product. Also, it is anticipated that more food makers would use the component as the demand for convenience foods rises. These elements could fuel the pandemic's growth in the tuna fish industry.

Customers now look for products that will enable them to lead more ethical and sustainable lives. The demand for seafood with added value and that has been sourced sustainably has grown in response to rising environmental and health concerns. organizations are assisting in the development of a sustainable supply chain for the tuna fishing industry. The Earthworm Foundation and the International Pole and Line Foundation (IPNLF) joined forces in 2021 to support ethical tuna fishing in France. Through the new cooperation, the two groups will collaborate in the French market to improve working conditions for workers both at sea and on land, strengthen and more responsibly manage tuna populations globally, and promote sustainable fishing.

Europe is predicted to hold a substantial share of the tuna fish industry due to its large per capita consumption of fish and seafood. The tuna fish market in Europe, which was valued at USD 14.65 billion in 2021, is forecast to expand significantly. Additionally, a well-run seafood business is anticipated to support industrial growth. Also, the population's increased demand for nutritious foods is anticipated to fuel market growth.

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Global Tuna Fish Market

Product ID: SQMIG30B2020

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