What is the global market size of Tuna Fish Market?

Tuna Fish Market size was valued at USD 40.12 billion in 2021 and is poised to grow from USD 41.23 billion in 2022 to USD 52.73 billion by 2030, growing at a CAGR of 2.77% in the forecast period (2023-2030).

Global 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

Global 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.

Global Tuna Fish Market Report Snapshots

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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 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. '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. 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.

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

Global Tuna Fish Market Dynamics

Global Tuna Fish Market Report Snapshots

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