PUBLISHER: KBV Research | PRODUCT CODE: 1385097
PUBLISHER: KBV Research | PRODUCT CODE: 1385097
Global Tuna Fish Market Size, Share & Industry Trends Analysis Report By Type (Canned, Fresh, and Frozen), By Species (Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and Others), By Regional Outlook and Forecast, 2023 - 2030
The Global Tuna Fish Market size is expected to reach $51.1 billion by 2030, rising at a market growth of 3.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 5221.4 Killo Tonnes experiencing a growth of 3.7% (2019-2022).
Albacore tuna has a mild, meaty flavor that appeals to a wide range of consumers. Its versatile taste makes it suitable for various culinary preparations, including grilling, searing, baking, and using it in salads, sandwiches, sushi, and more. Consequently, the Albacore segment would generate approximately 11.35% share of the market by 2030. Albacore tuna is highly versatile and can be prepared in various ways, including grilling, broiling, baking, or consuming raw in dishes like sushi and sashimi. It is also commonly used in canned tuna products, where it can be incorporated into salads, sandwiches, and a variety of recipes.
The major strategies followed by the market participants are Merger & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Dongwon Enterprises Co. Ltd. took over StarKist Co., which provides healthy food products in the United States. Under this acquisition, the companies aimed to extend their businesses by selling family owners' holdings in other companies and luring investors in before becoming public. Additionally, In January, 2022, Century Pacific Food Inc. expanded its canned marine products portfolio by acquiring Ligo. This aligns with the company's mission to offer affordable nutrition, enabling regional production of Ligo products.
Based on the Analysis presented in the KBV Cardinal matrix; ITOCHU Corporation is the forerunner in the Market. and Companies such as Century Pacific Foods Inc., Dongwon Enterprises Co. Ltd., Thai Union Group PLC are some of the key innovators in the Market. In May, 2021, Thai Union Group PLC completed the acquisition of the remaining 49 percent of shares in Rugen Fisch AG, produces and sells canned fish. This strategic move underscored the significant value it added to the company and reaffirmed Thai Union's dedication to the German market.
Market Growth Factors
Technological advancements in the supply chain of tuna
The use of advanced technology, such as blockchain and electronic tagging, has improved traceability throughout the tuna supply chain. This has allowed stakeholders, from fishermen to consumers, to trace the origin of the tuna they purchase. The ability to track the journey of tuna from catch to plate ensures transparency and helps combat illegal, unreported, and unregulated (IUU) fishing, which is essential for maintaining the sustainability of tuna stocks. Technological innovations in fishing gear and methods have made it possible for the industry to adopt more sustainable practices. This includes the development of selective fishing methods that reduce bycatch and minimize the impact on non-target species. In summary, technological advancements have had a highly positive impact on the market.
Rising disposable income and urbanization
As disposable incomes increase, there is a notable surge in consumer spending power, allowing individuals to diversify their dietary choices. In this context, the demand for tuna products experiences a significant upswing, driven by the accessibility to premium and high-quality tuna offerings. The transformation of urban areas, marked by expanding populations, contributes to an environment where a variety of culinary preferences and dining experiences are embraced. Tuna, with its adaptability across diverse culinary applications, has become a popular choice among urban residents. These factors have propelled the growth of the market.
Market Restraining Factors
Regulations on bycatch and unsustainable fishing practices
Bycatch, which refers to the unintentional capture of non-target species during tuna fishing, often results from certain fishing methods, such as purse seine nets and longlines. This issue poses several challenges to the industry. The high incidence of bycatch contributes to environmental harm. Non-target species like sharks, turtles, and dolphins can become entangled in fishing gear, resulting in injury or death. This has consequences for marine ecosystems and biodiversity, as these species often have ecological roles that are important for the balance of the oceans. In the upcoming years, these factors are anticipated to impede market growth.
Type Outlook
On the basis of type, the market is segmented into canned, fresh, and frozen. The fresh segment witnessed a significant revenue share in the market in 2022. Fresh tuna offers a more robust flavor and firmer texture compared to canned tuna. Its taste and texture are preferred by those who appreciate the distinctive characteristics of the fish. When choosing fresh tuna, consumers can select local and sustainably sourced options, contributing to responsible seafood consumption. Fresh tuna can be grilled, seared, broiled, or baked to the preferred level of doneness, allowing for a wide range of culinary applications.
Species Outlook
Based on species, the market is divided into skipjack, albacore, yellowfin, bigeye, bluefin, and others. The skipjack segment garnered the highest revenue share in the market in 2022. High-quality protein can be found in abundance in skipjack tuna. Protein is necessary for general growth, muscular building, and tissue repair. It is an ideal food for individuals looking to increase their protein intake, such as athletes and bodybuilders. Skipjack tuna is highly versatile and can be used in various culinary preparations, including salads, sandwiches, sushi, and pasta dishes. Canned skipjack tuna is a convenient pantry staple for quick and easy meal preparation.
Scope of the Study
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Tuna Fish Market, by Type
- 1.4.2 Global Tuna Fish Market, by Species
- 1.4.3 Global Tuna Fish Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market At a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Tuna Fish Market by Type
Chapter 6. Global Tuna Fish Market by Species
Chapter 7. Global Tuna Fish Market by Region
Chapter 8. Company Profiles
Chapter 9. Winning Imperatives of Tuna Fish Market
LIST OF TABLES
- TABLE 1 Global Tuna Fish Market, 2019 - 2022, USD Million
- TABLE 2 Global Tuna Fish Market, 2023 - 2030, USD Million
- TABLE 3 Global Tuna Fish Market, 2019 - 2022, Kilo Tonnes
- TABLE 4 Global Tuna Fish Market, 2023 - 2030, Kilo Tonnes
- TABLE 5 Partnerships, Collaborations and Agreements- Tuna Fish Market
- TABLE 6 Product Launches And Product Expansions- Tuna Fish Market
- TABLE 7 Acquisition and Mergers- Tuna Fish Market
- TABLE 8 Global Tuna Fish Market by Type, 2019 - 2022, USD Million
- TABLE 9 Global Tuna Fish Market by Type, 2023 - 2030, USD Million
- TABLE 10 Global Tuna Fish Market by Type, 2019 - 2022, Kilo Tonnes
- TABLE 11 Global Tuna Fish Market by Type, 2023 - 2030, Kilo Tonnes
- TABLE 12 Global Canned Market by Region, 2019 - 2022, USD Million
- TABLE 13 Global Canned Market by Region, 2023 - 2030, USD Million
