PUBLISHER: The Business Research Company | PRODUCT CODE: 1539690
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539690
Frozen tuna refers to tuna fish that has been caught, processed, and frozen to maintain its freshness and nutritional value. This freezing process effectively prevents bacterial growth and ensures the fish's quality and safety during storage and transportation. Frozen tuna is widely utilized in both commercial and consumer markets, particularly in regions where fresh tuna may not be readily accessible.
The primary types of frozen tuna include frozen albacore, frozen big eye ahi, frozen bluefin tuna, frozen skipjack, and frozen yellowfin tuna. Frozen albacore, for instance, is processed and frozen to preserve its freshness and high quality. These products are distributed through various channels including online platforms, supermarkets, hypermarkets, convenience stores, specialty stores, and other retail outlets.
The frozen tuna market research report is one of a series of new reports from The Business Research Company that provides frozen tuna market statistics, including frozen tuna industry global market size, regional shares, competitors with a frozen tuna market share, detailed frozen tuna market segments, market trends, and opportunities, and any further data you may need to thrive in the frozen tuna industry. This frozen tuna market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The frozen tuna market size has grown strongly in recent years. It will grow from $7.47 billion in 2023 to $8.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. During the historic period, growth in the consumption of frozen tuna can be attributed to increasing global demand for seafood, a rising preference for seafood over other protein sources, growing awareness about the health benefits of seafood consumption, and an increase in the popularity of dishes such as sushi and sashimi that utilize tuna as a key ingredient.
The frozen tuna market size is expected to see strong growth in the next few years. It will grow to $12.22 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The forecasted growth can be attributed to several factors including the rising popularity of protein-rich foods, increasing demand for frozen tuna due to its convenience and nutritional benefits, a growing preference for value-added seafood products, heightened consumer interest in sustainably sourced foods, and the expansion of modern retail formats and online food delivery services catering to convenience and variety. Major trends expected in the forecast period include technological innovations in seafood processing and packaging, advancements in cold chain logistics to maintain product freshness, adoption of flash-freezing technology to preserve quality, sustainable packaging solutions to reduce environmental impact, and improved techniques for thawing frozen seafood to enhance consumer experience and product quality.
The frozen tuna market is poised for growth driven by the increasing demand for seafood. Seafood encompasses a variety of edible aquatic animals and plants sourced from oceans, rivers, and lakes, providing essential protein and nutrients globally. The surge in seafood consumption is attributed to growing awareness of its health benefits, expansion in aquaculture practices, evolving dietary preferences, improved supply chain logistics, and sustainability concerns regarding land-based protein sources. Frozen tuna plays a pivotal role in meeting this demand by offering a reliable, versatile, and high-quality product enjoyed in diverse cuisines worldwide. For example, Statistics Canada reported in September 2023 that sales of farmed shellfish in Canada rose by 11.8% to $125.0 million in 2022 compared to the previous year, underscoring the increasing appetite for seafood that drives growth in the frozen tuna market.
Leading companies in the frozen tuna market are focusing on innovation, such as the development of ultra-low temperature (ULT) frozen fish, to enhance product quality, shelf-life, and sustainability. Ultra-low temperature freezing involves freezing fish at extremely low temperatures, often below -60 degrees Celsius (-76 degrees Fahrenheit), to preserve freshness and quality over an extended period. In April 2023, Big Fish Maldives introduced its ultra-low temperature frozen tuna products, renowned for their ability to maintain the fish's natural ruby-red color, high fat content, and superior eating quality suitable for premium sushi and sashimi markets. This technological advancement allows for higher market prices, approximately 150% higher than traditionally frozen fish at higher temperatures.
In September 2021, Nomad Foods bolstered its position in the frozen foods sector by acquiring the Fortenova Frozen food business, expanding its footprint into Eastern Europe and adding prominent brands such as Ledo and Frikom to its portfolio. Fortenova Frozen, based in Croatia, specializes in a range of frozen products including fish, fruits, vegetables, ready meals, and pastries.
Major companies operating in the frozen tuna market are ITOCHU Corporation, Sojitz Corporation, Dongwon Group, Nissui Corporation, Mowi ASA, Thai Union Group PCL, Bolton Group, SalMar ASA, IBL Ltd., High Liner Foods Inc., Century Pacific Food Inc., The Jealsa Rianxeira S.A.U., Bumble Bee Foods LLC, Tassal Group, Chicken of the sea, Shanghai Kaichuang Marine International, Zhejiang Ocean Family Co. Ltd., Grupo Calvo, FCF Co. Ltd., Sea Delight LLC, Pescanova SA, Stehr Group, Golden Prize Canning Co. Ltd.
Asia-Pacific was the largest region in the frozen tuna market in 2023. The regions covered in the frozen tuna market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the frozen tuna market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The frozen tuna market consists of sales of frozen tuna steaks, frozen tuna fillets, pre-marinated frozen tuna, canned tuna, tuna sashimi, and sushi grade. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Frozen Tuna Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on frozen tuna market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for frozen tuna ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The frozen tuna market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.