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The global tuna fish market size is witnessing a crucial rise, especially in developed economies due to high health-value associated with the consumption of tuna fish, coupled with increasing per capita income of people, especially those living in emerging economies. Increased demand for tuna fish by end-users such as restaurants, processed food industry, food service chains, and others are further boosting the market growth.
Key market players operating in the tuna fish market are adopting merger and acquisition strategies along with collaboration with local food service chains to increase their market profitability and prominence. Thai Union Frozen Products, Plc., American Tuna Company, StarKist Co., Albacore Group LLC., are some of the key players operating in the global tuna market.
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Tuna fish that are constituted of the genus Thunnus, and belong to Mackerel fish family, are high-value commercial seafood consumed worldwide. There are mainly seven species of tuna fish that vary in their size and range from moderate to very large-sized tuna. The fish type is mainly consumed in freshly cooked, canned, and frozen form across the globe.
Rising demand for processed, especially canned tuna across the globe is projected to contribute significantly to the growth of the global tuna fish market. Tuna, being a rich source of important nutrients is consumed worldwide, but due to hectic schedules consumers nowadays are more attracted towards ready-to-eat and convenience food, hence the demand for processed tuna is growing. For regions, where the population of tuna is high, it is a means of economic development, hence their increased trade is expected to further contribute to the market growth during the forecast years.
Contamination of tuna with mercury present in ocean water is a major cause of concern for human health and it can hinder the growth of the tuna fish market during the forecast period. Mercury which is a toxic metal, may induce negative health effects among human beings. Consumption of mercury can interfere with the normal functioning of nervous system, as it starts acting as a neurotoxin when it enters into the body.
Some of the key companies that are present in the global tuna fish market are;
By Product Type
By species, the global tuna fish market has been segmented into skipjack, albacore, bluefin, yellowfin, and bigeye tuna. At present, skipjack tuna is dominating the global market due to its high demand across the world, attributed by health benefits offered by it. Skipjack tuna is a rich source of calcium, protein, magnesium, potassium, sodium, and various other nutrients that are beneficial for human body. The demand for yellowfin tuna is projected to witness a steep rise in the forthcoming years, due to the presence of low-cholesterol and low-calorie in this light meat tuna type.
By product type, the tuna fish market has been segmented into frozen tuna, fresh tuna, canned tuna, and others. Canned tuna segment is projected to hold the major market share in the tuna fish market, due to its increased demand by prominent regions such as Europe and North America. According to the Food and Agriculture Organization (FAO), the EU28 market responsible for the import of more than 7,00 thousand tonnes of canned tuna products in the year 2017. Escalating market growth for canned and processed products in developed markets, due to the convenience offered by them is expected to aid the market growth of canned tuna segment during the forecast period.
The Asia Pacific holds the major market share in the tuna fish market, owing to the presence of countries such as China, Japan, and Indonesia, where tuna is widely produced and consumed. Presence of key companies such as Thai Union Frozen Products, Plc. and Shanghai Kaichuang Marine International Co. Ltd. In Asia Pacific is another prominent reason that can contribute to the growth of the tuna fish market. Europe is expected to follow Asia Pacific and hold a vital share of the global market during the forecast period, owing to rising import and consumption of tuna species by prominent European countries, such as Spain, France, and Italy.
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