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Tuna Fish Market to Exhibit 3.01% CAGR from 2024 to 2032; Market Value to Rise Due to the Growing Consumption of Animal Protein

March 10, 2024 | Food & Beverages

The global tuna fish market size was valued at USD 41.94 billion in 2023. The industry is expected to expand from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, exhibiting a CAGR of 3.01% over the study period. Fortune Business Insights™ presents this information in its report titled “Tuna Fish Market Size, Share & Industry Analysis, By Species (Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and Others), By Type (Canned, Fresh, and Frozen), and Regional Forecast, 2024-2032.”


Commercial tuna fishery is an essential part of the blue economy and its six varieties are regarded as crucial among others, namely Skipjack, Southern Bluefin, Yellowfin, Atlantic, Pacific, and Bigeye. The market expansion can be ascribed to the growth in the demand for canned tuna, which is attributed to its longer shelf-life and affordability. Canned tuna can be shipped easily owing to its no-to-low refrigeration costs.


The COVID-19 pandemic observed the implementation of restrictions and various safety measures by the governments, which had a significant impact on commercial fish landings attributed to the closures of restaurants, a decline in labor mobility, and social distancing norms. Thus, the pandemic caused a significant influence on the market growth.


Maldives Industrial Fisheries Company Released New Canned Tuna Products to Expand its Product Portfolio


In December 2022, Maldives Industrial Fisheries Company (MIFCO), a seafood company based in Asia, announced the launch of two new canned tuna flavors, smoked tuna in olive oil and tuna chunks in oil with garlic. The company also unveiled a new mobile app, ‘Hosa’, to assist fishermen in selling their fish to fish factories.


Surging Consumption of Animal Protein to Foster the Market Growth


The tuna fish market growth is driven by an increase in the consumption of animal protein. The growing urbanization coupled with quickly changing lifestyles is resulting in significant shifts in the dietary patterns of consumers and their food choices. There is a more inclination of consumers toward nutritious and healthy food alternatives.


Despite an expanding scope for the adoption of the product, the increasing consumer inclination toward plant-based protein may hinder the market growth. The sales of meat and seafood in various regions are being negatively impacted by the adoption of vegan eating and vegetarian trends by many people owing to dairy allergies and environmental concerns.


Leading Players Emphasize Product Launches to Enhance their Portfolio


The launch of exotic and innovative seafood variations is being emphasized by leading companies to serve the increasing consumer demand. These players are also being responsive toward the growing consumer demand for products with functional benefits. The market is witnessing the deployment of many competitive strategies by players to outshine the competition. Moreover, many companies are emphasizing launches of new varieties of tuna fish to boost their portfolio.


List of Key Players Profiled:



  • Bolton Group (Italy)

  • Century Pacific Foods Inc. (Philippines)

  • The Jealsa Rianxeira S.A.U. Group (Spain)

  • Grupo Albacore S.A. (Spain)

  • ITOCHU Corporation (Japan)

  • Thai Union Group Inc. (Thailand)

  • Dongwon Enterprises Co. Ltd. (South Korea)

  • IBL Ltd. (Mauritius)

  • FCF Co. Ltd. (Taiwan)

  • Sea Delight (U.S.)


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/tuna-fish-market-100744


Key Industry Development



  • August 2021 - Mind Fish Co., a seafood company based in California, unveiled its first canned tuna product certified by the Fair Trade U.S. market. Through this launch, a clear conscience about sustainability and its positive influence on society would be increased among consumers.


Further Report Findings



  • Europe market for tuna fish occupied the largest share in 2023 owing to the emphasis of companies on responding to the growing demand among consumers for products with functional benefits.

  • The Asia Pacific is slated to witness the second-largest tuna fish market share during the forecast period. The heightened demand for affordable animal protein in low-income developing countries is augmenting the regional growth.

  • By type, the canned segment is expected to dominate during the forecast period. This is on the back of the uptake of Western food culture in Asian nations, including Japan, India, and China, which is boosting the demand for canned products.


Table of Segmentation














































ATTRIBUTE


DETAILS

Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion)



Growth Rate



CAGR of 3.01% from 2024 to 2032



Segmentation



By Species, Type and Region



 


 


 


 


 


 


 


 


 


 


 


Segmentation


 


 


 


 


 



By Species



  • Skipjack

  • Albacore

  • Yellowfin

  • Bigeye

  • Bluefin

  • Others


By Type



  • Canned

  • Fresh

  • Frozen


By Geography



  • North America (By Species, Type, and Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Species, Type, and Country)

    • Spain (By Type)

    • France (By Type)

    • Italy (By Type)

    • U.K. (By Type)

    • Germany (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Species, Type, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Rest of the Asia Pacific (By Type)



  • South America (By Species, Type, and Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Chile (By Type)

    • Rest of South America (By Type)



  • Middle East & Africa (By Species, Type, and Country)

    • UAE (By Type)

    • South Africa (By Type)

    • Rest of the Middle East & Africa (By Type)




Global Tuna Fish Market
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  • 2019-2022
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