Global Tuna Fish Market - 2022-2029
The global tuna fish market valued USD XX million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029)
Tuna is among the world’s most popular fish and therefore among the most commercially valuable. Fished in more than 70 countries, tuna is marketed in fresh, frozen or canned form. The demand for fish products is expected to continue growing in the coming years, owing to various factors. The increasing popularity of seafood, rising inclination towards incorporating healthy food products in the daily diet, and easy availability of canned and frozen tuna in the retail market are expected to drive the global tuna fish industry in the forthcoming years.
Increasing sustainable tuna production is expected to drive the market growth
Japan is one of the leading consumers globally, and it also exports its production to other regions. Hence, the rising focus of the government on technical assistance and sustainable production methods of endangered species to surge tuna production in Japan and other countries can help meet the demand for tuna. Though, with millions of small fishermen involved, improving production practices will be a significant challenge. But several initiatives taken by the Japanese government can help increase tuna production more efficiently. For instance, in February 2021, the United Nations Industrial Development Organization (UNIDO) and the governing authority of Japan signed a funding agreement to promote the sustainable development of the tuna value chain in Iran. This initiative will support the ability of Iran’s local fishermen to access new markets. The collaboration between the Ministry of Agriculture, local institutions, the Iranian Fisheries Organization, and UNIDO offers technical assistance to increase the quality management system, encourage exports at the highest price, and endorse sustainable fishing practices. Small and medium-sized companies in the fishery sector in Iran will directly benefit from these quality and market-related interventions. Hence, the rising sustainable production of tuna can drive the global market in the near future.
On the other hand, contamination of tuna with mercury present in the ocean is the main cause of concerns for human health, and it can hamper the tuna fish market growth in the near future.
Skipjack segment held largest market revenue share in the year 2021
Skipjack is the smallest and most abundant of the major commercial tuna species. According to the data published by Fish20.org, Skipjack comprises about 58% of the total tuna catch in the year 2018. Skipjack is easily available in the market with a nutritious and rich seafood experience. Henceforth, the demand for this species is increasing worldwide. For instance, according to the data provided by the Centre for the Promotion of Imports, 75% of the canned tuna imported into Europe consists of skipjack species.
On the other hand, bluefin species is expected to grow with a CAGR of XX% during the forecast period. The increasing utilization of this species in several restaurants is anticipated to support the steady growth of the segment. For instance, the President of a Japanese sushi restaurant chain Kiyoshi Kimura told reporters that he paid a record price of more than USD 3 million for a tasty and fresh giant bluefin tuna in 2020’s first-year auction at Toyosu fish market. After the auction in Tokyo, the single fish was taken to Sushi Zanmai’s branches located in Tsukiji to serve its consumers.
Europe is expected to dominate the global tuna fish market in the year 2021
Tuna fish is an essential part of the diet of millions of Europeans. According to a study of the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), in 2019, tuna was the most consumed marine species in Europe. Currently, the canned tuna market is dominated by a handful of trading companies, processors, and retailers that wield considerable economic power. In some European countries, notably in Spain, the domestic canning industry has considerable influence and exerts a high degree of market power over retailers and consumers. The rising demand for simple, tasty yet nutritious marine products among Europeans is anticipated to boost the growth of the market in this region.
Asia Pacific is likely to grow with a significant CAGR of XX% during the forecast period. The increasing popularity of this fish in several Asia countries, especially in China and Japan, is anticipated to impact regional market growth positively. Fish consumption is increasing in China due to the use of this fish in convenience foods and sushi. Furthermore, the Chinese government hopes to upsurge tuna processing capacity and exports by helping tuna processors build new canning facilities and support local fishing fleets to secure more overseas tuna. These initiatives taken by governments can support the steady growth of the regional market. Japan, the world’s largest market, accounts for more than 27% of consumption. The local companies are embarking on new product launches and collaboration with other giant players to strengthen their footprint in the Japanese tuna market. For instance, in August 2019, Mitsubishi Corporation partnered with Thai Union Group to launch a tuna fishery improvement project that aims for a Marine Stewardship Council certificate. Similarly, in July 2019, the company has launched a new product range of canned tuna fillets infused with olive oil or chili.
Due to the presence of a large number of established and regional companies, the market is highly fragmented. companies, such as Thai Union Group and American Tuna Company, are embarking on new product launches and collaborations with relevant stakeholders for product marketing and portfolio broadening. For instance, in July 2020, Chicken of the Sea (Thai Union Group’s brand) introduced its wild-caught, preservative-free canned fish varieties, i.e., Albacore Tuna, Ahi Yellowfin Tuna, and Alaskan Salmon. Similarly, in November 2019, Thai Union Group Inc. has launched a new tuna product SEALECT Tuna Fitt, in Thailand to attract health-conscious consumers. In July 2020, Spanish seafood companies Atunlo and Scanfisk have signed a new agreement to launch new frozen value-added tuna products into Spain's retail and foodservice sector.
Positive impact on the global tuna fish market
As the COVID-19 cases are increasing rapidly, consumers are stockpiling non-perishable food items, including canned and frozen tuna, to avoid leaving home. This has caused an upsurge in demand for these products. It has been observed that within a week after the lockdown, many multinational companies of canned and frozen tuna have witnessed a high stock surge. Among global canned tuna markets, the U.S. is likely to have experienced the strongest impact due to the pandemic. Customs data shows canned tuna imports in the U.S. increased by 17% year-on-year to nearly 130,000 tons for the January to June period in 2020. In the initial stages of lockdown, panic buying of food supplies by consumers contributed to the rapid growth in the canned and frozen sales in retail distribution channels. Moreover, the growing inclination towards healthy, nutritious products to maintain overall health and wellness is projected to increase the demand for tuna products among consumers
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Understand the current market scenario and viability of global tuna fish over the forecast period
Visualize the composition of the global tuna fish market in terms of species and type to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
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What we offer?
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global tuna fish market – Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market share analysis covering business revenues ($) and revenue share (%) of key market players
The global tuna fish market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages
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