Tuna fisheries have been a significant part of the worldwide market for many years. Tuna is well-known for its culinary uses and dietary advantages, and various tuna species are observed in temperate and tropical oceans. However, tuna fisheries face sustainability challenges due to overfishing, habitat degradation, and bycatch issues. Sustainable fishing practices and accountable customer picks are essential to addressing those issues and maintaining the species and the ecosystems they inhabit.
Commercial tuna fishing is a huge part of the blue economic system, with certain species like bluefin, skipjack, bigeye, albacore, and yellowfin fetching high charges. Consumption practices have changed in recent years, consistent with the fish industry. As per the study of the National Fisheries Institute observed that America, Japan, and the European Association devour the most canned fish, accounting for 51 percent, 31%, and 6 percent of worldwide utilization, respectively. In the United States on my own, more than 1 billion kilos of pressed and canned fish are eaten annually.
Recently, the intake of canned fish has increased globally. It is a famous supply of protein that is simple to save and no longer requires refrigeration. Its minimum refrigeration requirements make it simple to transport. For example, in September 2021, the Thai Union emblem John West introduced a new line of nutrient-rich canned fish in U.K. retail stores. Three sorts of products are supplied: heart, immunity, and power. The heart range incorporates fish infused with rapeseed oil, a wealthy supply of omega-3 fatty acids. The immunity range consists of fish in spring water with added vitamin C to aid the immune system. Lastly, the electricity range accommodates fish in spring water with vitamin B to help reduce fatigue and tiredness.
Massive changes in buyers' nutritional styles and food inclinations result from fast-growing lifestyles and expanding urbanization. Nowadays, consumers are certain to make healthy food decisions. People can get nutrients and creature proteins by consuming fish. Consequently, the marketplace has currently experienced an encouraging increase. Government organization play an essential role in marketplace improvement. By acquiring new suggestions for energized fish cultivation, they tend to increase an interest in fish, mainly fish. This proactive method guarantees the marketplace's steadiness and maintainability, notwithstanding expanding consumer inclinations. In an essential turn of events, the United Nations Industrial Development Organization and the Japanese government signed an economic arrangement in February 2021. This settlement encourages the lengthy-term growth of Iran's tuna value chain, allowing Iranian fishermen to enter new markets. Such critical drives are intended to move the global marketplace better than ever before, highlighting the enterprise's precise idea.
Europe Tuna Fish Market
Europe dominated the tuna fish market due to its robust emphasis on tuna consumption and high per capita fish utilization. According to the European Market Observatory for Fisheries and Aquaculture Products file, European households spent 11% more on fish and aquaculture products in 2022 as compared to 2021. In 2022, 10% of all European fish came from aquaculture, making it one of the top 5 most prevalent species fed there. Comparing the usage with 2021, there has been a 1% growth in volume and a 29% boom in price. Additionally, Ecuador's fish imports' fee rose by 24% in 2022.Asia Pacific Tuna Fish Market
The Asia-Pacific market for tuna fish is anticipated to hold the second-largest percentage. The growing demand for animal protein drives a speedy boom in fish farming and aquaculture in Asia. The recognition of lower-priced animal protein in low-income developing nations permits fish processors to go into these markets. Additionally, Japan is one of the world's main markets for the product. During the iciness, traditional celebrations demand frozen and fresh fish for sashimi. Conversely, sashimi fish intake has accelerated in China during the course of autumn festivals.Tuna Fish Market Company Overview
Prominent player in the Global Tuna Fish Market include Century Pacific Foods Inc., ITOCHU Corporation, Thai Union Group Inc., IBL Ltd., Bolton Group, Grupo Albacore S.A., and Dongwon Enterprises Co. Ltd.Tuna Fish Market News
- In September 2023, Dongwon Enterprises Co. Ltd. acquired StarKist Co., a US-based provider of nutritious meal objects. The organizations aimed to grow their operations by promoting the family proprietors' stakes in other organizations and attracting traders before going public.
- In July 2023, Big Fish Maldives Pvt Ltd. opened a brand-new plant in Himmafushi and introduced an ultra-low-temperature tuna product processing system that operates at minus 60 °C. The company spent USD five million on gadgets to reinforce output, and the factory can produce 6,000 metric tons of tuna fish each year.
- In May 2023, Thai Union Group's Select logo launched canned tuna steak in Himalayan purple brine for fitness-aware purchasers in Thailand.
Type - Market breakup in 3 viewpoints:
1. Canned2. Fresh
3. Frozen
Species - Market breakup in 6 viewpoints:
1. Skipjack2. Albacore
3. Yellowfin
4. Bigeye
5. Bluefin
6. Others
End User - Market breakup in 3 viewpoints:
1. Retail2. Food Service
3. Industrial
Country - Market breakup in 25 viewpoints:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 4 Viewpoints:
- Overview
- Recent Development
- Product Portfolio
- Financial Insights
Company Analysis:
1. Century Pacific Foods Inc.2. ITOCHU Corporation
3. Thai Union Group Inc.
4. IBL Ltd.
5. Bolton Group
6. Grupo Albacore S.A.
7. Dongwon Enterprises Co. Ltd.
Table of Contents
Companies Mentioned
- Century Pacific Foods Inc.
- ITOCHU Corporation
- Thai Union Group Inc.
- IBL Ltd.
- Bolton Group
- Grupo Albacore S.A.
- Dongwon Enterprises Co. Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | June 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 40.93 Billion |
| Forecasted Market Value ( USD | $ 53.73 Billion |
| Compound Annual Growth Rate | 3.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
