Tuna Fish Global Market Report 2024

The tuna fish market has grown steadily in recent years. It will grow from $34.23 billion in 2023 to $35.38 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The expansion observed during the historical period can be ascribed to heightened consumer awareness of health advantages, a surge in the demand for seafood products, global population growth, urbanization, the rise in the middle-class population, and the globalization of supply chains.

The tuna fish market is expected to see steady growth in the next few years. It will grow to $40.04 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The anticipated expansion in the forecast period can be linked to a sustained focus on promoting healthy eating habits, advancements in packaging for added convenience, the adoption of sustainable fishing practices and certifications, an increasing demand for ready-to-eat foods, and the growth of seafood retail channels. Noteworthy trends expected in the forecast period encompass regulatory adjustments, the impacts of climate change, evolving health and nutrition preferences, disruptions in global supply chains, the continued growth of retail and e-commerce, as well as cultural and regional preferences.

The considerable increase in tuna consumption is a significant factor contributing to the anticipated growth of the tuna fish market. Tuna fish, belonging to the genus Thunnus and comprising seven oceanic species, holds substantial commercial value as a food source. Consumed for its nutritional benefits, convenience, and versatility in cooking, tuna is rich in omega-3 fatty acids, protein, and essential nutrients. Notably, data from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) reveals that tuna fish production rose from $165 million in 2021 to $169 million in 2022, affirming the positive impact of increasing tuna consumption on the tuna fish market.

The growth of the tuna fish market is expected to be driven by the expanding global population. Population, encompassing the total number of individuals in a specific area or region, influences the demand for food, including seafood, as it rises. Tuna, being a popular protein source, experiences heightened consumption with the growth of the global population. The United Nations predicts a potential increase in the global population to approximately 8.5 billion by 2030, 9.7 billion by 2050, and 10.4 billion by 2100. Additionally, the Congressional Budget Office projects an increase in the US population from 335 million in 2022 to 369 million in 2052. Consequently, the upward trajectory of the population is expected to be a driving force behind the growth of the tuna fish market.

A prominent trend gaining traction in the tuna fish market is product innovation. Key players in the market are dedicated to developing new tuna fish products to meet evolving consumer preferences and growing health consciousness. As an illustration, in June 2022, Maldives Industrial Fisheries Company Limited (MIFCO), a company in the fishing industry based in the Maldives, introduced a novel canned tuna product named Drained Tuna Chunks. This product distinguishes itself from the company's previous canned tuna offerings by featuring reduced oil content. Notably, the new tuna cans eliminate the need to drain oil, alleviating common inconveniences associated with using canned tuna.

Strategic investments constitute a central focus for major companies in the tuna fish market, aimed at consolidating their market positions. Strategic investments involve the deliberate and planned allocation of financial resources to achieve specific long-term objectives within a business or organizational strategy. For example, in October 2023, BlueNalu, a US-based producer of cell-cultured seafood, concluded a $33.5 million Series B funding round and expanded partnerships with seafood industry leaders in the Asia-Pacific (APAC) region. This move is geared towards bringing BlueNalu's cell-cultured bluefin tuna to market upon receiving regulatory approval, with the funding supporting growth scaling and sustainable seafood provision.

In March 2022, F.C.F. Co. Ltd., a seafood conglomerate based in Taiwan, acquired Bumble Bee Foods for $928 million. This acquisition served to enhance F.C.F's presence in the North American seafood market. Bumble Bee Foods, a US-based producer of tuna fish products and other seafood items, became part of F.C.F.'s expanding portfolio.

Major companies operating in the tuna fish market report are Bolton Group, ITOCHU Corporation, Thai Union Group Inc., Dongwon Enterprises Co. Ltd., FCF Co. Ltd., Crown Prince Inc., Mitsubishi Corporation, American Tuna Company, Alliance Select Foods Inc., Wild Planet Foods Inc., Century Pacific Foods Inc., The Jealsa Rianxeira S. AU. Group, Grupo Albacore S.A., IBL Ltd., Sea Delight, Tri Marine Group, StarKist Tuna, Clover Leaf Seafoods Corp., Bumble Bee Foods LLC, Frinsa del Noroeste S.A., A.E.C. Canning Company Limited, Ocean Brands, Balfegó Group, Mareblu SRL, Fish4Ever, John West Foods, Princes Group, Bajamar, Rio Mare, Maretti.

Europe was the largest region in the tuna fish market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global tuna fish market report during the forecast period. The regions covered in the tuna fish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the tuna fish market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of tuna fish are categorized as canned, fresh, and frozen. Canned tuna denotes tuna fish enclosed in a metal can, measuring 1 inch in length and 3 inches in diameter. This variety is accessible in diverse species, including skipjack, yellowfin, albacore, bigeye, bluefin, and others. These canned tuna products are widely distributed through supermarkets, hypermarkets, convenience stores, online retailers, and similar outlets.

The tuna fish market research report provides tuna fish market statistics, including the tuna fish industry’s global market size, regional shares, competitors with a tuna fish market share, detailed tuna fish market segments, market trends, and opportunities, and any further data you may need to thrive in the tuna fish industry. This tuna fish market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The tuna fish market consists of sales of bullet tuna, longtail tuna, blackfin tuna and mackerel tuna. 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.


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