Global Tuna Market to Grow at a CAGR of 4.9% During 2024-2032, Aided by the Increasing Demand for Sea food and the Growing Consumption of Canned Tuna

The global tuna market growth is driven by the increasing demand for seafood and the globalisation of traditional and culinary dishes. The market is experiencing significant growth, propelled by a rising global demand for healthy protein sources. This trend is driven by consumer preferences for lean proteins and omega-3 fatty acids, which are particularly sought after. Additionally, the market expansion is attributed to increasing disposable incomes and evolving dietary habits in both developed and emerging economies.

Fig: Marine Capture Production by Country, 2020 (Live Weight, MMT)

Fresh tuna is highly valued for its flavour and texture, especially in popular seafood-focused cuisines like Japanese. Varieties such as Yellowfin, Bigeye, and Bluefin are prized for sushi and sashimi. Availability varies by season and region. Frozen tuna is expected to see increased demand in retail and food service for its preservation benefits. Tuna is sold in various forms like steaks, fillets, and sashimi-grade blocks.

Meanwhile, canned tuna, known for its convenience and versatility, is the most popular form of tuna worldwide. It comes in various types like light tuna (mainly Skipjack), white tuna (Albacore), and sometimes Yellowfin, packed in water, oil, or sauces. Canned tuna is a household staple used in a range of dishes like sandwiches, salads, and casseroles.

The market growth is fueled by the rising demand for canned tuna, driven by busy lifestyles favoring ready-to-eat options. Europe is the primary consumer, while Middle Eastern nations like Saudi Arabia, Israel, and Egypt are seeing substantial growth due to lower import tariffs. Canned tuna's extended shelf life contributes significantly to its popularity and demand.

Tuna, offers vital nutrients such as iron, niacin, potassium, proteins, omega-3 fatty acids, and vitamins A, B6, and B12. It supports strength, immune health, and muscle function, while aiding in blood pressure regulation, cancer prevention, and weight management. The high nutrition content, widespread availability, and adaptability of canned tuna products are driving the growth of the market.

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Market Breakup by Species, Product Type, Regional Production, and Regional Consumption:

• The market is segmented based on species into Skipjack, Yellowfin, Albacore, Bigeye, and Bluefin, among others.

• Based on product type, the market can be divided into canned, frozen, and fresh.

• The major countries in terms of production are Japan, Indonesia, Philippines, Taiwan P.C., Republic of Korea, and Spain, among others.

• The major consumers are Japan, the United States, China, Taiwan P.C., Republic of Korea, and the European Union, among others.

Key Findings of the Report:

• Migratory tuna species play a vital role in marine fisheries, accounting for a substantial 20% share of the value within this sector and contributing 8% to the global seafood trade.

• Tuna catches experienced a decline in prominent fishing areas during the first half of 2023, particularly in the Central and Western Pacific regions. According to a 2019 report from the Croatian Ministry of Agriculture, the average investment cost for offshore tuna farming in Croatia was noted at €3.3 million.

• The tuna market is witnessing growth driven by several key factors including increasing demand for sustainable options, a heightened emphasis on traceability, growing health consciousness among consumers, and a preference for innovative and convenient tuna products.

Key Offerings of the Report:

• The EMR report gives an overview of the global tuna market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the species, product type, production, and consumption of tuna globally.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global tuna market are American Tuna, Thai Union Group PCL., Wild Planet, Frinsa del Noroeste S.A., Bumble Bee Foods, LLC, and Clover Leaf Seafoods Corp, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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