Global Tuna Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Key Takeaways

• Migratory tuna species contribute significantly to marine fisheries, representing 20% of the value of all marine capture fisheries and 8% of the global seafood trade.

• Tuna catches were lower in major fishing grounds during H1 2023, with weakened catches in the Central and Western Pacific.

• The Croatian Ministry of Agriculture's 2019 report indicates an average investment cost of €3.3 million for offshore tuna farming in Croatia.

Tuna is a saltwater fish found primarily in the subtropical and temperate waters of the Black Sea, Mediterranean Sea, and the Atlantic Ocean. It is an important source of essential nutrients, including iron, niacin, potassium proteins, magnesium, fatty acids, omega-3, and vitamins A, B6, and B12. It provides strength, lowers blood pressure, boosts the immune system and muscles, prevents carcinogenicity, and reduces weight.

The global tuna market growth is being driven by the increasing demand for canned tuna. The hectic schedules of working individuals are boosting the consumption of ready-to-eat food, with canned tuna being a common option. The leading consumer of canned tuna is Europe.

Being some of the biggest importers of the product in the world, Middle Eastern countries like Saudi Arabia, Israel, and Egypt have witnessed significant growth. This is because the tariffs on imports of canned tuna in the Middle East are much lower. The shelf life of canned tuna is a further explanation for their popularity and demand.

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Key Trends and Developments

Growing demand for sustainable tuna; the rising focus on traceability; increasing health consciousness; and a preference for innovative, convenient products are positively impacting the tuna market growth

Global Tuna Market Trends

The market has witnessed significant transformations in recent years, driven by a growing consciousness about environmental sustainability and health. One of the pivotal developments aiding the market is the certification of tuna by the Marine Stewardship Council (MSC). The MSC certification is recognised globally as a hallmark of sustainable fishing practices. It ensures that tuna is harvested in a manner that does not lead to overfishing or harm the marine ecosystem.

The rising health consciousness among consumers is another key factor propelling the tuna market expansion. Tuna is a highly nutritious food, rich in omega-3 fatty acids, protein, vitamins, and minerals. The assurance that it is sourced sustainably further enhances its appeal among health-conscious consumers.

Tuna Industry Segmentation

“Global Tuna Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Skipjack to cover a major portion of the global tuna market share in the coming years

Skipjack, also referred to as ‘light chunk’, is expected to account for a majority of the tuna industry share in the forecast period. It is the most popular in terms of global consumption, largely due to its widespread use in canned tuna. It is small compared to other tunas and has a distinctively strong flavour and dark meat. Skipjack is the primary species used in canned tuna, particularly in light tuna products. It reproduces quickly, which makes it more resilient to fishing pressures.

However, bluefin is expected to be highly sought after for culinary applications due to its size, taste, and texture. Bluefin is especially prized for sushi and sashimi, commanding high prices in markets, particularly in Japan.

The availability and versatility of canned type tuna products have propelled the overall tuna market expansion

Canned tuna, taking into account its global availability, convenience, and versatility, is the most widely consumed tuna. It comes in several varieties, including light tuna (primarily Skipjack), white tuna (Albacore), and occasionally Yellowfin. Canned tuna is available in water, oil, or various sauces, and it is a staple in households due to its extensive use in dishes such as sandwiches, salads, and casseroles.

Meanwhile, fresh tuna is highly prized for its taste and texture, especially in culinary traditions where the quality of seafood is paramount, such as Japanese cuisine. Fresh tuna, particularly species like Yellowfin, Bigeye, and Bluefin, is sought after for sushi and sashimi. However, its availability is subject to seasonal and regional variations.

Frozen tuna is also expected to gain substantial demand in retail and food service sectors om the coming years as it provides an efficient method to maintain the fish's integrity and extend its shelf life. The form of tuna is available in multiple forms, including steaks, fillets, and sashimi-grade blocks.

Competitive Landscape

Some of the major players in the tuna market are increasingly investing in sustainability and following sustainable practices

Other key players in the global tuna market are Bumble Bee Foods, LLC, and Clover Leaf Seafoods Corp, among others.

Companies in the tuna market are investing in technologies and practices that reduce their environmental impact, such as more selective fishing gear to minimise by-catch and initiatives to improve fish stock management. In addition, to meet consumer demand for transparency, many companies are implementing traceability systems that allow consumers to track the journey of their tuna from catch to consumption.

Global Tuna Market Analysis by Region

Japan is one of the major consumers of bluefin tuna owing to the country’s strong cultural and culinary tradition centred around seafood. The demand for tuna is extensively high due to its use in sushi and sashimi. Japan's influence extends beyond its consumption, as it is also involved in the global tuna trade, importing substantial quantities from other nations to meet its demand.

On the other hand, Indonesia is one of the world's largest tuna fishing nations, playing a critical role in the global supply of tuna. Its vast archipelago provides an ideal environment for a variety of tuna species, including Skipjack, Yellowfin, and Bigeye.

Key Highlights of the Report

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