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Report Overview
The global tuna market reached a value of nearly USD 63.91 billion in 2023. The market is projected to grow at a CAGR of about 4.9% in the forecast period of 2024 and 2032 to reach a value of about USD 98.29 billion by 2032
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Tuna Market Size
The global tuna market reached a value of nearly USD 63.91 billion in 2023. The market is projected to grow at a CAGR of about 4.9% in the forecast period of 2024 and 2032 to reach a value of about USD 98.29 billion by 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.
Tuna Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of USD 63.91 billion in 2023.
The market is projected to grow at a CAGR of nearly 4.9% in the forecast period of 2024-2032.
The market is estimated to reach a value of about USD 98.29 billion by 2032.
The rising demand for canned tuna among the working population, rapid urbanisation, and the growing awareness regarding the health benefits of tuna are driving the market growth.
The key trends guiding the market include the globalisation of cuisines, the growing popularity of frozen and canned tuna owing to their shelf stability, and the rising availability of different types of tuna in emerging markets.
Japan, Indonesia, the Philippines, Taiwan P.C., the Republic of Korea, and Spain, among others, are the major tuna producing regions.
Japan, the United States, China, Taiwan P.C., the Republic of Korea, and the European Union are the major tuna consuming regions considered in the market report.
Skipjack, yellowfin, albacore, bigeye, and bluefin, among others, are the major species of tuna considered in the market report.
The significant product types of tuna are canned, frozen, and fresh.
The key market players include American Tuna, Thai Union Group PCL, Wild Planet, Frinsa del Noroeste S.A., Bumble Bee Foods, LLC, and Clover Leaf Seafoods Corp, among others.
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