Global Tuna Fish Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Tuna Fish Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Tuna Fish Market will reach USD 52.85 Billion in 2028 growing with a CAGR of 3.65% from 2022 to 2028, according to Renub Research. Tuna is a saltwater fish belonging to the family Scombridae, which includes mackerels and bonitos. Tuna fish is found in most of the world's oceans and is known for its firm, flavorful flesh. In addition, tuna fish is an essential derivation of protein, omega-3 fatty acids, and additional nutrients. It finds its consumption in either fresh or canned and frequently incorporates it into various dishes such as sandwiches, salads, sushi, and more.

The West and Central Pacific Oceans (WPCO) account for nearly 60% of the global tuna catch, as per the Convention Area of the Western and Central Pacific Fisheries Commission (WCP-CA). Since all tuna caught from this region is under the Pacific Island Countries' (PICs) custody, these countries use their tuna resources to develop their economies. For many of these nations, their tuna populations are a crucial resource for driving economic development. As a result, tuna is in high demand among end consumers and in the restaurant and canning industries.

Global Tuna Fish Market was USD 42.63 Billion in 2022

Tuna can be used in various dishes, making it a versatile ingredient that makers can incorporate into many cuisines. With the rise of social media and food bloggers, more people are learning about the benefits of tuna and integrating it into their diets. In addition as the world's population continues to grow, so the demand for food, including sea food like tuna.

People's busy schedules today invite a rapidly increasing need for ready-to-eat food, with canned tuna being a popular choice. Another reason for the popularity and demand for canned tuna is its shelf life. Various countries are developing rapidly, and their natives are switching to easy-to-cook, long-lasting, and internationally loved food items. These people's preferences are a major cause for the growing worldwide consumption of canned tuna. Furthermore, with growing health consciousness, many people are shifting from canned to fresh and frozen tuna. Although their price point is significantly higher than canned tuna, people are willing to pay, contributing to a higher economic value for the global tuna trade.

Yellowfin Tuna Demand Shall Thrive in the Coming Years

The global tuna fish market has presence of various species, such as Skipjack Tuna (KatsuwonusPelamis), Yellowfin Tuna (ThunnusAlbacares), Frigate & Bullet Tuna (Auxisrochei), Bigeye Tuna (ThunnusObesus), Kawakawa Tuna/Little tuna /Mackerel tuna (Euthynnusaffinis), Albacore Tuna (ThunnusAlalunga), Longtail Tuna (ThunnusTonggol), Eastern Pacific bonito (Sardalineolata), Atlantic Bluefin (ThunnusThynnus), Southern Bluefin Tuna (ThunnusMaccoyii), and Others Species.

Yellowfin tuna is much-loved seafood due to its robust and meaty flavour and firm texture, which seafood enthusiasts often crave. Additionally, this fish is packed with essential nutrients, making it a wise choice for many health-conscious individuals Yellowfin tuna can be cooked in various ways, such as searing, grilling, or baking, and used in multiple dishes, including sushi rolls and salads.

With the growing popularity of sushi, yellowfin tuna has become a prevalent ingredient in this dish, which has, in turn, contributed to the increased demand for this fish. In addition, globalization and the expansion of international trade have made yellowfin tuna widely available in many parts of the world, further fueling the market. Moreover, yellowfin tuna is a sustainable seafood option, which is essential for people who are mindful of the environmental effects of their food choices.

Indonesia is Dominating the Production of Tuna Fish Globally

Indonesia, Philippines, EU (European Union), Vietnam, Ecuador, Korea, Taiwan, Japan, PNG (Papua New Guinea), USA (United States of America), and Others Countries are some of the significant producers of tuna fish globally. Indonesia is the world's largest producer of tuna, skipjack, and mackerel tuna, with a 15% share of global production, according to the Ministry of Marine Affairs and Fisheries of Indonesia. Its equatorial location, surrounded by rich tuna stocks in the Indian and Pacific oceans, including the Java Sea, provides an ideal environment for tuna growth and reproduction.

The Indonesian government incentivizes tuna production by offering subsidies for fishermen to invest in equipment and collaborating with international organizations for sustainable management. Indonesian fishermen have deep knowledge of the seas and use traditional ways passed down through generations to catch tuna sustainably, thanks to their long fishing history and skilled workforce in the fishing and processing sectors.

Indonesia's large and efficient processing industry produces various tuna products and exports them worldwide through its well-established trading network. In addition, its strategic location and membership in regional trade agreements provide access to markets such as Europe, Japan, and the United States, solidifying its position as a supreme player in the global tuna industry.

Malta Export is expected to Propel in the Future due to its Favourable Location

Based on export, the global tuna fish market segmentation into countries such as Indonesia, Vietnam, South Korea, Spain, China, Malta, Morocco, Mexico, Taiwan, and Tunisia. The strategic location of Malta in the Mediterranean Sea is a significant factor in the growth of its tuna fish exports. Global markets highly seek bluefin tuna, which is abundant in the Mediterranean Sea. Malta's central position in the region makes it an ideal location for catching and exporting tuna. Malta also has a strong fishing tradition that dates back thousands of years, with local fishermen using traditional methods such as the ""tonnara"" tuna traps. The Maltese government's policies and regulations promoting sustainable tuna fishing and management have made the country a leader in this field, valued in international markets.

Furthermore, Malta's modern and efficient processing facilities allow for the quick and efficient processing of large quantities of tuna. In addition, Malta's proximity to major markets in Europe and North Africa has also contributed to the growth in tuna exports. Finally, the increase in demand for tuna, particularly in Japan and other Asian countries, has driven the development of Malta's tuna exports, as the government can provide high-quality tuna products to meet this demand.

United States Import of Tuna Fish shall significantly Rise in the Future

Japan, the United States, Spain, France, Italy, South Korea, Russia, the United Kingdom, the Netherlands, and Germany are the importing countries present in the global tuna fish market. The rise in tuna fish imports in the United States can be due to the increasing popularity of seafood in the American diet, driven by tuna's convenience and versatility in various dishes. The growing demand for tuna also comes from health-conscious consumers and the awareness of the health benefits of eating seafood. Furthermore, the decline in domestic tuna production due to overfishing and environmental issues has increased reliance on imported tuna to meet demand.

Technological and transportation advances have made importing tuna to the United States more cost-effective and accessible. The country has trade agreements with major tuna-producing countries such as Thailand, Indonesia, and Ecuador. Moreover, the popularity of sushi and other Japanese cuisines in the US has increased tuna imports. As a result, Japan is a significant tuna producer, and the demand for high-quality tuna for sushi and sashimi has increased.

Key Players Analysis

Competition acceleration in the global tuna fish market is due to limited supply caused by overfishing, advanced fishing technologies that improve efficiency, and branding and marketing strategies used by companies to attract customers. High Liner Foods Inc., Surapon Foods, Thai Union Group, The Waterbase Ltd., ITOCHU Corporation, Dongwon Enterprises Co. Ltd., IBL Ltd., and Century Pacific Food Inc., are competing in the market.

For instance, in July 2020, Chicken of the Sea (Thai Union Group's brand) introduced its wild-caught, preservative-free canned fish varieties, i.e., Albacore Tuna, AhiYellowfin Tuna, and Alaskan Salmon.

Renub Research report titled “Global tuna fish Market Global Forecast by species (Skipjack Tuna (KatsuwonusPelamis), Yellowfin Tuna (ThunnusAlbacares), Frigate & Bullet Tuna (Auxisrochei), Bigeye Tuna (ThunnusObesus), Kawakawa Tuna/Little tuna /Mackerel tuna (Euthynnusaffinis), Albacore Tuna (ThunnusAlalunga), Longtail Tuna (ThunnusTonggol), Eastern Pacific bonito (Sardalineolata), Atlantic Bluefin (ThunnusThynnus), Southern Bluefin Tuna (ThunnusMaccoyii), and Others Species), production (Indonesia, Philippines, EU (European Union), Vietnam, Ecuador, Korea, Taiwan, Japan, PNG (Papua New Guinea), USA (United States of America), and Others Countries), export(Indonesia, Vietnam, South Korea, Spain, China, Malta, Morocco, Mexico, Taiwan, and Tunisia), import (Japan, the United States, Spain, France, Italy, South Korea, Russia, the United Kingdom, the Netherlands, and Germany) Company Analysis (High Liner Foods Inc., Surapon Foods, Thai Union Group, The Waterbase Ltd., ITOCHU Corporation, Dongwon Enterprises Co. Ltd., IBL Ltd., and Century Pacific Food Inc.)"" provides a detailed analysis of Global Tuna Fish Industry.

Species - Market & Volume breakup of Top 11 Countries:

1. Skipjack Tuna (KatsuwonusPelamis)
2. Yellowfin Tuna (ThunnusAlbacares)
3. Frigate & Bullet Tuna (Auxisrochei)
4. Bigeye Tuna (ThunnusObesus)
5. Kawakawa Tuna/Little tuna /Mackerel tuna (Euthynnusaffinis)
6. Albacore Tuna (ThunnusAlalunga)
7. Longtail Tuna (ThunnusTonggol)
8. Eastern Pacific bonito (Sardalineolata)
9. Atlantic Bluefin (ThunnusThynnus)
10. Southern Bluefin Tuna (ThunnusMaccoyii)
11. Others Species

Production – Volume breakup of Top 11 Countries:

1. Indonesia
2. Philippines
3. EU (European Union)
4. Vietnam
5. Ecuador
6. Korea
7. Taiwan
8. Japan
9. PNG (Papua New Guinea)
10. USA (United States of America)
11. Others Countries

Export - Volume breakup from Top 10 Countries:

1. Indonesia
2. Vietnam
3. South Korea
4. Spain
5. China
6. Malta
7. Morocco
8. Mexico
9. Taiwan,
10. Tunisia

Import – Volume breakup of Top 10 Countries:

1. Japan
2. the United States
3. Spain
4. France
5. Italy
6. South Korea
7. Russia
8. the United Kingdom
9. the Netherlands
10. Germany

Company has been covered from 3 Viewpoints:

• Overview
• Recent development
• Revenue

Company Analysis:

1. High Liner Foods Inc.
2. Surapon Foods
3. Thai Union Group
4. The Waterbase Ltd.
5. ITOCHU Corporation
6. Dongwon Enterprises Co. Ltd.
7. IBL Ltd.
8. Century Pacific Food Inc.