Global Tuna Market to Reach US$ 50.2 Billion by 2028, Facilitated by Burgeoning Food and Beverage (F&B) Industry

April 03, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "Tuna Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global tuna market size reached US$ 42.2 Billion in 2022. Tuna is a large, streamlined, saltwater fish with a powerful tail and a pointed head belonging to the family of Scombridae. It is a rich source of protein, vitamins, minerals, iron, magnesium, omega-3 fatty acids, selenium, phosphorous, potassium, and other essential nutrients. Its consumption is associated with numerous health benefits, including improving heart health, boosting brain function, enhancing eye health, maintaining blood pressure levels, strengthening muscle and bone health, and promoting weight loss. It also improves immune function, enhances skin health, maintains cholesterol levels, reduces inflammation, and minimizes the risk of developing heart diseases and cancer. It is generally grilled, broiled, poached, and pickled for preparing different cuisines across the globe.

Global Tuna Market Trends:

The establishment of commercial spaces, such as cafes, restaurants, and luxury hotels, is catalyzing the demand for tuna in sushi, sashimi, sandwiches, pizza, pasta, steaks, burgers, wraps, and salad. This, coupled with the thriving food and beverage (F&B) industry, represents one of the major factors fueling the market growth around the world. Moreover, the increasing number of consumers that are opting for lean meat and protein-rich food like tuna in their daily diets is favoring the growth of the market. In addition, the growing consumption of seafood like tuna on account of the rising awareness among individuals about its health benefits is influencing the market positively. Apart from this, the increasing demand for frozen and canned tuna-based products and rising preference for ready-to-eat (RTE) food products on account of rapid urbanization, hectic schedules, and the expanding purchasing power of consumers are propelling the growth of the market. Furthermore, the growing farming of aquatic animals and significant improvement in seafood productivity is creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 50.2 Billion by 2028, exhibiting a CAGR of 2.84% during 2023-2028.

Market Summary:

On the basis of the product, the market has been segmented into skipjack, yellowfin, albacore, bigeye, and bluefin. Presently, skipjack holds the largest market share.
Based on the type, the market has been segregated into canned, frozen, and fresh. Canned currently accounted for the biggest market share.
Based on the production breakup by region, the market has been divided into Japan, Indonesia, Philippines, Taiwan P.C., Republic of Korea, Spain, and others. Amongst these, Indonesia enjoys the leading position in the market.
On the basis of the consumption breakup by region, the market has been classified into Japan, USA, Republic of Korea, China, Taiwan P.C., European, and others. At present, Japan holds the majority of the global market share.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Thai Union, Tri Marine, and Starkist.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion, Million Tons
Segment Coverage	Species, Type, Region
Region Covered	Production (Japan, Indonesia, Philippines, Taiwan P.C., Republic of Korea, Spain, Others), Consumption (Japan, USA, Republic of Korea, China, Taiwan P.C, European Union, Others)
Companies Covered	Thai Union, Tri Marine and Starkist
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Global Tuna Market to Reach US$ 50.2 Billion by 2028, Facilitated by Burgeoning Food and Beverage (F&B) Industry

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