Market Outlook 2023-2028: 

The global tuna market size reached US$ 42.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 50.2 Billion by 2028, exhibiting a growth rate (CAGR) of 2.84% during 2023-2028.

Tuna is a part of the mackerel fish family, and a very important part of the global fishing scenario. Tuna is enjoyed worldwide fresh-cooked, frozen, canned and as sushi. Almost 60% of the total tuna comes from the West and Central Pacific Ocean (WPCO). Since the all tuna catch from this region is under the custody of the Pacific Island Countries (PICs), these countries use their tuna resources as a source of developing their economies. A reason for this is that many of these countries only have their tuna population to call a resource for economic development. It is a widely bought item by end customers, restaurants and canning industries as well.

Rising demand for canned tuna represents a major reason currently driving the global tuna market. The busy schedules of people today are inviting a rapidly increasing need for ready to eat food, canned tuna being a popular choice. Europe currently dominates the global list of regions importing canned tuna. Middle Eastern countries like Saudi Arabia, Israel and Egypt have come up as some of the largest importers of tuna in the world. This has to do with the fact that import duty fees for canned tuna are very less in the Middle East. Another reason or the popularity and demand of canned tuna is its shelf life. Many countries are developing rapidly and their natives are switching to easy to cook, long-lasting and internationally loved food items. These preferences of the people are a reason for the increasing worldwide consumption of canned tuna. With increasing health consciousness, many people are shifting from canned tuna to fresh and frozen tuna. The biggest importers of frozen and fresh tuna include China, North America and Western Europe. Even though they cost considerably higher than canned tuna, people are willing to pay, facilitating higher economic value for the worldwide tuna trade. The tuna market can only expect steadily growing value if people keep up with their food preferences. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global tuna market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type and species.

Breakup by Type:

• Canned
• Frozen
• Fresh
   

Based on type, the market has been segmented as canned, fresh and frozen tuna. Currently, canned tuna dominates the market, holding the largest share.

Production Breakup by Region:

• Japan
• Indonesia
• Philippines
• Taiwan P.C.
• Republic of Korea
• Spain
• Others
   

On the basis of tuna production worldwide, Indonesia accounts for the largest market share.

Consumption Breakup by Region:

• Japan
• USA
• Republic of Korea
• China
• Taiwan P.C.
• European Union
• Others
   

On a regional basis, Japan represents the largest consumer.

Breakup by Species:

• Skipjack
• Yellowfin
• Albacore
• Bigeye
• Bluefin
   

Based on the species, Skipjack tuna dominates the total tuna market.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Thai Union, Tri Marine, Starkist, etc.

This report provides a deep insight into the global tuna market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a tuna processing plant. The study analyses the processing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the tuna industry in any manner.

Report Coverage: