Tuna Market Growth, Industry Trends, Outlook, and Forecast

Market Outlook 2024-2032: 

The global tuna market size reached US$ 43.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032. The favorable government initiatives, rising technological advancements, and increasing demand from various countries represent some of the key factors driving the market.

Favorable Government Initiatives Augmenting Market Growth

Favorable government initiatives currently represent one of the primary drivers contributing to the growth of the tuna market. Governing agencies of various countries are implementing several initiatives for the sustainable production of tuna. In addition to this, they are collaborating with numerous organizations to encourage the rapid production of tuna around the world. Similarly, various policies are undertaken by governing agencies across the major tuna producing region, which is propelling the market growth. 

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a large number of players operating in the industry. The volume of new entrants is moderate in the tuna industry due to the low product differentiation and easy access to raw materials. However, strict regulations may restrict the new entrants to enter in this industry.  

What is Tuna?

Tuna refers to a saltwater fish that belongs to the tribe Thunnini, a subgrouping of the Scombridae (mackerel) family. It is a rich source of omega-3 fatty acids, potassium, manganese, zinc, selenium, and vitamins C and B. It is an active and agile predator and among the fastest swimming pelagic fish. It can maintain a higher temperature than that of the surrounding water. It assists in reducing cholesterol in the arteries and maintaining good heart health among individuals. It also aids in maintaining strong bones and preventing injuries, such as fractures. Besides this, it strengthens the immune system and protects it from cancer by fighting free radicals. It also lowers the risk of blood pressure and reduces the risk of heart attacks and strokes. As a result, it is widely consumed as fresh-cooked, frozen, and canned food across the globe.  

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a severe problem for the tuna industry and imposed unprecedented challenges on numerous countries. Tuna was stockpiled, but border restrictions and supply chain issues have considerably hampered its production. In addition, the imposition of the lockdown has forced restaurants, cafes, hotels, and other food chain suppliers to close their operations, which has decreased the consumption of tuna. The stringent social distancing norms applied by the various governing agencies worldwide have caused a decrease in income earned by the local fishermen. Moreover, the tuna industry has registered volatility in import and export dynamics around the world. Besides this, there has been a rising consumer preference toward consuming healthy and vegan food products due to the fear of the widespread coronavirus. In line with this, governing agencies of various countries have encouraged the production of sustainable tuna. Hence, post-pandemic, the demand for tuna is expected to increase on account of the reopening of lockdown and manufacturing plants of various industries across the globe.

Tuna Market Trends:

At present, the increasing adoption of tuna, as it assists in maintaining blood pressure, cholesterol levels, and healthy bones among individuals, represents one of the key factors supporting the growth of the market. Apart from this, the growing demand for tuna due to the increasing health consciousness among individuals around the world is positively influencing the market. Additionally, the rising demand for canned tuna and ready-to-eat (RTE) tuna products on account of the busy schedules and hectic lifestyles of individuals across the globe are propelling the growth of the market. Besides this, the wide availability of tuna in jars, pouches, and cans around the world is impelling the growth of the market. In addition, various technological advancements in the tuna industry to reduce disease threats and enhance the production process are offering lucrative growth opportunities to industry investors. Moreover, governing agencies of various countries are encouraging the adoption of tuna by implementing stringent rules to produce sustainable tuna, which is contributing to the growth of the market. In line with this, the increasing utilization of tuna for preparing various food recipes, such as burgers, sandwiches, and pizza, is bolstering the growth of the market. Furthermore, the rising demand for tuna from various countries due to the growing trend of Western culture worldwide is offering a favorable market outlook.    

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 2024-2032. Our report has categorized the market based on type and species.

Species Insights:

• Skipjack
• Yellowfin
• Albacore
• Bigeye
• Bluefin
   

The report has provided a detailed breakup and analysis of the tuna market based on the species. This includes skipjack, yellowfin, albacore, bigeye, and bluefin. According to the report, skipjack represented the largest segment, as it is a rich source of protein, inexpensive, and does not require a cold store for storage. In addition, it is mainly sold in a canned form and the remainder is sold fresh, dried-salted, and smoked.   

Type Insights:

• Canned
• Frozen
• Fresh
   

A detailed breakup and analysis of the tuna market based on the type has also been provided in the report. This includes canned, frozen, and fresh. According to the report, canned accounted for the largest market share as skipjack and yellowfin are widely consumed tuna species that are mainly available in the canned form. Moreover, canned tuna is cost-effective, convenient, and widely available through various distribution channels, which is bolstering the growth of the segment.      

Production Breakup by Region:

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

The report has also provided a comprehensive analysis of all the major regional markets based on the production, which includes Japan, Indonesia, Philippines, Taiwan P.C., Republic of Korea, Spain, and others. According to the report, Indonesia was the largest market for tuna production. The Indonesia tuna market is experiencing growth on account of the rising export of tuna fish from Indonesia to different countries. The Indonesian tuna fishery comprise of a combination of an industrial fleet, purse seine and longline vessels, and a fleet of smaller fishing vessels. Moreover, the tuna industry is an important foreign exchange medium for the region, which is propelling the growth of the market.

Consumption Breakup by Region:

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

The report has also provided a comprehensive analysis of all the major regional markets based on the consumption, which include Japan, USA, Republic of Korea, China, Taiwan P.C., European Union, and others. According to the report, Japan was the largest market for tuna consumption. Other factors driving the Japan tuna market included the rising consumption of tuna, as it is a protein rich diet source, and the increasing utilization in various food products, such as burgers and pizza, is positively influencing the market across the country.       

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global tuna market. Some of the companies covered in the report include:

• Thai Union
• Tri Marine
• Starkist
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the tuna market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global tuna market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the tuna industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.