Tuna Market Research Report

Global Tuna Market:

The global tuna market size reached USD 43.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 59.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032. The increasing demand for healthy and protein-rich diets, with consumers gravitating towards seafood options, is one of the growth-inducing factors in the market.

Tuna Market Analysis:

• Major Market Drivers: The rising consumer awareness about omega-3 benefits and the growing demand among individuals for protein sources are stimulating the market growth.
• Key Market Trends: The increasing usage of sustainable fishing practices and premiumization of canned tuna offerings are bolstering the overall market.
• Competitive Landscape: Some of the prominent companies in the market include Thai Union, Tri Marine, and Starkist, among many others.
• Geographical Trends: Japan dominates the market in terms of consumption, as the country's deeply ingrained seafood culture and a particular affinity for high-quality products, especially sushi and sashimi products, thereby solidifying its presence in the market.
• Challenges and Opportunities: Overfishing is hindering the market. However, the implementation of strict regulations and promoting sustainable fishing practices will continue to fuel the market in the coming years.
   

Tuna Market Trends:

Rising Expansion of Ready-to-Eat Tuna Meals

Ready-to-eat tuna meals cater to busy consumers who are looking for nutritious, quick, and healthy meal options that require minimal preparation. According to tuna market insights, these products are popular in on-the-go lifestyles, particularly in urban areas where time-pressed consumers seek convenient food solutions. For example, in June 2024, Frime S.A.U., a leading company in tuna sales and production, introduced its new ‘ready-to-eat’ segment. This new segment is the first and only marinated tuna that is not smoked and is suitable for raw consumption.

Premiumization of Tuna Products

People are becoming wiser and more willing to pay higher prices for superior quality tuna that offers sustainability credentials, enhanced flavor, and freshness. This trend is particularly evident in the growing demand for sashimi-grade tuna, which is prized for its quality and is often sourced from specific regions known for its superior tuna stocks. This is escalating the tuna market demand. For instance, in May 2024, Wanda Fish, a cell-based seafood maker, introduced its bluefin tuna toro sashimi. The company stated that this new cell-cultivated 3D tuna is high in omega-3 levels with a buttery sensation, making it the most tender and desired fish meat.

Increasing Focus on Eco-Friendly Packaging

There is a growing trend towards eco-friendly packaging solutions as environmental concerns become more prominent in the tuna industry. Consumers and manufacturers are seeking products that offer sustainable sourcing and come in packaging that minimizes environmental impact. For example, in June 2024, John West, a division of the seafood company Thai Union Group, launched its new ECOTWIST packaging for its tuna products. As per the tuna market highlights, this new packaging format is fully recyclable and designed to minimize waste.

Global Tuna Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the global tuna market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the species and type.

Breakup by Species:

• Skipjack
• Yellowfin
• Albacore
• Bigeye
• Bluefin
   

Skipjack holds the largest share in the global tuna market outlook

The report has provided a detailed breakup and analysis of the market based on the species. This includes skipjack, yellowfin, albacore, bigeye, and bluefin. According to the report, skipjack represented the largest market segmentation. 

Skipjack tuna is the most commonly harvested tuna species, known for its mild flavor and significant role in canned tuna products. The sustainably sourced skipjack tuna market highlights the industry's commitment to providing eco-friendly and quality seafood options to meet rising consumer demand.

Breakup by Type:

• Canned
• Frozen
• Fresh
   

Canned holds the largest share in the tuna market statistics

The report has provided a detailed breakup and analysis of the market based on the type. This includes canned, frozen, and fresh. According to the report, canned represented the largest market segmentation. 

Canned tuna remains a convenient source of protein, valued for its long shelf life and versatility in meals. The premium canned tuna offers enhanced flavor and sustainability, thereby targeting health-conscious consumers.

Production Breakup by Region:

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

Indonesia represents the leading market segment 

The report has also provided a comprehensive analysis of all the major regional markets based on production. This includes Japan, Indonesia, Philippines, Taiwan P.C., Republic of Korea, Spain, and others. According to the report, Indonesia accounted for the largest market share for tuna production.

Indonesia dominates the global tuna market dynamics in terms of production region due to its vast maritime territory and favorable fishing conditions. The country's extensive fishing fleet and improvements in fishing practices contribute significantly to its dominance. As the largest archipelago in the world, Indonesia benefits from rich marine biodiversity, making it a key player in the industry. In line with this, the government's support to promote sustainable fishing and enhance the value chain is strengthening Indonesia's position as a leading producer. The rising government support is contributing to the tuna market outlook in Indonesia. The Indonesian government launched a new initiative to provide financial incentives and technical support to local fishing communities for adopting sustainable fishing practices. This program aims to reduce overfishing and improve the quality of tuna exports, further solidifying Indonesia's leadership in the global tuna market. This represents one of the global tuna market price trends.

Consumption Breakup by Region:

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

Japan leads the market, accounting for the largest tuna market share

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 accounted for the largest market share.

According to the global tuna market overview, Japan represents the largest segment in terms of consumption, driven by a deeply ingrained seafood culture and a particular affinity for high-quality products, especially in sushi and sashimi. Japan stands out in the market due to its preference for premium varieties like bluefin and bigeye. The country's strong domestic demand is fueled by well-established distribution networks and a willingness to pay premium prices for top-quality tuna. Additionally, Japan's significant role as an importer of both processed and fresh tuna products further reinforces its leadership as the top consumption region.

Competitive Landscape:

The global tuna market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major tuna market companies have also been provided. Some of the key players in the market include:

• Thai Union
• Tri Marine
• Starkist
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Tuna Market Recent Developments:

• July 2024: Frime S.A.U., a leading company in tuna sales and production, introduced its new ‘ready-to-eat’ segment that is smoked and suitable for raw consumption.
• June 2024: John West, a division of the seafood company Thai Union Group, launched its new ECOTWIST packaging for its tuna products. This new packaging format is fully recyclable and designed to minimize waste.
• May 2024: Wanda Fish, a cell-based seafood maker, unveiled its bluefin tuna toro sashimi. The company stated that this new cell-cultivated 3D tuna is high in omega-3 levels with a buttery sensation, making it the most tender and desired fish meat.

Tuna Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's industry 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 report 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 assists 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.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.