Tuna Fish Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Species (Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, Others), By Type (Canned, Fresh, Frozen), And By Geography – Forecasts From 2023 To 2028

Tuna is a type of saltwater fish that is not only one of the most consumed fishes in the world but is also highly valuable in terms of trade. Tuna is sold in frozen, tinned and fresh forms and is fished in more than 70 nations from Atlantic countries all the way to Indonesia. The tuna is a fish that lives in warm waters and is often caught for food on a commercial scale. Tuna has a meaty flavour and is also very nourishing. 

Since the popularity of canned tuna took off in the 1970s, tuna harvests have been rising quickly. Previously viewed as a low-value alternative for other fish like salmon, cod and sardines. The amount of tuna caught worldwide has been rising quickly and steadily. According to data from National Fisheries Institute, about 1 billion pounds of canned and packed tuna are consumed annually alone in the United States. Consumption of fresh and frozen tuna has grown over time, particularly in rising markets like the United States, Canada, Asia Pacific, and Western European countries. Fresh tuna is now widely available in restaurants and supermarkets throughout the world as a result of the globalisation of culinary culture and healthy food choices. 

Fishing pressure, which has been exacerbated by rising demand for tuna, has a detrimental effect on tuna supplies. For instance, two important tuna species, yellowfin and bigeye, are on the edge of overfishing in the Coral Triangle region. The ecological equilibrium of this area, which is the world's hub of marine biodiversity, can be disrupted by the overfishing of these important marine predators. As a result, exploitive practices such as overfishing, pirate fishing and ineffective management are impeding the growth of the market. Another factor such as the shift towards vegan and vegetarian diets along with the high prevalence of seafood allergies among people is also obstructing the growth of the tuna fish market during the projection period.

High demand for canned tuna and health benefits will support the growth of the global market during the anticipation period

The high content of omega-3 fatty acids in tuna fish may contribute to a decrease in the amount of bad cholesterol and omega-6 fatty acids that can build up in the heart's arteries and is linked to lower incidences of cardiovascular illness. Tuna also has a high content of vitamin B12, and vitamin D. It is a rich source of protein with a very minimal amount of carbohydrates and fat. Therefore the demand for tuna has been increasing due to its health benefits which are driving the market growth. Even doctors, dieticians and other medical professionals are suggesting that people should consume tuna as it lowers the risk for cardiovascular disease, prevents cancer, promotes weight loss and reduces vision problems.

One of the main factors presently driving the tuna industry is the increase in demand for canned tuna due to its low cost, versatility and ease of preparation. Many people often use canned tuna fish in salads, sandwiches or traditional dishes like tuna noodle casserole. According to data from National Fisheries Institute, the three regions with the highest consumption rates of canned tuna is the European Union with 51 per cent, the United States and Japan with 31 per cent and 6 per cent respectively. The same source also says that canned tuna is the second most popular seafood item in the United States.

Europe is anticipated to hold a significant amount of the global tuna fish market share during the forecast period

The European region is anticipated to hold a significant amount of market share in tuna fish. Tuna is the most consumed seafood in all of Europe. According to reports by European Market Observatory for Fisheries and Aquaculture Products, each person in the EU consumes 3.07 kg of tuna in 2019, up from 2.78 kg in 2018. Only 0.83 per cent of the tuna consumed in Europe comes from farms; 99.2 per cent comes from the wild catch. The reason why tuna is so popular in Europe is that it is a well-known fish among European and it is also simple to cook. High demand for canned tuna is also propelling growth in this region. According to data from CBI, The most significant canned fish in Europe, canned tuna, saw an increase in imports of 12 per cent from January to May 2020 in comparison to the same period in 2019. Businesses and companies are concentrating their efforts on satisfying the rising customer demand for helpful products. For instance, the Thai Union Group brand John West introduced a nutrient-rich canned tuna type in UK supermarkets in September 2021. The product line's three functional flavours—Energy, Heart, and Immunity—are targeted towards young customers searching for savoury and useful nutritional solutions. Prime markets in the European region include Germany, the United Kingdom, Spain and France.

Market Key Developments

• In January 2023, launched as a line of ready-to-eat tuna items, The Table One Smoked Tunas from Atlanta is ideal for consumers wishing to balance up their flexitarian diet. The non-GMO recipe uses wild-caught tuna that has been organically smoked with beechwood to create a rich, smooth flavour without the use of liquid smoke or artificial smoking techniques. The product line consists of three tuna salads combined with vegetables and legumes high in fibre, one in soybean oil, one in soybean oil with lemon and oregano taste, and one in soybean oil.
• In January 2023, The food technology start-up Vgarden, Ltd. expanded its selection of private-label meat and dairy substitutes to include canned tuna without fish. According to the firm, tuna, made from pea protein, was created to provide a vegan, sustainable alternative to the most popular fish in the world that is often canned.

Tuna Fish Market Scope:

Segmentation:

• By Species
  • Skipjack
  • Albacore
  • Yellowfin
  • Bigeye
  • Bluefin
  • Others
• By Type
  • Canned
  • Fresh
  • Frozen
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others