Tuna Market is predicted to reach USD 52.68 Billion at a CAGR of 3.20% during the forecast period 2024-2032

Market Research Future (MRFR) has published on the “Global Tuna Market”.

Market Synopsis

According to the MRFR analysis, the global Tuna market was valued at USD 39.54 Billion in 2023 and is projected to reach USD 52.68 Billion by 2032 at a CAGR of 3.20%.

The key factors driving the growth of the Tuna market include Increased seafood consumption worldwide is one of the main factors propelling the tuna market.

COVID-19 Impact on the Tuna Market

The COVID-19 pandemic has caused significant disruptions to supply chains, alterations in consumer behavior, and changes in market dynamics within the food industry as a whole. The disruption of global supply networks has been one of the most notable repercussions. Lockdowns and travel bans resulted in workforce scarcity, postponed shipments, and higher logistics and transportation expenses. Due to the impact on raw material and ingredient availability, food product prices increased, and production was delayed. These difficulties were made even worse by the shutdown of ports and borders, which made it harder for businesses to keep steady supplies. A significant shift in consumer behavior also occurred during the epidemic. Health concerns drove up demand for packaged and shelf-stable foods, while panic buying and stockpiling caused brief shortages of necessities. Concurrently, the shutdown of eateries, coffee shops, and other food service businesses caused a shift in consumer behavior from eating out to cooking at home. As people looked for easy and secure ways to buy food, this trend increased sales for grocery shops and online food vendors. Furthermore, there was a rise in the desire for items that strengthen immunity and promote healthy eating, which raised the market for fresh fruit, organic goods, and supplements. The digital revolution has also accelerated rapidly in the food business. As customers placed a higher priority on convenience and safety, e-commerce sites, meal delivery services, and contactless payment options became more popular. Businesses made IT investments to fulfill the growing demand for home delivery, strengthen their online presence, and increase supply chain transparency. The sector will probably be permanently altered by this move to digital solutions, which will change how food is produced, distributed, and consumed. The landscape of the food business is now more resilient and adaptable as a result of these developments, which have also brought forth opportunities. COVID-19 has had a significant and varied economic impact on the food industry as a whole. The disruption of global supply networks, which resulted in higher costs and less raw material availability, was one of the early repercussions. Plants that produce and prepare food were impacted by workforce shortages brought on by lockdowns and travel restrictions. Numerous food goods saw price increases as a result of the delays and greater operating expenses brought on by this disruption. Small and medium-sized businesses (SMEs), which frequently lacked the financial strength to survive protracted disruptions, were particularly hard hit by the economic strain. During the pandemic, there was a significant shift in consumer buying habits that affected the food industry's economic conditions. There was a notable drop in eating out of the house due to the closing of cafes, restaurants, and other food service businesses. Many food service providers were pushed by this change to switch to takeaway and delivery models, frequently at the expense of lower profitability. In contrast, when people resorted to cooking at home and stocked up on necessities, demand for grocery stores and online food dealers increased. Although this transformation benefited certain industry sectors, it also led to inequities and made it more difficult to fulfill the abrupt changes in demand. In addition, the pandemic changed the economic landscape by hastening the food industry's use of digital technology and e-commerce. To handle the spike in online orders and home delivery, businesses made significant investments in contactless payment methods, online platforms, and logistics. In the long run, this quick digital transformation increased operational efficiencies and created new revenue sources, but it also came at a large expense. The industry's economic environment has changed as a result of rising expenses, changing consumer behavior, and a drive toward digitization.

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Competitive Landscape

The global Tuna market is driven and consists of several organized and unorganized industry players. Leading companies such as Thai Union Group, Bumble Bee Foods, and Dongwon Industries dominate the business, relying on large supply chains and modern processing capabilities to maintain market share. The key players operating in the global Tuna market comprise Bolton Group, Century Pacific Food, Inc. (CNPF), Salica Industria Alimentaria, American Tuna, Frinsa, Golden Prize Canning Co., Ltd., Bumble Bee Foods, LLC, Dongwon Group, Crown Prince, Inc., Monsoon Fisheries, among others.

Segmentation

By Species

• Skipjack: The skipjack tuna (Katsuwonus pelamis) is a small, fast-swimming pelagic fish that is commonly found in warm-temperate and tropical waters worldwide. Skipjack tuna is commonly identified by its torpedo-shaped, streamlined body, which is characterized by a dark blue back, silver sides, and a unique pattern of horizontal stripes. This species is renowned for its agility and speed, frequently traveling in large groups. Skipjack is a critical element of global tuna fisheries due to its widespread distribution and abundance.


• Yellowfin: The yellowfin tuna (Thunnus albacares) is a huge, highly migratory fish that lives in tropical and subtropical waters around the world. It is recognizable by its sleek body, metallic dark blue to greenish back, silver belly, and yellow dorsal and anal fins, which give it its name. Yellowfin tuna is one of the largest tuna species, growing to be about 6.5 feet long and weighing up to 440 pounds. This species is regarded for its firm texture and mild flavor, making it a popular choice for both raw (sashimi) and cooked applications worldwide.


• Albacore: Albacore tuna (Thunnus alalunga) is a medium-sized tuna that lives in temperate and tropical oceans worldwide. Albacore tuna, known for its large pectoral fins that can reach the length of the fish's body, is also known as "white tuna" due to its lighter, almost white flesh. This species normally develops to be around 3.6 feet long and weighs up to 90 pounds. Albacore is regarded for its mild flavor, firm texture, and high oil content, making it a popular ingredient in a variety of culinary applications, notably canned and fresh.


• Bigeye: The bigeye tuna (Thunnus obesus) is a huge, migratory fish that lives in mild temperate and tropical oceans around the world. It is easily identified by its strong physique, huge eyes, and rather long pectoral fins. Bigeye tuna can grow up to 8 feet long and weigh more than 400 pounds. Bigeye tuna meat is praised for its high-fat content and rich, full-bodied flavor, making it especially popular in sashimi and sushi dishes, as well as high-quality canned and fresh items.


• Bluefin: Bluefin tuna (Thunnus spp.), which include species such as the Atlantic (Thunnus thynnus), Pacific (Thunnus orientalis), and Southern (Thunnus maccoyii), are among the world's largest and most valuable tuna. These highly migratory fish are notable for their enormous size, with some reaching 10 feet in length and weighing more than 1,000 pounds. Bluefin tuna have muscular, torpedo-shaped bodies, dark blue to black dorsal hue, and a silver ventral side. They are known for their thick, fatty flesh, which is highly valued in the sushi and sashimi sectors, particularly in Japan.

By Type

• Canned: The canned tuna market includes a wide range of product varieties to meet different consumer tastes and market demands. Canned tuna is available in a variety of flavors, including lemon pepper and hickory smoked. Each kind has diverse flavors, textures, and culinary uses that appeal to different market segments. Several factors contribute to the growth of the canned tuna industry. For starters, convenience is really important. Canned tuna is regarded for its long shelf life, convenience of storage, and quick preparation, making it a popular choice among consumers looking for simple meal options without sacrificing nutrients. Canned tuna is also popular among outdoor enthusiasts, campers, and hikers looking for lightweight, non-perishable protein sources.


• Fresh: The fresh tuna industry provides consumers with a variety of products distinguished by their quality, flavor, and culinary versatility. Yellowfin, bluefin, bigeye, and albacore tuna are popular because they have diverse flavor profiles and textures and are suitable for a variety of cooking ways ranging from grilling and searing to sushi and sashimi preparation.


• Frozen: The frozen tuna market includes a wide range of goods to meet a variety of consumer and commercial purposes. Yellowfin, skipjack, bigeye, and albacore are common forms of frozen tuna, each with unique flavor, texture, and adaptability for various culinary uses. Frozen tuna is often available in a variety of forms, including loins, steaks, fillets, and even pre-cooked alternatives, giving versatility to both the retail and food service industries.

By End User

• Residential/Retail: The consumption of tuna goods by individual customers directly through retail outlets, including supermarkets, hypermarkets, convenience stores, and online platforms, is represented by the residential/retail section of the worldwide tuna market. This market segment has a major impact on the tuna industry as a whole and is growing due to a number of important factors.


• Commercial/HoReCa: The use of tuna products in food service venues, including hotels, restaurants, cafés, and catering services, is referred to as the commercial/HoReCa (Hotel/Restaurant/Café) segment of the worldwide tuna market. This market category plays a crucial role in driving the tuna market as a whole, and it is growing thanks to a number of important factors.

By Distribution Channel

• Store Based: The store-based distribution channel is critical in the worldwide tuna market, responding to a wide range of consumer preferences and needs. This channel includes supermarkets, hypermarkets, convenience stores, and specialized seafood shops, which provide consumers with a diverse range of tuna goods, including canned, fresh, and frozen options. Several factors contribute to the growth of this industry.


• Non-Store Based: In the global tuna market, the non-store-based distribution channel is mostly made up of online retail platforms and direct-to-consumer sales, both of which have grown significantly in recent years. This market is driven by a number of major elements that respond to changing customer habits and preferences. One of the main factors is the growing use of e-commerce platforms for groceries and seafood shopping. Online retail provides convenience and accessibility, allowing customers to explore a large selection of tuna goods from the comfort of their own homes and have them delivered right to their door. This convenience appeals to busy metropolitan consumers who value time-saving solutions.

By Region

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  North America: North America market value is expected to be USD 7,602.7million in 2023 and USD 9,806.7million in 2032 growing at a CAGR of 2.90% during the forecast period. North America is a major player in the global tuna industry, thanks to a variety of factors that influence consumption and trade patterns. Tuna eating is strongly embedded in the region's culinary history, and various types of tuna are popular throughout the United States and Canada. In North America, canned tuna is still a household and restaurant staple. This ongoing popularity stems mostly from its convenience, long shelf life, and versatility in a variety of recipes such as sandwiches, salads, and casseroles. Starkist, Bumble Bee, and Chicken of the Sea dominate the canned tuna industry, offering a variety of goods from plain to flavored to meet a wide range of consumer preferences. Aside from canned tuna, fresh and frozen tuna have a significant market share in North America, particularly in coastal regions with considerable seafood consumption. Sushi and sashimi cultures increase demand for high-quality fresh tuna, as restaurants and sushi bars source tuna for their premium meals. Yellowfin tuna, in particular, is highly regarded for its mild flavor and adaptability in both raw and cooked forms.

  
  


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  Europe: Europe has a substantial impact on the worldwide tuna market because of a combination of consumption habits, trade dynamics, and regulatory frameworks that shape its industry environment. Tuna plays an important role in European cuisine, with both canned and fresh versions being extensively consumed across the continent. Canned tuna is quite popular in Europe due to its ease and long shelf life. It is a common ingredient in sandwiches, salads, and pasta meals. Brands such as John West, Rio Mare, and Princes dominate the canned tuna industry in Europe, offering a variety of alternatives such as tuna in oil, brine, or with added flavors to meet a wide range of consumer tastes.

  
  


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  Asia-Pacific: The Asia Pacific area dominates the global tuna market, owing to a mix of high consumption, production, and trade activities that reflect its various culinary traditions and economic importance. Tuna is an important part of many Asian Pacific countries' cuisines, serving as both a traditional element and a modern staple. Fresh tuna, particularly bluefin tuna, is highly valued in Japan and South Korea for usage in sushi and sashimi dishes. These markets are known for their refined tastes and willingness to pay a premium for high-quality tuna. Japanese cuisine, in particular, has raised tuna to gourmet status, with auctions for rare bluefin tuna at Tokyo's Tsukiji Market attracting global attention.

  
  


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  South America: South America has a significant presence in the global tuna industry thanks to its abundant coastline resources, robust domestic consumption, and increasing participation in international trade. Tuna plays an important role in the culinary traditions of various South American countries, both as a fresh seafood alternative and as a popular canned product. Fresh tuna is highly valued in nations such as Ecuador and Peru since it is used in local cuisine. Tuna is frequently grilled, seared, or served in ceviche dishes, showing the region's fondness for seafood. Small-scale and industrial fishing operations in coastal locations contribute to local fresh tuna supply, serving both domestic and export demands.

  
  


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  The Middle East & Africa: The Middle East and Africa region is a diversified and dynamic section of the global tuna market, shaped by cultural preferences, economic conditions, and regional trade dynamics. Tuna plays an important role in the diets of several countries in the region, catering to both home and export markets. Canned tuna is very popular in the Middle East because of its ease of preparation and extended shelf life, making it a family staple. Brands such as Al Alali, Chicken of the Sea, and John West are well-known for their canned tuna products, which are commonly used in salads, sandwiches, and other regional specialties. Canned tuna is especially popular in the catering and food service industries, where it is used to make a range of ready-to-eat dishes.