The global tuna fish market was valued at USD 41.94 billion in 2023 and is projected to grow from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, with a CAGR of 3.01% over the forecast period of 2024-2032.
The market is expected to see significant growth, driven by tuna’s high trade value and its impact on the marine environment. Tuna is a vital component of the blue economy, encompassing seven commercially fished species including Skipjack, Yellowfin, Bigeye, Pacific, Atlantic, and Southern Bluefin. Recent shifts in consumer preferences toward high-protein foods have increased the demand for quick and nutritious meal options.
These insights are detailed in the research report by Fortune Business Insights™ titled “Global Tuna Fish Market, 2024-2032.”
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Segments:
Skipjack Tuna to Gain Traction among Consumers due to its Rich Nutritional Value and Easy Availability
In terms of species, the market is divided into Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and others.
Skipjack segment is expected to capture the largest market share as it is easily available in the market and has a strong nutritional profile. Skipjack is commercially important as it is one of the most popular fish used in canned tuna products. As per the Asia Pacific – Fish Watch, over 70% of total tuna catches in the Western and Central Pacific and almost half in the Indian Ocean are skipjack tuna. This type has a moderate cholesterol level and is an excellent source of low-fat protein as well as sodium, further aiding the growth of the segment.
Canned Segment Sales to Grow with Rise in Convenience Food Consumption
Based on type, the market is differentiated into fresh, canned, and frozen. Canned segment is expected to emerge as the leading segment and is anticipated to retain its dominant position during the forecast period. This is due to the rising awareness of its health benefits among consumers and convenience of use.
The presence of omega-3 fatty acids in canned tuna can lower a person’s blood pressure and cholesterol. It can also reduce the risk of dementia and inflammatory disorders. The wide availability of different types of canned tuna in the market, from plain and unseasoned products to prepared, grilled, and marinated ones, is also boosting the segment’s growth.
Report Coverage:
The study report provides both qualitative and quantitative insights into the global tuna fish market. It includes a comprehensive analysis of various product types, applications, market size, and growth rates for each category within the industry.
Additionally, the report offers an in-depth examination of the competitive landscape and market dynamics. It presents valuable data on related markets, research methodology, recent industry activities such as mergers and acquisitions, the regulatory environment in key countries, and significant industry trends.
Drivers and Restraints:
Because canned tuna is more affordable and has a longer shelf life, it will be consumed more often.
Global consumption of canned tuna has surged in recent years due to its affordability, convenience, and long shelf life. As a popular protein source, canned tuna is easy to transport and does not require refrigeration, making it a preferred choice for individuals with busy lifestyles. The increasing number of working individuals has driven up demand for processed, ready-to-cook, and ready-to-eat foods, enhancing the popularity of convenience products like canned tuna.
Europe and Asia Pacific are the leading markets for canned tuna, with growing interest also emerging in the Middle East and South America. As consumers increasingly seek healthier seafood options, the demand for canned tuna is expected to continue rising.
However, the market faces challenges from the growing trend of vegetarianism, driven by environmental concerns and dietary restrictions such as dairy allergies. Companies like Beyond Meat and MorningStar Farms are investing heavily in plant-based alternatives, which could impact the growth of the tuna fish market in the coming years.
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Regional Insights:
In 2022, Europe led the market with a substantial share of USD 14.95 billion. The region’s high per capita consumption of fish and seafood, coupled with a robust seafood industry, is driving this demand. Consumers with busy and active lifestyles are increasingly seeking functional and healthful foods that offer significant health benefits. In response, companies are developing products to meet this growing demand for functional benefits.
For instance, in September 2021, Thai Union Group’s John West brand introduced a range of nutrient-dense canned tuna in UK supermarkets. This product line includes three functional flavors—Immunity, Heart, and Energy—designed to appeal to younger consumers looking for both flavorful and practical dietary supplements.
Competitive Landscape:
Reputable Companies’ New Product Launches to Quicken Market Development
Leading players in the market are responding to increasing consumer demand for seafood by introducing a diverse array of innovative and unique seafood products. These companies are also developing products with functional benefits to attract more customers. For example, in September 2021, Thai Union Group’s John West launched a range of nutrient-rich canned tuna in UK supermarkets. The product line features three functional flavors—Immunity, Heart, and Energy—aimed at younger consumers seeking both delicious and practical nutritional options.
Key Industry Development:
January 2023 – The Atlantic Bluefin tuna fish startup Next Tuna announced that it has partnered with Skretting, a producer of fish feed, to develop dry feed for farmed fish.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
- Bolton Group (Italy)
- Century Pacific Foods Inc. (Philippines)
- The Jealsa Rianxeira S.AU. Group (Spain)
- Grupo Albacore S.A. (Spain)
- ITOCHU Corporation (Japan)
- Thai Union Group Inc. (Thailand)
- Dongwon Enterprises Co. Ltd. (South Korea)
- IBL Ltd. (Mauritius)
- FCF Co. Ltd. (Taiwan)
- Sea Delight (U.S.)
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