Tuna Fish Market Key Revenue Drivers, Growth Opportunities, and Industry Forecast to 2032

The global tuna fish market, valued at USD 41.94 billion in 2023, is expected to grow to USD 54.45 billion by 2032, with a compound annual growth rate (CAGR) of 3.01% from 2024 to 2032.

Tuna holds a prominent position in the seafood market as one of the most commercially valuable fish species, contributing significantly to both the marine ecosystem and the blue economy. The commercial tuna industry primarily targets seven key species, including Skipjack, Yellowfin, Bigeye, and Pacific, Atlantic, and Southern Bluefin. Rising consumer preferences for healthy, convenient, and protein-rich foods have fueled the increasing demand for tuna.

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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.)

Segments:

Skipjack Tuna Gains Popularity Among Consumers for Its Nutritional Benefits and Accessibility

The tuna market is categorized by species, including Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and others.

Among these, the Skipjack segment is projected to dominate due to its widespread availability and exceptional nutritional profile. As a key player in the canned tuna industry, Skipjack is one of the most commercially valuable tuna species. According to Asia Pacific – Fish Watch, it accounts for over 70% of total tuna catches in the Western and Central Pacific and nearly half in the Indian Ocean. Known for its moderate cholesterol content, Skipjack offers a high-protein, low-fat, and sodium-rich option, which further solidifies its market leadership.

Canned Tuna Sales Soar Amid Rising Demand for Convenience Foods

The tuna market is also segmented by product type into fresh, canned, and frozen varieties. Among these, the canned tuna segment is expected to maintain its dominance throughout the forecast period, driven by increasing consumer demand for convenient and health-conscious food options.

Canned tuna is packed with omega-3 fatty acids, which help lower blood pressure, reduce cholesterol levels, and mitigate risks associated with dementia and inflammatory conditions. Furthermore, the availability of a wide range of canned tuna products—including plain, unseasoned, prepared, grilled, and marinated varieties—continues to drive robust growth in this segment.

Report Coverage:

The research report offers a thorough blend of qualitative and quantitative insights into the tuna fish market, providing an in-depth analysis of product types, applications, market size, and growth rates across various segments.

It also delves into the competitive landscape and market dynamics, highlighting essential elements such as overviews of related markets, a detailed explanation of the research methodology, and recent industry developments, including mergers and acquisitions. Additionally, the report examines the regulatory environment in key countries and explores significant industry trends shaping the market.

Drivers and Restraints:

Canned Tuna to be Widely Consumed Due to its Affordability and Longer Shelf-life

Canned tuna has seen a significant rise in global consumption, establishing itself as a popular and affordable protein source. Its convenience—requiring no refrigeration and being easy to transport—has been a key driver of demand. The expanding working population and increasingly busy lifestyles have further fueled the demand for processed, ready-to-cook, and ready-to-eat foods, positioning canned tuna as a go-to convenience option.

Europe and the Asia Pacific remain the largest consumers of canned tuna, with growing popularity observed in South America and the Middle East. As the demand for healthy, protein-rich seafood continues to rise, canned tuna sales are expected to grow steadily.

However, the market faces challenges from the rising adoption of vegetarianism, influenced by factors such as dietary preferences, dairy allergies, and environmental concerns. Companies like Beyond Meat and MorningStar Farms are capitalizing on this trend by expanding their portfolios of plant-based alternatives, which could pose a competitive threat to the tuna fish market in the coming years.

Regional Insights:

Europe dominates the global tuna fish market, with a valuation of USD 14.95 billion in 2022. This leading position is attributed to the region's high per capita consumption of fish and seafood, supported by a robust and mature seafood industry. European consumers are increasingly drawn to healthy and functional foods, valuing their benefits for maintaining active and health-conscious lifestyles.

To meet the rising demand for functional foods, companies are innovating their product offerings. For instance, John West, a brand under the Thai Union Group, launched a nutrient-enriched canned tuna range in the U.K. in September 2021. This product line features three functional flavors—Energy, Heart, and Immunity—specifically designed to appeal to younger, health-conscious consumers seeking convenient and flavorful meal options.

This trend highlights the industry's responsiveness to evolving consumer preferences and the ongoing transformation of the tuna market in Europe.

Competitive Landscape:

New Product Launches by Reputed Companies to Accelerate Market Development

Key players in the tuna fish market are actively introducing innovative and exotic seafood options to meet the growing consumer demand. Manufacturers are focusing on developing products with functional benefits to attract a wider customer base. For instance, in September 2021, John West, a brand under the Thai Union Group, launched a nutrient-rich canned tuna range across grocery outlets in the U.K. The new product line features three functional flavors—Energy, Heart, and Immunity—aimed at appealing to young consumers who are looking for convenient, flavorful, and health-conscious food options. This initiative reflects the industry's strategic response to changing consumer preferences and its efforts to enhance product offerings in the competitive seafood market.

Information Source: https://www.fortunebusinessinsights.com/muffins-market-103834

Key Industry Development:

January 2023 - Tuna fish farming startup, Next Tuna, has announced a partnership with Skretting, a leading manufacturer of feeds for farmed fish, to develop dry feeds for Atlantic Bluefin tuna. This collaboration aims to improve the sustainability and efficiency of tuna farming, supporting the growing demand for farmed tuna in the seafood industry.