Tuna Fish Market to Reach Valuation of US$ 49.70 Billion by 2029

Posted on Dec 6 2022 6:52 AM

"Companies covered in tuna fish market are Bolton Group (Milan, Italy), Century Pacific Foods Inc. (Pasig, Philippines), The Jealsa Rianxeira S.AU. Group (Boiro, Spain), Grupo Albacore S.A. (Basque Country, Spain), ITOCHU Corporation (Tokyo, Japan), Thai Union Group Inc. (Samut Sakhon, Thailand), Dongwon Enterprises Co. Ltd. (Seoul, South Korea), IBL Ltd. (Port Louis, Mauritius), FCF Co. Ltd. (Kaohsiung, Taiwan), Sea Delight (Florida, U.S.) & other. "

The global tuna fish market size was USD 40.12 billion in 2021. It is expected to surge from USD 41.06 billion in 2022 to USD 49.70 billion in 2029, exhibiting a CAGR of 2.77% in the forecast period. Robust demand for protein-rich foods and value-added tuna is expected to bolster market development. Fortune Business Insightsprovides this information in its report titled “Tuna Fish Market, 2022-2029”.

Tuna fish is an extremely protein-rich diet and is considered a commercially valuable and important fish. The adoption of a healthy diet and improved lifestyle and the demand for a protein-rich diet is expected to boost the demand for tuna fish globally. Further, the rising demand for value-added tuna is expected to boost adoption. Moreover, rapid development in the seafood industry and the demand for healthy and convenient foods may propel industry growth.

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List of Key Players Profiled in the Tuna Fish Market Report

  • Bolton Group (Milan, Italy)
  • Century Pacific Foods Inc. (Pasig, Philippines)
  • The Jealsa Rianxeira S.AU. Group (Boiro, Spain
  • Grupo Albacore S.A. (Basque Country, Spain)
  • ITOCHU Corporation (Tokyo, Japan)
  • Thai Union Group Inc. (Samut Sakhon, Thailand)
  • Dongwon Enterprises Co. Ltd. (Seoul, South Korea)
  • IBL Ltd. (Port Louis, Mauritius
  • FCF Co. Ltd. (Kaohsiung, Taiwan)
  • Sea Delight (Florida, U.S.)

Segmentation

By species, the market is segmented into skipjack, albacore, yellowfin, bigeye, Bluefin, and others. As per type, it is classified into canned, fresh, and frozen. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

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Drivers and Restraints

Strong Consumption of Animal Protein to Foster Market Development

The strong consumption of animal protein and foods is expected to foster the demand for tuna fish among the population. Furthermore, the rising demand for canned and packaged foods is expected to facilitate the product’s sales. Moreover, the prevalence of obesity and the rising demand for low-fat protein fuels the adoption of the product from the population. Also, the rising demand for convenience foods is expected to increase the ingredient’s adoption by several food manufacturers. These factors may drive the tuna fish market growth during the pandemic.

However, the rising inclination towards plant-based protein is expected to drive industry development.

Regional Insights

High Per-Capita Fish and Seafood Consumption to Boost Market Growth in Europe

Europe is expected to dominate the tuna fish market share because of high per-capita fish and seafood consumption. The market in Europe stood at USD 14.65 billion in 2021 and is expected to gain a huge portion of the market. Furthermore, the presence of a well-organized seafood industry is expected to bolster industry growth. Additionally, the rising demand for healthy foods from the population is expected to propel market development.

In Asia Pacific, rising per-capita income and increased spending on healthy foods are expected to bolster market development. Furthermore, the robust adoption of a protein-rich diet is expected to boost market growth.

In North America, the rising consumption of seafood, canned, and packaged foods are expected to bolster market progress.

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Competitive Landscape

Manufacturers Launch Novel Products to Bolster Market Position

Prominent companies operating in the market announce novel products to boost their market position. For example, Mind Fish Co. announced Fair Trade Certified canned tuna in the U.S. in August 2021. The product line skipjack tuna in olive oil and spring water. The company aims to provide excellent offerings, expand its presence, and boost its market position. Furthermore, the adoption of research and development, mergers, acquisitions, and expansions may enable the company to boost its brand presence.

Industry Development

  • March 2021: Waitrose announced a fresh MSC-certified yellowfin and albacore tuna product lineup that is sourced from South Korean waters in the Pacific Ocean. This launch is aimed to provide excellent products to people in the U.K.

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