Tuna Fish Market Size, Share, Growth, Trends, and Forecast 2030

Tuna Fish Industry Prospective:

The global tuna fish market size was worth around USD 32 billion in 2022 and is predicted to grow to around USD 40 billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.93% between 2023 and 2030.

Request Free Sample

Tuna Fish Market: Overview

Tuna, a globally popular fish, belongs to the Thunnini tribe and is extensively harvested for its culinary versatility and nutritional benefits. Found in both temperate and tropical oceans, tuna species include the albacore, bluefin, yellowfin, and skipjack. Renowned for its rich, meaty texture and distinct flavor, tuna is a staple in various cuisines, particularly in sushi and sashimi preparations. Its lean, protein-packed flesh is an excellent source of omega-3 fatty acids, promoting heart health. Tuna fisheries, however, face sustainability challenges due to overfishing, habitat degradation, and bycatch concerns. To address these issues, sustainable fishing practices and responsible consumer choices, such as choosing tuna certified by organizations like the Marine Stewardship Council (MSC), are crucial. Tuna's significance in global fisheries and diets underscores the need for balanced conservation efforts to preserve both the species and the ecosystems they inhabit. Sustainable practices aim to ensure the long-term availability of this prized fish while minimizing environmental impact and supporting the livelihoods of those dependent on tuna fisheries.

Key Insights

• As per the analysis shared by our research analyst, the global tuna fish industry is estimated to grow annually at a CAGR of around 3.93% over the forecast period (2023-2030).
• In terms of revenue, the global tuna fish market size was valued at around USD 32 billion in 2022 and is projected to reach USD 40 billion, by 2030.
• The global tuna fish market is projected to grow at a significant rate due to growing consumer awareness and demand for healthy protein sources.
• Based on species segmentation, skipjack was predicted to hold maximum market share in the year 2022.
• Based on type segmentation, canned fish was the leading revenue generator in 2022.
• Based on distribution channel segmentation, hypermarket & supermarket was the leading revenue generator in 2022.
• On the basis of region, Europe was the leading revenue generator in 2022.

Request Free Sample

Tuna Fish Market: Growth Drivers

Growing consumer awareness and demand for healthy protein sources is boosting growth of the tuna fish market

Tuna is renowned for its high protein content, omega-3 fatty acids, and various essential nutrients, making it a favored choice among health-conscious consumers. As lifestyles become more health-oriented, the demand for lean and nutritious protein options has surged, propelling the tuna fish market forward. Moreover, the popularity of tuna in various culinary traditions and the increasing consumption of seafood contribute to the market's growth. Tuna's versatility in dishes such as sushi, sashimi, salads, and canned products has expanded its market reach globally. The convenience and accessibility of canned tuna also cater to busy lifestyles, further driving its consumption. Another driving force behind the tuna fish market is the rise of the global seafood industry. Tuna's integral role in this sector, particularly in the context of commercial fishing and aquaculture, underscores its economic importance. However, the industry faces challenges related to overfishing and sustainability, necessitating a balance between meeting consumer demand and implementing responsible fishing practices. Sustainable initiatives, such as certifications for responsibly sourced tuna, play a crucial role in ensuring the long-term viability of the global tuna fish market.

A study by the International Food Information Council (IFIC) found that 72% of consumers believe that protein is important for maintaining good health. This awareness is driving consumers to seek out protein-rich foods, such as tuna fish.

According to the World Economic Forum, coastal countries such as Iceland and the Maldives have the highest levels of seafood consumption, averaging more than 80 kg per person per year. These regions often have a strong cultural connection to seafood and rely on it as a staple food source. The rich nutritional value of tuna and its taste and versatility in dishes like sushi has fueled its demand. As consumers prioritize health-conscious choices and seek protein-rich foods, the demand for tuna will continue its upward trajectory in the coming years.

Tuna Fish Market: Restraints

Growing concern over sustainability and environmental impact may slow down the market growth.

The industry faces challenges related to overfishing, habitat degradation, and bycatch issues, which have led to increased scrutiny from environmentally conscious consumers and advocacy groups. Over-exploitation of tuna stocks, especially if not managed responsibly, can lead to long-term ecological imbalances and threaten the sustainability of the industry. As a result, there is a pressing need for the tuna fishing industry to adopt and adhere to sustainable practices to ensure the long-term viability of tuna stocks and maintain consumer confidence in the market. Additionally, regulatory measures and quotas imposed by regional fisheries management organizations add another layer of complexity to the canned tuna market. Compliance with these regulations is necessary for sustainable fishing practices, but it can pose challenges for the industry in terms of operational costs and adapting to changing catch limits. Striking a balance between meeting global demand for canned tuna and adhering to these regulatory frameworks is crucial for the industry's sustainable growth. Addressing these environmental and regulatory challenges will be essential for the canned tuna market to continue thriving while minimizing its ecological footprint.

Tuna Fish Market: Opportunities

Rising demand for premium and sustainably sourced products to provide growth opportunities

An exciting opportunity in the global canned tuna market lies in the rising demand for premium and sustainably sourced products. As consumers become increasingly conscious of the environmental impact of their food choices, there is a growing market for responsibly harvested and eco-friendly canned tuna. Companies that emphasize sustainable fishing practices, traceability, and certifications such as Marine Stewardship Council (MSC) can capitalize on this trend. By aligning with consumer values, these brands can not only attract a discerning customer base but also contribute to the long-term sustainability of the industry. Furthermore, there is potential for innovation in product offerings to cater to changing consumer preferences. The introduction of value-added and convenience-focused canned tuna products, such as those incorporating unique flavors, eco-friendly packaging, or ready-to-eat options, presents an opportunity for market growth. Meeting the demand for healthier and more diverse alternatives, while maintaining a focus on sustainability, can position companies strategically in the evolving landscape of the canned tuna market. Embracing these opportunities can enhance brand competitiveness and contribute to the overall development of a more sustainable and consumer-oriented industry.

Tuna Fish Market: Challenges

Rapid pace of technological advancements and the need for continuous innovation to challenge market growth

The tuna fish market faces significant challenges stemming from the need to adapt production and harvesting methods in response to environmental concerns and increased demand. Preservation of wild stocks poses a substantial challenge, leading to sustainability issues, particularly with the ban on Fish Aggregating Devices (FADs) in the supply of canned tuna. While ranching production has seen notable development, the sustainability of this method remains uncertain due to limitations in the availability of wild juveniles.

Despite efforts to address these challenges, the market's growth is constrained by factors such as the maturation of traditional markets and the necessity to explore new regions for consumption growth. Additionally, the increasing global popularity of sushi contributes to the overall growth of the tuna market, but concerns about safety and sustainability emerge as significant obstacles. Consumer apprehensions, whether related to conflicts in the international arena or rising awareness of ethical considerations, pose a potential threat to market development. The industry must navigate these challenges by fostering transparency, engaging in dialogue with the public, and exploring innovative value-added products to maintain profitability amid potential increases in raw material prices.

Tuna Fish Market: Segmentation

The global tuna fish market is segmented based on species, type, distribution channel and region.

Based on species, the global market segments are skipjack, albacore, yellowfin, bigeye, and bluefin. At present, the global market is dominated by the skipjack segment. Skipjack tuna is the most prevalent species, contributing significantly to the overall tuna market. This dominance can be attributed to factors such as its widespread availability, relatively lower cost, and versatility for various tuna products. While other species like albacore, yellowfin, bigeye, and bluefin also play crucial roles, skipjack's prominence reflects current consumer preferences and market dynamics, influencing the overall composition of the global tuna market.

Based on type the global tuna fish market categorized as canned, fresh, and frozen. In 2022, canned was the largest shareholding segment in the global market. Canned tuna's dominance can be attributed to factors such as convenience, longer shelf life, and the ability to cater to diverse consumer preferences. The canned variety's popularity is particularly notable in developed markets where retail consolidation, affordability, and ready-to-eat convenience have contributed to its significant market presence. Despite the growth of other segments like fresh and frozen tuna, the enduring popularity of canned tuna highlights its widespread consumer appeal and adaptability to various culinary applications.

New markets in the Near East and Latin America have witnessed an increase in canned tuna consumption, with traded volumes rising by approximately 50% over the last five years.

Based on distribution channel the global tuna fish market categorized as hypermarket & supermarket, specialty stores, and online. Presently, hypermarket & supermarket was the largest shareholding segment in the global market. The hypermarket & supermarket segment collects major revenue primarily due to its widespread accessibility, convenience, and the ability to offer a diverse range of tuna products to a broad consumer base. These retail giants provide a one-stop-shop experience for consumers, enabling them to easily access various tuna products, including canned, fresh, and frozen options. The convenience of hypermarket & supermarket shopping, coupled with promotional strategies and product visibility, has positioned this segment as the dominant channel in the global tuna market, catering to the preferences of a large and diverse consumer audience.

Tuna Fish Market: Report Scope

Tuna fish Market: Regional Analysis

Europe to lead the market during the forecast period

Europe is poised to lead the tuna fish market during the forecast period, driven by increasing consumer demand for seafood, health-conscious dietary preferences, and a growing awareness of the nutritional benefits associated with tuna consumption. The region's well-established fishing industry, stringent quality standards, and advanced processing technologies contribute to the production of high-quality tuna products. Additionally, the popularity of ready-to-eat and convenience foods, where tuna is a prominent ingredient, further propels market growth. The emphasis on sustainable and responsible fishing practices in Europe aligns with the rising global awareness of environmental concerns, providing an additional boost to the region's dominance in the tuna fish market.

In 2022, Europe has emerged as the dominant force in the global canned tuna market, holding a significant share of over 38.0%. This leadership position is underpinned by the growing inclination among European consumers toward straightforward, ready-to-eat, and convenient seafood choices. A report from the European Commission in January 2021 underscored the prevalence of tuna as the most consumed fish in the European Union, boasting an average per capita consumption of 2.78 kilograms, primarily in canned form. Countries like Italy, Spain, and the U.K. have notably contributed to this regional dominance, with their substantial consumption of tinned tuna. These consumption trends are anticipated to witness consistent growth in the future, further solidifying Europe's standing as the foremost market for canned tuna globally. Meanwhile, Central and South America are poised to experience remarkable growth with the fastest compound annual growth rate (CAGR) of 6.2% over the forecast period. The traditional one-by-one method of skipjack tuna fishing in Brazil, particularly in regions like Rio de Janeiro, Santa Catarina, and Rio Grande do Sul, aligns strategically with the locations of major tuna canneries and export businesses in the country. With an annual capture of 15 million to 25 million kilograms of skipjack tuna, as reported by the Sourcing Transparency Platform, this robust fishing industry is anticipated to propel the rapid expansion of the canned tuna market in Central and South America.

Key Developments

In March 2023, Thai Union Group PLC took a significant step towards sustainable sourcing by committing to procure produce exclusively from vessels implementing practices to safeguard ocean wildlife from bycatch. This decision was prompted by research conducted by Sustainable Fisheries Partnership, highlighting the threats faced by sharks, turtles, and seabirds in the realm of wildlife fishery.

January 2023 witnessed the introduction of a ready-made smoked tuna by Atlanta's Table. The product line encompasses variations such as smoked tuna in soybean oil and smoked tuna in soybean oil with lemon & oregano, providing consumers with diverse flavor options.

Also in January 2023, Vgarden, a food technology start-up, expanded its private-label meat and dairy replacements portfolio by introducing canned tuna without fish. This innovative product, developed from pea protein, aligns with Vgarden's commitment to offering a vegan alternative in the canned tuna market.

Tuna Fish Market: Competitive Analysis

The global tuna fish market is dominated by players like:

• Thai Union Group
• StarKist Co.
• Bumble Bee Foods
• Tri Marine International
• COSMOS FOOD CO., LTD.
• Albacora S.A.
• Jealsa Rianxeira
• Maruha Nichiro Corporation
• Grupo Calvo
• Ocean Brands

The global tuna fish market is segmented as follows:

By Species

• Skipjack
• Albacore
• Yellowfin
• Bigeye
• Bluefin

By Type

• Canned
• Fresh
• Frozen

By Distribution Channel

• Hypermarket & Supermarket
• Specialty Stores
• Online Channels

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa