According to the report by Expert Market Research (EMR), the global tuna market size reached a value of nearly USD 63.91 billion in 2023. Aided by the rising consumer awareness related to health and wellness and the increasing environmental concerns, the market is projected to grow at a CAGR of about 4.9% in the forecast period of 2024 and 2032 to reach a value of about USD 98.29 billion by 2032.
Tuna is a large, swift, and commercially important fish belonging to the Thunnini tribe within the mackerel family (Scombridae). It is one of the most popular seafood choices worldwide, known for its rich flavour, high nutritional value, and versatility in culinary applications. Tuna is a globally cherished seafood, prized for its flavour, versatility, and nutritional benefits. With a variety of species offering different culinary experiences, tuna continues to be a favourite in both traditional and contemporary cuisines.
The global tuna market is witnessing dynamic transformations, driven by a confluence of factors, including changing consumer preferences, technological advancements, regulatory developments, and evolving economic landscapes. Tuna, a staple in the diets of many cultures worldwide, has seen its market trajectory influenced by the growing demand for healthy and sustainable protein sources.
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One of the primary trends reshaping the tuna market is the rising consumer inclination towards health and wellness. Tuna, rich in omega-3 fatty acids, proteins, and essential nutrients, is increasingly recognised for its health benefits. This awareness has spurred demand among health-conscious consumers who are actively seeking nutritious food options. Moreover, the versatility of tuna in culinary applications, ranging from sushi and sashimi to canned and frozen products, has further entrenched its popularity across diverse consumer segments.
Technological advancements in fishing and processing techniques have also significantly influenced the global tuna market expansion. Innovations such as advanced fishing gear, satellite tracking, and electronic monitoring systems have enhanced the efficiency and sustainability of tuna harvesting.
These technologies not only help maintain the quality of the catch but also play a crucial role in minimising bycatch and ensuring compliance with international fishing regulations. Processing technologies, including flash freezing and vacuum packing, have improved the shelf life and quality of tuna products, thereby expanding their market reach.
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Sustainability is a cornerstone trend in the tuna market, driven by increasing environmental concerns and regulatory pressures. Overfishing and illegal, unreported, and unregulated (IUU) fishing practices have raised alarms among environmentalists and policymakers. In response, there has been a concerted effort towards sustainable fishing practices.
Certifications such as the Marine Stewardship Council (MSC) and initiatives by organisations like the International Seafood Sustainability Foundation (ISSF) are gaining traction. Retailers and consumers alike are showing a preference for tuna products that are certified as sustainably sourced, reflecting a broader shift towards environmental stewardship in the seafood industry.
Geopolitical factors and trade policies also play a significant role in shaping the tuna market growth. The market is highly globalised, with major fishing nations, including Japan, the United States, and European countries, as well as key players in the Pacific and Indian Oceans. Trade agreements, tariffs, and international relations can influence market dynamics, affecting everything from supply chains to pricing structures.
For instance, the European Union’s stringent regulations on seafood imports impact the flow of tuna products from developing nations, which are key suppliers to global markets.
Economic factors, particularly in emerging markets, are contributing to the growth of the tuna market. Rising disposable incomes and urbanisation in regions such as the Asia Pacific and Latin America are driving the demand for tuna. These regions are witnessing a surge in the middle-class population, which has higher purchasing power and a growing appetite for premium and convenient food products. The burgeoning food service sector, with the proliferation of restaurants and ready-to-eat meal options, is further boosting the consumption of tuna.
The canned tuna segment continues to propel the tuna market expansion, bolstered by its convenience, affordability, and long shelf life. Canned tuna is a staple in many households and is widely used in salads, sandwiches, and various recipes. However, fresh and frozen tuna segments are gaining traction, particularly in developed markets where consumers are willing to pay a premium for high-quality, fresh products. The popularity of sushi and sashimi, especially in North America and Europe, underscores the demand for fresh tuna.
E-commerce is emerging as a significant distribution channel for tuna products, aligning with the broader trend of digital transformation in the retail sector. Online platforms offer consumers convenience, a wide range of product choices, and access to detailed information about product sourcing and sustainability credentials.
Market Segmentation
The global tuna market can be divided based on species, product type, production by region, and consumption by region.
Market Breakup by Species
- Skipjack
- Yellowfin
- Albacore
- Bigeye
- Bluefin
- Others
Market Breakup by Product Type
- Canned
- Frozen
- Fresh
Market Breakup by Regional Tuna Production
- Japan
- Indonesia
- Philippines
- Taiwan P.C.
- Republic of Korea
- Spain
- Others
Market Breakup by Regional Consumption of Tuna
- Japan
- United States
- China
- Taiwan P.C.
- Republic of Korea
- European Union
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global tuna market. Some of the major players explored in the report by Expert Market Research are as follows:
- American Tuna
- Thai Union Group PCL.
- Wild Planet
- Frinsa del Noroeste S.A.
- Bumble Bee Foods, LLC
- Clover Leaf Seafoods Corp.
- Others
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