The global Tuna market reached a value of about USD 57.96 billion in 2021. The industry is projected to grow at a CAGR of around 5.1% in the forecast period of 2022-2027 to reach a value of about USD 78.20 billion by 2027.
The global Tuna industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is primarily driven by the high nutritional content of the product. In the industry report, the key demand indicator is the highest category spender by region—Asia Pacific.
Tuna is a saltwater fish from the Thunnini tribe, a subset of the Scombridae (mackerel) family. It is often known as a tunny, any of seven marine fish species, some of which are quite big, that make up the genus Thunnus and have a high commercial value as food. The Tuna industry report comprises segments by type (Kipjack tuna (SKJ), Yellowfin tuna (YFT), Bigeye tuna (BET), Albacore (ALB), and Marine) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
The Asia Pacific holds a significant share in the industry due to the high consumption rates in countries like Japan, South Korea, etc. The bulk of the tuna business, particularly the canned tuna sector, is supplied to Asian countries due to the high quality of the fish. China is the largest importer of frozen and fresh tuna, owing to government measures to encourage tuna fish production. If consumer consumption patterns remain consistent, the industry is expected to witness further growth.
The market is being driven by the product's growing popularity, especially among health-conscious consumers. The food item is a rich source of nutrients like omega-3 fatty acids, protein, vitamins, etc., boosting its demand. Furthermore, Factors such as a rise in disposable income and higher purchasing power further the market's growth. The growing demand for canned tuna due to People's hectic schedules encourages them to consume ready-to-eat meals, with canned tuna being a popular choice. It also has a long shelf life, gaining traction among consumers.
However, with the growing shift towards veganism due to underlying health issues or lifestyle preferences, the market is likely to decline.
The global Tuna industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Tuna regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.
Carbon monoxide (CO) may be pumped into bags containing commercial sashimi tuna and held at 4 degrees Celsius to fix the colour. This takes 24 hours for a 2-inch tuna steak. After that, the fish is vacuum-packed and frozen. At the same time, canned tuna is packed in various ways, including edible oils, brine, water, and other sauces. Tuna can be "solid," "chunked" ("chunk"), or "flaked" after processing. When canned and packed for sale, tuna is frequently referred to as tuna fish.
The industry is witnessing growth due to the factors such as increased urbanisation, a growing inclination to try new cuisines, and the availability of numerous types of tuna, such as skipjack, albacore, bigeye, and yellowfin. It's a popular commodity among end-users, restaurants, and the canning industry, further boosting the demand. The increasing penetration of e-commerce has led to higher sales in the sector. Also, Companies have increased their investment in R&D efforts in response to the rising demand for healthy meals and sustainable fishing operations. Implementing sophisticated tuna processing processes to meet the increased demand from customers is augmenting the industry's expansion.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The canned tuna industry is slightly fragmented. Although there are many companies in the worldwide industry, the largest consumers are served by a few critical firms. The market comprises small, medium, and large businesses, all vying for dominance. To improve their positions and broaden their commercial horizons, the corporations are concentrating on expanding their facilities. Furthermore, other major competitors are pursuing organic and inorganic development methods to establish a firm foothold and increase their tuna fish offering, which bodes well for market expansion.
1. Executive Summary
2. Tuna Industry Snapshot
2.1. Tuna Market Outlook
2.2. Tuna Industry Analysis by Type
2.2.1. Kipjack tuna (SKJ)
2.2.2. Yellowfin tuna (YFT)
2.2.3. Bigeye tuna (BET)
2.2.4. Albacore (ALB)
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Tuna Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Tuna Cost Structure
8. Tuna Price Analysis
9. Key Demand Indicator Analysis
10. Key Price Indicator Analysis
11. Tuna Market Dynamics
11.1. Drivers & Constraints
11.2. Industry Events
11.3. Innovations & Trends
11.4. SWOT Analysis
11.5. Porter’s Five Forces
11.5.1. Buyer Power
11.5.2. Supplier Power
11.5.3. Threat of New entrants
11.5.4. Threat of Substitutes
11.5.5. Industry Rivalry
12. Industry Best Practices
12.1. Sourcing Strategy
12.2. Procurement Model
12.3. Contract Structure
12.4. Negotiation Levers
12.5. Pricing Model
12.6. Key Factors Influencing the Quotation
13. Key Supplier Analysis
13.1. High Liner Foods Inc
13.2. Nomad Foods Limited
13.3. Leroy Seafood Group ASA
13.4. Mowi ASA
13.5. Thai Union Group
The global Tuna market size was valued at USD 57.96 billion in 2021.
As per the product type provided, the Skipjack tuna (SKJ) segment is anticipated to lead the market between 2022 and 2027.
The significant demand for ready-to-cook food items with high nutritional content is one of the important drivers of the Tuna market growth.
High Liner Foods, Iglo Group/Nomad Foods Limited, Leroy Seafood Group, Marine Harvest, and Thai Union Frozen Products are some of the leading players in the market.
The Asia Pacific region of the Tuna industry holds a significant share in the market.
The global Tuna market attained a value of USD 57.96 billion in 2021, driven by the product's growing popularity, especially among health-conscious consumers. Furthermore, factors such as a rise in disposable income, hectic schedules, the product's long shelf life, and higher purchasing power are furthering the market's growth. Aided by the increasing penetration of e-commerce, investment in R&D efforts in response to the rising demand for a healthy diet and sustainable fishing operations, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 5.1%. The market is projected to reach USD 78.20 billion by 2027. Some of the leading players in the industry are High Liner Foods, Iglo Group/Nomad Foods Limited, Leroy Seafood Group, Marine Harvest, and Thai Union Frozen Products.
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