Tuna Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

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.

Industry Definition and Segmentation

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 Region is Driving the Growth of the Industry

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.

Best Procurement Practices

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.

Category Management Studies

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.

Changing Consumer Consumption Patterns, Further Propelling the Procurement of Tuna

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.

Key Industry Players Mentioned in the Tuna Industry Report

• High Liner Foods
• Iglo Group/Nomad Foods Limited
• Leroy Seafood Group
• Marine Harvest
• Thai Union Frozen Products

Market Landscape

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.

Key Initiatives by Companies

• In July of this year, the Dongwon Group launched a new vessel for fishing in the South Pacific. The organisation places a strong emphasis on product procurement that is environmentally friendly. Furthermore, the increasing demand for fresh tuna in the food and beverage industry would contribute to the worldwide tuna fish market growth throughout the forecast period due to its substantial flavour efficacy.