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Tuna Fish Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Tuna fish are purchased and sold in tuna fish markets. Popular fish like tuna are frequently used in sashimi and sushi dishes. In many regions of the world, people enjoy eating these kinds of fish as well. There are tuna fish markets all around the world, notably in Japan, the Philippines, and the US. With a vast range of items accessible, the tuna fish market is a booming industry. High in protein and low in fat, tuna is a great source of omega-3 fatty acids. Many individuals all over the world choose it as their preferred seafood dish.

The market offers a wide variety of tuna fish, including albacore, bluefin, skipjack, and yellowfin. Each variety of tuna has a distinct flavour and texture of its own. The bluefin tuna, which is prized for its fatty flesh, is the most common variety.

Tuna Fish Market Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

The demand for tuna fish comes primarily from Japan, where the species is prized as a delicacy. However, some nations, like the United States, have seen an increase in the appeal of tuna in recent years. As a result, there is now more demand for tuna fish, which has raised the cost.

The supply of fish has an impact on the market for tuna fish as well. Prices typically increase when there is a lack of seafood. This happened in 2014, when a lack of bluefin tuna resulted in a significant rise in price.

In the upcoming years, it is anticipated that the tuna fishery will expand more. The rising demand from Asia and the popularity of tuna will both contribute to this growth.

Market Opportunities for Tuna

One of the most valuable industries in the world is the tuna fish market. It has a $5 billion market and is predicted to increase at a 5% annual rate. The biggest markets for tuna fish are in the US, Japan, and China. The tuna fish market offers a variety of business prospects. The easiest option is to catch and market tuna fish. Both commercial fishing and tuna aquaculture are viable options for achieving this.

Tuna fish processing and canning is an additional potential. You can accomplish this by freezing or canning. The processing and canning of tuna fish is a specialty of several businesses.

Selling items made from tuna is another option. You can do this online or in physical stores. Products made from tuna fish are sold by numerous businesses. The final chance is to offer tuna-related services. This might be accomplished by renting out boats, offering excursions, or instructing people in the skill of tuna fishing. There are numerous businesses that offer tuna-related services.

Market Restraints for Tuna

One of the most significant fish markets in the world is the Tuna Fish Market. It serves as both the primary market for tuna fishermen and the primary supply of tuna for canning. For many coastal villages, the market is a significant source of income.

The tuna fish market is not without issues, though. The amount of tuna in the wild is decreasing due to overfishing, which is a serious issue. Prices are rising as a result of this, and it is also hurting individuals whose livelihoods depend on the market. Illegal fishing is another issue that the tuna fish market is dealing with. It is thought that up to one-third of the tuna that is collected each year is illegally caught, which is a significant issue in many regions of the world. This is drastically reducing the tuna population and driving up prices at the same time.

Other fish markets, including the salmon market, are a rival to the tuna fish market. This is due to the fact that salmon is becoming more and more popular as a food fish and is regarded as a healthier alternative to tuna. This is having a detrimental effect on the market by causing the demand for tuna to fall.

Finally, climate change is posing problems for the tuna fish market. This is due to the fact that climate change is having an impact on the warm waters that tuna rely on for spawning, which is causing a decrease in the quantity of tuna in the wild. The market will probably suffer as a result of this in the future.

Key Trends in the Tuna Fish Market

One of the most significant seafood markets in the world is the tuna fish market. In addition, it is one of the most volatile, with prices that are continuously changing as a result of many reasons. The tuna fish market is currently being impacted by several major trends, some of which are listed below.

  1. Growing demand from Asia: Asian nations have historically consumed the most tuna, and this tendency is only escalating. Particularly in China and India, where the middle class is expanding, tuna is becoming more and more popular because of its flavour and advantageous health properties. As a result, fisheries are under more strain, and tuna prices are rising.
  2. Declining Atlantic and Pacific catch rates: The Atlantic and Pacific oceans are home to the majority of the world’s tuna fisheries. However, overfishing and other environmental problems have led to a decline in catches in recent years. As a result, fisheries are under more strain, and tuna prices have skyrocketed.
  3. Shifting consumer preferences: The market for tuna is being impacted by consumers’ growing concern over sustainability. The demand for tuna that has been caught sustainably is growing, and this is resulting in increased pricing for sustainably caught tuna.
  4. Growing aquaculture sector: The tuna market is being impacted by the aquaculture sector, which is expanding quickly. As more and more fish are raised on farms, the cost of tuna is falling.
  5. Growing commerce: The market is being impacted by the expanding worldwide trade in tuna. The price of tuna is falling as a result of an increase in its worldwide trading.

These are just a few of the major trends that the tuna fish market is now experiencing. It is critical to be aware of these trends because they are likely to continue to have an effect in the future.

Fish market drivers for tuna

The market for tuna fish is influenced by a number of things. The rising demand for tuna fish products is one of the major reasons. This is brought on by customers’ increased interest in wholesome food options and their growing health consciousness.

The rising popularity of sushi and sashimi is a significant factor in the market for tuna fish. One of the most popular fishes used in sushi and sashimi dishes is tuna, and demand for these foods is rising worldwide.

Consumers’ rising disposable incomes and the expanding tourism sector are two further reasons boosting the tuna fish market’s expansion. People are travelling to coastal regions more frequently as a result of the booming tourism industry, where tuna is a well-liked seafood.

Due to rising consumer demand and favourable market conditions, the tuna fish market is anticipated to expand during the next few years.

Impact of the Tuna Fish Market COVID-19

The market for tuna fish has also been significantly impacted by the new coronavirus outbreak’s effects on the world economy. Both the price and the demand for tuna have decreased as a result of the outbreak.

The demand for tuna has decreased as a result of the advent of the new coronavirus. This is because a lot of individuals are now avoiding eating out and avoiding buying unnecessary stuff. Additionally, because fewer people are travelling as a result of the outbreak, there is less demand for tuna fish.

The price of tuna has decreased as a result of the decline in demand. Since demand has declined but production has not, there is currently an excess of tuna on the market. As suppliers try to sell their fish before it spoils, this has caused the price of tuna to decline.

The market for tuna fish has also been significantly impacted by the new coronavirus outbreak’s effects on the world economy. Both the price and the demand for tuna have decreased as a result of the outbreak. The tuna industry and the economies of nations that depend on tuna exports are likely to suffer as a result of this.

Important Industry Developments in the Tuna Market

One of the most significant seafood markets in the world is the tuna fish market. With so many businesses functioning in the sector, it’s also one of the most competitive. Numerous factors, such as population growth, economic progress, and shifting food preferences, influence the market.

From 2019 to 2024, the global market for tuna fish is anticipated to expand at a CAGR of 3.5%. The market is influenced by things like population growth, economic progress, and shifting food preferences.

By product kind, use, and geography, the tuna fish market is divided. The market is divided into canned tuna, frozen tuna, and fresh tuna based on the type of product. The market is divided into foodservice and retail segments based on application. North America, Europe, Asia-Pacific, and the rest of the globe are the additional geographic segments of the market.

During the projected period, the canned tuna segment is anticipated to increase at the greatest CAGR.

During the projected period, the canned tuna segment is anticipated to increase at the greatest CAGR. This expansion is linked to the foodservice sector’s rising demand for canned tuna. A versatile ingredient that is convenient and simple to use is canned tuna. During the projected period, the Asia-Pacific region is anticipated to have the highest market for tuna fish.

During the projected period, the Asia-Pacific region is anticipated to have the highest market for tuna fish. The region’s expanding population and economic growth are credited with this expansion. Additionally, the population’s evolving eating patterns, particularly in metropolitan areas, are anticipated to fuel market expansion in the area.

The main market participants, as well as their relative competitive positions and tactics, have been addressed. The paper also discusses these players’ most recent investments and business transactions in the tuna seafood sector.

Future Prospects for the Tuna Fish Market

One of the most consumed types of seafood worldwide is tuna fish. It is widely consumed around the world, but especially in Asia. In the upcoming years, the market for tuna fish is anticipated to expand at a brisk rate. The rising demand for tuna fish from numerous end-use industries, including food and beverage, animal feed, and pharmaceuticals, should be credited with this.

The expanding demand from the food and beverage sector is anticipated to drive the worldwide tuna fish market. The ubiquitous seafood element, tuna, is widely used in many different cuisines around the world. The demand for tuna fish is anticipated to increase in the upcoming years due to the rising popularity of raw tuna dishes like sushi and sashimi. Moreover, as tuna fish is a great source of omega-3 fatty acids and protein, rising consumer health consciousness is predicted to increase demand for tuna fish.

Due to the region’s enormous population and rising demand for seafood, the Asia-Pacific region is anticipated to be the world’s largest market for tuna fish. The top two tuna fish consumers in the region are China and Japan. Due to the expanding demand from the food and beverage industry, the North American and European regions are also anticipated to have considerable expansion in the upcoming years.

 

By Species

 

 

    • Skipjack
    • Albacore
    • Yellowfin
    • Bigeye
    • Bluefin
    • Others
 

By Type

 

 

    • Canned
    • Fresh
    • Frozen
    • 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.)

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