Global Tuna Fish Market Analysis
The global tuna fish market was valued at US$ 40.93 billion in 2023 and is projected to grow to US$ 53.73 billion by 2032, at a CAGR of 3.07% from 2024 to 2032. Tuna, a member of the Thunnini family, is one of the most sought-after fish species globally, prized for its rich flavor, meaty texture, and nutritional value. It is commonly consumed in various culinary forms, including sushi, sashimi, canned products, and fresh fillets. The tuna fish industry plays a significant role in the blue economy, with key species such as bluefin, skipjack, yellowfin, and bigeye fetching high market prices.
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Factors Driving Growth in the Tuna Fish Market
1. Rising Demand for Canned Tuna
Canned tuna has seen increasing demand worldwide, largely due to its long shelf life, ease of storage, and relatively low cost compared to fresh fish. The convenience of canned tuna, which does not require refrigeration, makes it an ideal protein source for busy consumers, particularly in markets like the U.S., Japan, and Europe. As an affordable and shelf-stable source of omega-3 fatty acids and other essential nutrients, canned tuna is becoming a staple in many households.
For example, in September 2021, Thai Union Group, under its John West brand, launched a new line of nutrient-enriched canned tuna in the U.K. The range includes specialized offerings such as Heart, Immunity, and Energy tuna, with added health benefits like omega-3 fatty acids and vitamin B to cater to the growing demand for functional, health-conscious foods.
2. Growing Preference for Animal Protein
The global shift toward healthier eating habits and an increase in the consumption of animal proteins is contributing to the growth of the tuna market. As urbanization accelerates and consumer lifestyles evolve, tuna is becoming a popular source of high-quality protein. The demand for sustainable and nutritious animal protein is especially strong in emerging markets, where fish is a key dietary component.
In February 2021, the United Nations Industrial Development Organization (UNIDO), in collaboration with the Japanese government, signed a financial agreement to support the growth of Iran’s tuna value chain. This initiative is expected to create new opportunities for Iranian fishermen, allowing them to access global markets and contribute to the growth of the tuna industry.
3. Sustainability and Regulatory Initiatives
Sustainable fishing practices and regulatory measures are driving the growth of the tuna fish market. Government bodies are introducing new regulations for tuna cultivation and fisheries management to ensure long-term sustainability. These regulations are helping stabilize tuna populations and ensure that tuna remains a viable resource for future generations.
The Marine Stewardship Council (MSC) certification, which ensures that tuna is caught using sustainable practices, is gaining traction in the market. Consumers and retailers are increasingly opting for certified sustainable tuna, which is expected to further boost demand for responsibly sourced tuna.
Regional Market Insights
1. Europe Tuna Fish Market
Europe held the largest market share of the global tuna fish market in 2023, driven by its strong seafood consumption culture and high per capita intake of fish products. According to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), in 2022, 10% of all fish consumed in Europe was tuna, making it one of the top five most consumed species in the region. The demand for canned and processed tuna products in Europe is increasing due to its convenience, long shelf life, and nutritional value.
Moreover, the value of Ecuadorian tuna imports into Europe rose by 24% in 2022, signaling growing demand for tuna products, particularly from regions where fisheries are well-regulated.
2. Asia Pacific Tuna Fish Market
The Asia-Pacific region is expected to account for the second-largest share of the global tuna fish market, driven by strong demand in countries like Japan, China, and South Korea. In Japan, a major consumer of both fresh and canned tuna, demand spikes during winter festivals when sashimi is traditionally served. In China, consumption of tuna, particularly for sashimi, increases during the autumn months, coinciding with local celebrations.
The rise of middle-class populations in emerging Asian economies is also contributing to increased demand for tuna as a source of affordable animal protein. Additionally, with the growing popularity of sushi and sashimi worldwide, countries in the Asia-Pacific region are experiencing sustained growth in both fresh and processed tuna consumption.
3. North America Tuna Fish Market
North America continues to be a key market for tuna, particularly in the United States, where canned tuna remains a pantry staple. The increasing popularity of Asian cuisine—including dishes like sushi, tekka-don (tuna rice bowls), and curry—is driving the demand for fresh tuna in North American markets. In particular, bluefin and bigeye tuna remain in high demand at Japanese restaurants, both for their superior flavor and texture.
The rise in consumer interest for sustainable seafood and plant-based alternatives also presents new opportunities for the North American market, with increasing awareness of the environmental impact of overfishing and unsustainable tuna sourcing practices.
Key Players in the Global Tuna Fish Market
The global tuna fish market is highly competitive, with several major companies dominating the industry:
- Century Pacific Foods Inc.
- ITOCHU Corporation
- Thai Union Group Inc.
- IBL Ltd.
- Bolton Group
- Grupo Albacore S.A.
- Dongwon Enterprises Co. Ltd.
These companies are focusing on expanding their product offerings and improving sustainability practices to meet the growing demand for responsibly sourced tuna.
Recent Developments in the Tuna Fish Market
- September 2023: Dongwon Enterprises Co. Ltd. acquired StarKist Co., a U.S.-based supplier of nutritious food products. This strategic acquisition allows Dongwon to expand its operations and strengthen its position in the North American market.
- July 2023: Big Fish Maldives Pvt Ltd., a new Asian seafood company, opened its ultra-modern Himmafushi plant in the Maldives, equipped with processing technology that operates at minus 60°C. The facility aims to produce 6,000 metric tons of tuna annually, enhancing the company’s processing capacity and meeting growing demand in global markets.
- May 2023: Thai Union Group launched a new line of canned tuna steaks under its Sealect brand, catering to the health-conscious segment. The tuna is packed in Himalayan pink brine, offering a nutrient-dense alternative for consumers.
- March 2023: Dongwon F&B, a division of Dongwon Enterprises, introduced a plant-based product range called My Plant, including a plant-based tuna product. This launch is a response to the increasing demand for plant-based and sustainable food alternatives.
- January 2023: Next Tuna, a tuna farming company, partnered with Skretting to develop specialized feeds for Atlantic Bluefin tuna. This collaboration aims to support the sustainable farming of tuna and improve feed quality, contributing to the long-term viability of the industry.
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