The global tuna fish market size is expected to experience exponential growth by reaching USD 48.19 billion in 2028. This information is published by Fortune Business Insights in its latest report, titled “Tuna Fish Market, 2021-2028.” The report further observes that the market stood at USD 39.27 billion in 2020 and is projected to exhibit a CAGR of 2.65% between 2021 and 2028. This is attributable to the growing demand for canned food products and the increasing focus on sustainable fishing operations across the globe. According to the Food and Agriculture Organization (FAO), around 70% of the global fish population faces the danger of depletion and is exploited largely. Therefore, the adoption of sustainable farming techniques has been gaining prominence.
Market Segmentation:
On the basis of species, the market is segmented into skipjack, albacore, yellowfin, bigeye, bluefin, and others. On the basis of product type, the market is categorized into canned, fresh, and frozen. Lastly, based on the region, the market is divided into North America, South America, Europe, Asia-Pacific, and the Middle East and Africa.
What does the Report Include?
The global market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Information Source-
List of the Companies Profiled in the Global Market:
- Thai Union Group Inc. (Samut Sakhon, Thailand)
- Mitsubishi Corporation (Tokyo, Japan)
- American Tuna Company (California, United States)
- Crown Prince Inc. (California, United States)
- FCF Co., Ltd. (Taiwan)
- ITOCHU Corporation (Tokyo, Japan)
- Bolton Group (Milan, Italy)
- Alliance Select Foods Inc. (Philippines)
- DongWon Enterprises Co. Ltd. (Seoul, South Korea)
- Wild Planet Foods Inc. (California, United States)
DRIVING FACTORS
Increasing Demand for Canned Tuna to Promote Growth
A popular tuna brand, Bumble Bee Foods, reported that their sales rose by about 100% from March to early April in 2020. The high demand for packaged food products and the rising health awareness regarding seafood consumption is propelling the demand for canned tuna globally. As these food products are in demand, several producers have scaled up their production facilities to cater to the surging consumer demand. Moreover, promotional activities and supportive government initiatives regarding the farming sector will favor the global tuna fish market growth during the forecast period.
Further Report Findings:
- Europe is expected to hold the largest global tuna fish market share in terms of revenue during the forecast period. The region stood at USD 37 billion in 2020. Factors such as the increasing consumption of tuna are anticipated to favor the demand for the product. According to the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), tuna in 2019 was the most consumed marine species in the region.
- On the other hand, Asia-Pacific is expected to hold the second position in the market during the forecast period. This is due to the growing popularity of tuna fish in major Asia countries such as Japan, South Korea, and China.
- Based on species, the skipjack segment held a market share of about 45.61% in 2020 and is expected to showcase considerable growth in the forthcoming years. This is owing to the increasing preference for this type of tuna fish for commercial purposes. According to the Centre for the Promotion of Imports data, 75% of canned tuna imported consists of skipjack in Europe.
COMPETITIVE LANDSCAPE
Key Players Focus on Joint Ventures to Amplify Their Market Positions
The global market is fragmented by the presence of key players that are striving to maintain their presence by focusing on joint ventures to expand their businesses. Other key players are adopting strategies such as collaboration, partnership, and facility expansion that will bode well for the growth of the market in the forthcoming years.