The new report by Expert Market Research titled, ‘Global Tuna Market Size, Share, Price Trends, Growth, Analysis, Report and Forecast 2020-2025’, gives an in-depth analysis of the global tuna market, assessing the market based on its segments like species, product types, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Market Size (2019): USD 12.2 billion
2. Forecast CAGR (2020-2025): 3%
3. Forecast Market Size (2025): USD 14.6 billion
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The market for tuna is being driven by the rising demand for canned tuna across the globe. Due to increasing per capita income, hectic schedules, and rapid urbanisation, people are becoming more inclined to consume ready-to-eat food, with canned tuna being a frequent option. Europe constitutes a significant market for canned tuna, as the consumers in the region are living an increasingly busy lifestyle and tuna is a familiar taste for them, making it preferable option. The Middle Eastern countries such as Saudi Arabia, Israel, and Egypt have witnessed a steady growth in their tuna markets, due to the lower tariffs on the imports of canned tuna in the Middle East.
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Industry Definition and Major Segments
Tuna is a saltwater fish, which is found mainly in the subtropical and temperate waters like in the Black Sea, Mediterranean Sea, and the Atlantic Ocean. It is a significant source of essential nutrients, like iron, potassium proteins, niacin, fatty acids, magnesium, omega-3 and A, B6, and B12. It offers strength, reduces blood pressure, boosts the immune system and muscles, prevents carcinogenicity, and helps lose weight.
Also Read@ Impact of COVID-19 on Global Fish and Seafood Market
On the basis of species, the tuna market can be segmented into the following:
1. Skipjack
2. Yellowfin
3. Albacore
4. Bigeye
5. Bluefin
6. Others
Based on product type, the tuna market can be segmented into:
1. Canned
2. Frozen
3. Fresh
By region, the industry can be divided into:
1. Japan
2. Indonesia
3. Philippines
4. United States
5. China
6. Taiwan P.C.
7. Republic of Korea
8. Spain
9. European Union
10. Others
Also Read@ Impact of COVID-19 on Global Salmon Market
Market Trends
The market for tuna is expected to grow owing to the favourable factors like the growing trend of trying out foreign cuisines, rapid urbanisation, and the availability of different styles of tuna, like albacore, skipjack, bigeye, and yellowfin. The market is finding impetus in the hectic lifestyle of individuals throughout the world, which is leading to the increased demand for canned and other frozen, ready-to-eat versions. The market is further aided by the long shelf life and quick distribution of these items over longer distances, making it convenient for consumers to use. Moreover, the rising awareness of health is further expected to enhance the market growth in the forecast period.
Key Market Players
The major players in the market are American Tuna, Thai Union Group PCL., and Wild Planet, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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