As per the latest report by IMARC Group, titled “Tuna Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global tuna market size reached US$ 12 Billion in 2019. Belonging to the Thunnini tribe, tuna is a saltwater fish, which is generally found in the temperate and subtropical waters of the Black Sea, Mediterranean Sea and the Atlantic Ocean. It is a power-packed source of vital nutrients, such as iron, niacin, proteins potassium, magnesium, omega-3 fatty acids, and vitamin A, B6 and B12. It offers energy, lowers blood pressure, improves the immune system, strengthens bones, prevents the risk of cancer, assists in weight loss and blood circulation, and averts the skin and kidneys from developing infections. Consequently, its demand is escalating across the globe.
Leading Key Players in Global Tuna Industry-
1. Thai Union Group PCL (BKK: TU)
2. Tri Marine Group
3. StarKist Co.
4. American Tuna Company
5. Bumble Bee Foods LLC
6. Ping Tai Rong Ocean Fishery Group
7. Shanghai Kaichuang Marine International Co. Ltd. (SHA: 600097)
8. Albacore Group LLC.
9. Zhegiang Ocean Family
10. The Jealsa Rianxeria S.A.U. Group
11. Dalian Ocean Fishery International Trade Corporation
12. Liancheng Overseas Fishery
13. Chicken of The Sea
14. Bolton Alimentari S.p.A.
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Global Tuna Market Trends:
Factors such as rapid urbanization, increasing trend of trying out international cuisines and the availability of different tuna species, which include skipjack, albacore, bigeye and yellowfin, are strengthening the global tuna market growth. Apart from this, the hectic lifestyle of individuals has catalyzed the demand for canned tuna and other frozen and ready-to-eat (RTE) frozen variants across the globe. This can also be attributed to the long shelf-life and ease of transportation of these products over larger distances. Furthermore, the leading players operating in the industry are providing Marine Stewardship Council (MSC) certified tuna, which is captured and processed using sustainable methods, on account of the growing environmental concerns. This trend, in confluence with the rising health consciousness, is anticipated to bolster the market growth in the upcoming years. Looking forward, the market value is projected to exceed US$ 14 Billion by 2025, expanding at a CAGR of 3.2% during the forecast period (2020-2025).
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Key Market Segmentation-
- On the basis of the product type, the market has been classified into canned, frozen and fresh variants. Canned tuna presently exhibits a clear dominance in the market.
- Based on the species, the market has been segmented into skipjack, yellowfin, albacore, bigeye and bluefin. Amongst these, skipjack accounts for the majority of the total market share.
- Region-wise, Japan represents the largest consumer and third-largest producer of tuna across the globe. Indonesia, the Philippines, Taiwan P.C., the Republic of Korea and Spain are the other key producers, while the USA and the Republic of Korea are the major consumers.
- The competitive landscape of the market has been examined, along with the detailed profiles of the key players operating in the industry.
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