Tuna market to reach $49.70 billion by 2029

Companies covered in the tuna market are Bolton Group (Milan, Italy), Century Pacific Foods Inc. (Pasig, Philippines), The Jealsa Rianxeira S.AU. Group Boiro, Spain Grupo Albacore SA (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, Maurice FCF Co. Ltd. (Kaohsiung, Taiwan), Sea Delight (Florida, USA) and other player profiles.

Pune, India, April 18, 2022 (GLOBE NEWSWIRE) — The world tuna market the size was USD 40.12 billion in 2021. It is expected to leap from $41.06 billion in 2022 at $49.70 billion in 2029presenting a CAGR of 2.77% in the forecast period. Strong demand for high-protein foods and value-added tuna is expected to support the development of the market. Fortune Business Insightsprovides this information in its report entitled “Tuna market, 2022-2029”.

Tuna is an extremely high protein diet and is considered a commercially valuable and important fish. The adoption of healthy diet and improved lifestyle along with the demand for high protein diet is expected to boost the global demand for tuna. Additionally, growing demand for value-added tuna is expected to drive adoption. Moreover, the rapid development of the seafood industry and the demand for healthy and convenient foods could boost the growth of the industry.

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List of Key Players Profiled in the Tuna Market Report

  • Bolton Group (Milan, Italy)

  • Century Pacific Foods Inc. (Pasig, Philippines)

  • Jealsa Rianxeira S.AU. Group (Boiro, Spain

  • Grupo Albacore SA (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, USA)

Market segments:

By species, the market is segmented into skipjack, albacore, yellowfin tuna, bigeye tuna, bluefin tuna and others. According to the type, it is classified canned, fresh and frozen. Geographically, it is grouped into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

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The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

Drivers and Restrictions

High consumption of animal protein to promote market development

The high consumption of animal protein and food is expected to promote the demand for tuna among the population. Additionally, growing demand for canned and packaged foods is expected to facilitate sales of the product. Additionally, the prevalence of obesity and the growing demand for low-fat protein are fueling the adoption of the product by the population. Moreover, the growing demand for ready-to-eat foods is expected to increase the adoption of the ingredient by several food manufacturers. These factors may boost the growth of the tuna market during the pandemic.

However, the growing inclination towards vegetable proteins is expected to boost the development of the industry.

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Competitive landscape

Manufacturers are launching new products to strengthen their position in the market

Prominent companies operating in the market are announcing new products to strengthen their position in the market. For example, Mind Fish Co. announced Fair Trade certified canned tuna in the United States in August 2021. The product line is skipjack tuna in olive oil and spring water. The company aims to provide excellent offers, expand its presence and strengthen its position in the market. In addition, the adoption of research and development, mergers, acquisitions and expansions can allow the company to strengthen its brand presence.

Regional outlook

High per capita consumption of fish and seafood to drive market growth in Europe

Europe is expected to lead the tuna market share due to high per capita consumption of fish and seafood. The market in Europe stood at $14.65 billion in 2021 and is expected to gain a huge market share. Moreover, the presence of a well-organized seafood industry is expected to boost the growth of the industry. Moreover, the growing demand for healthy foods from the population is expected to drive the development of the market.

In Asia-Pacific, rising per capita income and increased spending on healthy foods is expected to support the market development. Also, robust adoption of high protein diet is expected to drive the market growth.

In North America, growing consumption of seafood, canned and packaged foods is expected to support the market growth.

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