Tuna Market is Expected to Reach US$ 14.4 Billion by 2024: IMARC Group

The global tuna market has witnessed steady growth in recent years on account of rapid urbanization, hectic lifestyles, associated health advantages, emerging demand for sushi and growing familiarity with other international food trends.

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According to the latest report by IMARC Group, titled “Tuna Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global tuna market size was US$ 11.59 Billion in 2018. Tuna refers to a saltwater fish which belongs to the Thunnini tribe and is commonly found in the temperate and subtropical waters of the Mediterranean Sea, the Black Sea and the Atlantic Ocean. It provides essential nutrients including vitamin B12, vitamin B6, niacin, proteins, omega-3 fatty acids and several minerals. It also offers numerous health benefits such as averting the skin and kidneys from developing infections, encouraging the development of muscles, and enhancing blood circulation and metabolism in the human body.

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Market Trends:

Rapid urbanization in confluence with international food trends has altered the current food preferences and habits of consumers. For instance, the increasing popularity of sushi around the world has catalyzed the demand for tuna, especially in new markets such as the Middle East, Central Asia and Latin America. Moreover, as a result of hectic schedules of consumers, fresh tuna trade has been surpassed by the consistently increasing demand for canned tuna and other ready-to-eat and frozen variants. This can also be accredited to the extensive shelf-life and ease of transportation of these products over larger distances. In addition to this, the increasing production of processed tuna products is aiding in generating employment opportunities in the entire value chain including catching, processing and trade of tuna. Apart from this, with the growing environmental concerns, numerous companies are offering Marine Stewardship Council (MSC) certified tuna which is captured and processed using sustainable methods. By 2024, the market is projected to reach a value of US$ 14.4 Billion, expanding at a CAGR of 3.2% during 2019-2024.

Insights on Market Segmentation:

Breakup by Species:

1. Skipjack

2. Yellowfin

3. Albacore

4. Bigeye

5. Bluefin

Based on the species, the market has been classified into skipjack, yellowfin, albacore, bigeye and bluefin. Currently, skipjack represents one of the most popular tuna species as it is widely used in canned products worldwide.

Breakup by Product Type:

1. Canned

2. Frozen

3. Fresh

On the basis of the product types, the market has been divided into canned, frozen and fresh. At present, canned tuna accounts for the majority of the total market as the fresh variants are relatively expensive.

Breakup by Region:

1. Japan

2. Indonesia

3. Philippines

4. Taiwan P.C.

5. Republic of Korea

6. Spain

7. Others

Region-wise, Japan represents the largest consumer and third-largest producer of tuna around the world. Indonesia, Philippines, Taiwan P.C., Republic of Korea and Spain are the other key producers, while the USA and the Republic of Korea are the major consumers.

Breakup by Region:

1. Japan

2. USA

3. Republic of Korea

4. China

5. Taiwan P.C.

6. European Union

7. Others

Competitive Landscape:

The competitive landscape of the tuna industry has also been analyzed in the report along with comprehensive profiles of the leading companies.

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This release was published on openPR.