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Frozen Tuna Market Growth Analysis: Outlook Report 2024-2033
Frozen Tuna Market Growth Analysis
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According to The Business Research Company's, The frozen tuna market size has grown strongly in recent years. It will grow from $7.47 billion in 2023 to $8.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to growing demand for seafood, rising demand for seafood, consuming plant-based protein sources, increasing awareness about the health benefits, and growth in sushi and sashimi consumption.
The frozen tuna market size is expected to see strong growth in the next few years. It will grow to $12.22 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to increasing protein-rich foods, increasing demand for frozen tuna, increasing demand for value-added seafood, increasing demand for sustainably sourced foods, and growth of modern retail formats and online food delivery services. Major trends in the forecast period include technological innovations, advancements in cold chain logistics, flash-freezing technology, sustainable packaging solutions, and improved thawing techniques.
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Market Drivers and Trends:
The growing demand for seafood is expected to propel the growth of the frozen tuna market going forward. Seafood refers to edible aquatic animals and plants, including fish, shellfish, mollusks, and seaweeds, harvested from oceans, rivers, and lakes, which are sources of protein and nutrients for many cultures worldwide. The demand for seafood is due to rising awareness of its health benefits, expansion of aquaculture, changing dietary preferences, improved supply chain logistics, and sustainability concerns regarding land-based protein sources. Frozen tuna plays a crucial role in meeting the growing global demand for seafood by providing a reliable, versatile, and high-quality product that can be enjoyed in various forms and cuisines worldwide. For instance, in September 2023, according to Statistics Canada, a Canada-based government agency, sales of farmed shellfish in Canada increased to $125.0 million in 2022, an 11.8 % increase compared to 2021. Therefore, the growing demand for seafood drives the frozen tuna market.
Major companies operating in the frozen tuna market are focusing on developing innovative products such as ultra-low temperature (ULT) frozen fish to improve the quality, shelf-life, and sustainability of their frozen tuna products. Ultra-low temperature (ULT) frozen fish refers to fish that has been frozen at extremely low temperatures to maintain its quality and freshness for an extended period. ULT freezing typically involves temperatures much lower than conventional freezing methods, often reaching as low as -60 degrees Celsius (-76 degrees Fahrenheit) or even lower. For instance, in April 2023, Big Fish Maldives, a Maldives-based seafood processing company, launched its ultra-low temperature frozen tuna products. The product remains fresh for an extended period due to its rapid freezing capability at temperatures as low as minus 60 degrees Celsius. Freezing fish at such ultra-low temperatures allows high-quality fish to be sold in overseas markets at prices approximately 150% higher than previously frozen fish at 20 degrees Celsius. Ultra-low temperature (ULT) frozen tuna is widely preferred for sashimi and high-end sushi due to its ability to preserve its natural ruby-red color, rich fat content, and excellent eating quality.
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Major Key Players of the Market:
ITOCHU Corporation, Sojitz Corporation, Dongwon Group, Nissui Corporation, Mowi ASA, Thai Union Group PCL, Bolton Group, SalMar ASA, IBL Ltd., High Liner Foods Inc., Century Pacific Food Inc., The Jealsa Rianxeira S.A.U., Bumble Bee Foods LLC, Tassal Group, Chicken of the sea, Shanghai Kaichuang Marine International, Zhejiang Ocean Family Co. Ltd., Grupo Calvo, FCF Co. Ltd., Sea Delight LLC, Pescanova SA, Stehr Group, Golden Prize Canning Co. Ltd.
Frozen Tuna Market 2024 Key Insights:
• The frozen tuna market size is expected to see strong growth in the next few years. It will grow to $12.22 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• The Growing Demand For Seafood Fuels The Expansion Of The Frozen Tuna Market
• Ultra-Low Temperature Freezing Revolutionizing Frozen Tuna Market
• Asia-Pacific was the largest region in the frozen tuna market in 2023
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