Tuna Fish Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Tuna Fish Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The tuna fish market size has grown steadily in recent years. It will grow from $34.23 billion in 2023 to $35.38 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to increased consumer awareness of health benefits, risen demand for seafood products, global population growth and urbanization, expanding middle-class population, globalization of supply chains.

The tuna fish market size is expected to see steady growth in the next few years. It will grow to $40.04 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to continued emphasis on healthy eating, innovations in packaging and convenience, sustainable fishing practices and certification, rising demand for ready-to-eat foods, expansion of seafood retail channels. Major trends in the forecast period include regulatory changes, climate change effects, health and nutrition trends, global supply chain disruptions, retail and e-commerce growth, cultural and regional preferences.

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Market Drivers and Trends:

Increasing tuna consumption is significantly contributing to the growth of the tuna fish market going forward. Tuna fish refers to any of seven species of oceanic fishes, some of which are very large, that make up the genus Thunnus and have a high commercial value as food. Tuna is consumed for its nutritional value, convenience, and versatility in cooking. It is a good source of omega-3 fatty acids, protein, and other important nutrients. For instance, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), an Australia-based government department that conducts research on agriculture, the production of tuna fish increased from $165 million in 2021 to $169 million in 2022. Therefore, increasing tuna consumption will drive the tuna fish market.

Product innovation is the key trend gaining popularity in the tuna fish market. Major companies operating in the tuna fish market are focusing on developing new tuna fish products for catering to changing consumer needs and health consciousness. For instance, in June 2022, Maldives Industrial Fisheries Company Limited (MIFCO), a Maldives-based dishing industry company launched a new canned tuna product called Drained Tuna Chunks. The decreased oil content of the new product makes it stand out from the company's previous canned tuna offerings. The new tuna cans don't require the oil to be drained, which will lessen many of the hassles people encounter when using canned tuna.

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Major Key Players of the Market:

Bolton Group; ITOCHU Corporation; Thai Union Group Inc.; Dongwon Enterprises Co. Ltd.; FCF Co. Ltd.; Crown Prince Inc.; Mitsubishi Corporation; American Tuna Company; Alliance Select Foods Inc.; Wild Planet Foods Inc.; Century Pacific Foods Inc.; The Jealsa Rianxeira S. AU. Group; Grupo Albacore S.A.; IBL Ltd.; Sea Delight; Tri Marine Group; StarKist Tuna; Clover Leaf Seafoods Corp.; Bumble Bee Foods LLC; Frinsa del Noroeste S.A.; A.E.C. Canning Company Limited; Ocean Brands; Balfegó Group; Mareblu SRL; Fish4Ever; John West Foods; Princes Group; Bajamar; Rio Mare; Maretti

Tuna Fish Market 2024 Key Insights:

• The tuna fish market size will grow to $40.04 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Rising Tuna Consumption Propels Growth In The Tuna Fish Market
• Focus On Product Development And Health-Conscious Offerings
• Europe was the largest region in the tuna fish market in 2023

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