Global Tuna Fish Market will reach to US$ 52.85 Billion by 2028 | Renub Research
Global Tuna Fish Market will grow with a CAGR of 3.7% from 2022 to 2028. Factors such as the increasing popularity of tuna as a healthy food item, high demand, global trade, and Adopting sustainable fishing practices drive the growth of the tuna fish market. According to Renub Research’s latest report, “Global Tuna Fish Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis,” Global Tuna Fish Market was at US$ 42.63 Billion in 2022. Tuna fish is a saltwater fish belonging to the family Scombridae. The word “tuna” comes from the Spanish word “atún,” which originated from the Arabic word “tūn.” The meat of tuna fish, which is rich in protein and omega-3 fatty acids, is highly valued, and therefore, people often use it in sushi, canned tuna, and other seafood dishes.
Tuna fish is a prized catch for sports fishermen around the world. Anglers target different tuna species, including bluefin tuna, yellowfin tuna, and bigeye tuna. Cosmetic manufacturers use tuna fish oil as an ingredient in moisturizers, lotions, and other skincare products. It is high in omega-3 fatty acids, believed to have anti-inflammatory and anti-aging properties. Tuna fish is an ingredient in pet food due to its high protein content. In addition, tuna fish by-products, such as heads, bones, and internal organs, can be used as plant fertilizer.
Tuna fish provides a rich inception of lean protein, omega-3 fatty acids, and other vital nutrients. As more people become health-conscious and seek healthier food options, the demand for tuna fish has increased. Tuna fish can be prepared and used in many dishes, such as sushi, salads, sandwiches, and casseroles. Its versatility makes it a popular choice for many consumers. In addition, canned tuna is a convenient and affordable source of protein that individuals can easily incorporate into meals.
In addition, it has a long shelf life, making it a convenient pantry staple. As the world becomes interconnected, the demand for tuna fish has increased in countries where it was previously not a popular food item, expanding the market for tuna fish. In addition, consumers are increasingly concerned about sustainable fishing practices and the impact of overfishing on the environment. As a result, fishing companies often catch tuna fish using more sustainable methods, such as pole and line fishing, which appeals to environmentally conscious consumers.
Frigate and Bullet Tuna dominate the Global Tuna Fish Market due to their Wide Availability
Frigate and bullet tuna are known for their mild, tender, and flavourful meat, making them popular among consumers. These tuna species have wide availability in the Indian and Pacific oceans, making them easier to catch and supply to the market. In addition, frigate and bullet tuna are relatively small compared to other tuna species, which makes them easier to handle and process.
Furthermore, Fishing companies often catch frigate and bullet tuna using more sustainable fishing methods, such as pole and line fishing, which appeals to environmentally conscious consumers. Finally, these tunas are generally more affordable than other tuna species, making them accessible to a broader range of consumers.
Geographic Location of the Philippines greatly benefits the Production growth of the Country Tuna Fish Market
The Philippines is well-positioned in the Western Pacific to take advantage of the various tuna species found in the Pacific Ocean. The Philippine government has implemented policies and programs to support the growth of the tuna industry, including funding for research and development, infrastructure development, and the promotion of sustainable fishing practices. Additionally, the Philippine Statistics Authority (PSA) reported increases in skipjack (5.6 percent) and yellowfin tuna (14.1 percent) production in 2022.
The demand for tuna in the Philippines, where the consumption is in various forms, including canned, fresh, and frozen, has driven the growth in production. In addition, technological advancements in fishing gear, vessel design, and processing methods have made tuna fishing more efficient and cost-effective. As a result, the Philippines has become a key player in the global tuna fish market, with access to global markets, increasing export earnings, and boosting its economy.
In Exports Indonesia has supremacy in the Global Tuna Fish Market
Indonesia is strategically located in the Western Pacific and the Indian Ocean, providing easy access to significant tuna fishing grounds. Indonesia has one of the largest tuna fisheries in the world, providing a reliable supply of tuna for export. Indonesia has a large and skilled workforce in the fishing industry, with many workers trained in the various aspects of tuna fishing and processing.
Indonesia offers different tuna products, including fresh, frozen, canned, and value-added products, such as tuna sashimi and steaks. There is a robust global demand for tuna, and Indonesia has been able to meet this demand with its reliable supply of high-quality tuna products. In addition, Indonesia’s cost of production for tuna is relatively low, allowing it to offer competitive prices in the global tuna fish market.
In Import Japan’s share is Rising in Global Tuna Fish Market
Tuna is an integral part of Japanese cuisine, particularly in sushi and sashimi, and is considered a high-quality food item. There is a high demand for tuna in Japan due to its popularity as a food item and its use in other industries, such as pet food and cosmetics. The country’s strong economy and high disposable income allow consumers to purchase high-quality tuna products. The government has strict regulations and standards for importing tuna, ensuring that only high-quality products are permitted. Japan has established strong trade relationships with tuna-exporting countries, allowing for a reliable supply of tuna products. In addition, Japan has advanced technology in the fishing industry, including innovative fishing methods and processing techniques, allowing for producing high-quality tuna products.
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Producers from various countries participate in the global tuna fish market, leading to competition in supplying high-quality products to meet the demand. In addition, the continuous innovation of the companies in fishing techniques, processing methods, and packaging stands out from competitors and attracts consumers—the high demand for tuna in many parts of the world further drives competition among producers.
Some of the leading players in the global tuna fish market include High Liner Foods Inc., Surapon Foods, Thai Union Group, The Water base Ltd., ITOCHU Corporation, Dongwon Enterprises Co. Ltd., IBL Ltd., and Century Pacific Food Inc.
- Species– The Report covers Global Tuna Fish Market, by species in 11 viewpoints (Skipjack Tuna (KatsuwonusPelamis), Yellowfin Tuna (ThunnusAlbacares), Frigate & Bullet Tuna (Auxisrochei), Bigeye Tuna (ThunnusObesus), Kawakawa Tuna/Little tuna /Mackerel tuna (Euthynnusaffinis), Albacore Tuna (ThunnusAlalunga), Longtail Tuna (ThunnusTonggol), Eastern Pacific bonito (Sardalineolata), Atlantic Bluefin (ThunnusThynnus), Southern Bluefin Tuna (ThunnusMaccoyii), and Others Species).
- Production– By production, the Global Tuna Fish Market, breakup in 11 viewpoints (Indonesia, Philippines, EU (European Union), Vietnam, Ecuador, Korea, Taiwan, Japan, PNG (Papua New Guinea), USA (United States of America), and Others Countries).
- Export-The Report covers Global Tuna Fish Market, by export in 10 viewpoints (Indonesia, Vietnam, South Korea, Spain, China, Malta, Morocco, Mexico, Taiwan, and Tunisia).
- Import-Based on Import, the Global Tuna Fish Market breakup in 10 viewpoints (Japan, the United States, Spain, France, Italy, South Korea, Russia, the United Kingdom, the Netherlands, and Germany).
- Key Players– All the major players in this report Global Tuna Fish Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) High Liner Foods Inc., Surapon Foods, Thai Union Group, The Water base Ltd., ITOCHU Corporation, Dongwon Enterprises Co. Ltd., IBL Ltd., and Century Pacific Food Inc.
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