Tuna Fish Market, Size, Share, Growth Insights and Forecast to 2032

The global tuna fish market was valued at USD 41.94 billion in 2023 and is projected to grow from USD 42.96 billion in 2024 to USD 54.45 billion by 2032, registering a compound annual growth rate (CAGR) of 3.01% during the forecast period.

Tuna occupies a significant share of the seafood market as one of the most commercially valuable fish species, playing a crucial role in both the marine ecosystem and the blue economy. The commercial tuna fishery focuses on seven primary varieties, including Skipjack, Yellowfin, Bigeye, and Pacific, Atlantic, and Southern Bluefin. Shifting consumer eating habits, emphasizing healthy and convenient food options, have driven increased demand for protein-rich foods like tuna.

These insights are outlined in the Global Tuna Fish Market, 2024-2032 report by Fortune Business Insights™.

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LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT

• Bolton Group (Italy)
• Century Pacific Foods Inc. (Philippines)
• The Jealsa Rianxeira S.AU. Group (Spain)
• Grupo Albacore S.A. (Spain)
• ITOCHU Corporation (Japan)
• Thai Union Group Inc. (Thailand)
• Dongwon Enterprises Co. Ltd. (South Korea)
• IBL Ltd. (Mauritius)
• FCF Co. Ltd. (Taiwan)
• Sea Delight (U.S.)

Segments:

Skipjack Tuna to Gain Traction among Consumers due to its Rich Nutritional Value and Easy Availability

The tuna fish market is segmented by species into Skipjack, Albacore, Yellowfin, Bigeye, Bluefin, and others.

The Skipjack segment is expected to lead the market due to its abundant availability and significant nutritional value. As a cornerstone of the canned tuna industry, Skipjack is among the most commercially important species. According to Asia Pacific – Fish Watch, Skipjack accounts for over 70% of total tuna catches in the Western and Central Pacific and nearly half in the Indian Ocean. Renowned for its moderate cholesterol content, Skipjack is a rich source of low-fat protein and sodium, further driving its market dominance.

Canned Segment Sales to Grow with Rise in Convenience Food Consumption

The tuna fish market is segmented by product type into fresh, canned, and frozen options. The canned segment is anticipated to dominate the market and sustain its leading position throughout the forecast period. This growth is primarily driven by increasing consumer awareness of the health benefits of canned tuna and its convenience.

Canned tuna is a rich source of omega-3 fatty acids, which contribute to lowering blood pressure and cholesterol levels while reducing the risks of dementia and inflammatory disorders. Additionally, the availability of diverse canned tuna options, including plain, unseasoned, prepared, grilled, and marinated varieties, continues to bolster the segment's growth.

Report Coverage:

The research report delivers comprehensive qualitative and quantitative insights into the tuna fish market, offering detailed analyses of product types, applications, market size, and growth rates across various segments.

Additionally, it provides an in-depth examination of the competitive landscape and market dynamics. Key features include an overview of related markets, a detailed explanation of the research methodology, recent industry developments such as mergers and acquisitions, insights into the regulatory environment in major countries, and an analysis of significant industry trends.

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Drivers and Restraints:

Canned Tuna to be Widely Consumed Due to its Affordability and Longer Shelf-life

Canned tuna has experienced a notable increase in global consumption, emerging as a popular and affordable protein source. Its convenience—requiring no refrigeration and being easy to transport—has been a significant factor in driving demand. The growing proportion of the working population has amplified the need for processed, ready-to-cook, and ready-to-eat foods, as busy lifestyles leave less time for home cooking. This trend has particularly boosted the demand for convenience foods like canned tuna.

Europe and the Asia Pacific are the largest consumers of canned tuna, with rising popularity also seen in several South American and Middle Eastern countries. As the demand for healthy seafood, especially processed fish, continues to grow, canned tuna sales are expected to rise due to its high protein content.

However, the increasing shift toward vegetarianism, driven by concerns such as dairy allergies and environmental issues, is negatively affecting meat and seafood sales in some regions. Companies like Beyond Meat and MorningStar Farms are expanding their portfolios to include plant-based alternatives to traditional meat products, which may present challenges for the tuna fish market in the years ahead.

Regional Insights:

Europe holds a dominant share of the global tuna fish market, valued at USD 14.95 billion in 2022. This strong market position is driven by high per capita fish and seafood consumption, along with a well-established seafood industry. Consumers in the region are increasingly seeking healthy and functional foods, recognizing the benefits these products offer for active lifestyles.

In response to the growing demand for functional foods, companies are innovating their product offerings. A prime example is John West, a brand under the Thai Union Group, which introduced a nutrient-rich canned tuna range in September 2021 across grocery outlets in the U.K. This new product line features three functional flavors—Energy, Heart, and Immunity—targeting younger consumers who seek convenient, flavorful food options that align with their health-conscious preferences. This trend underscores the industry's adaptability to consumer demands and the continued evolution of the tuna market in Europe.

Competitive Landscape:

New Product Launches by Reputed Companies to Accelerate Market Development

Key players in the tuna fish market are actively introducing innovative and exotic seafood options to meet the growing consumer demand. Manufacturers are focusing on developing products with functional benefits to attract a wider customer base. For instance, in September 2021, John West, a brand under the Thai Union Group, launched a nutrient-rich canned tuna range across grocery outlets in the U.K. The new product line features three functional flavors—Energy, Heart, and Immunity—aimed at appealing to young consumers who are looking for convenient, flavorful, and health-conscious food options. This initiative reflects the industry's strategic response to changing consumer preferences and its efforts to enhance product offerings in the competitive seafood market.

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Key Industry Development:

January 2023 - Tuna fish farming startup, Next Tuna, has announced a partnership with Skretting, a leading manufacturer of feeds for farmed fish, to develop dry feeds for Atlantic Bluefin tuna. This collaboration aims to improve the sustainability and efficiency of tuna farming, supporting the growing demand for farmed tuna in the seafood industry.