Tuna Fish's global market US$11.59 billion in 2018 to cross $14.4 billion by 2022

Skipjack, Yellowfin, Albacore, Bigeye and Bluefin are the major species of Tuna Fish. 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.

Belonging to the Scombridae family, commonly known as the mackerel group, tuna is a type of fish available in saltwater. Widely considered as one of the major sources of animal protein, it is cherished in frozen, fresh, canned and sushi forms across the globe. It provides numerous health benefits such as blood pressure control, strengthened immune system, and improved heart health, along with aiding significantly in preventing inflammatory diseases such as arthritis and gout.

The Tuna Fishmarket is divided into three - canned, fresh and frozen. Japan is leading the Tuna Fishmarket followed by Indonesia, Philippines, Taiwan, Republic of Korea, Spain and Others. The competitive landscape of the market has also been examined with some of the key players being the Thai Union, Tri Marine, Starkist, etc. According to the latest report by IMARC Group titled, "Tuna Market Price Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the market reached a value of US$ 11.59 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 14.4 Billion by 2024, exhibiting a CAGR of around 3.2% during 2019-2024.

The rising demand for canned tuna is the key factor in driving market growth. Packaged food items have experienced a significant increase in demand, owing to the busy schedules of the working population. Canned tuna, among all the other packaged foods, has emerged as one of the most popular food choices. Furthermore, the rising popularity of sushi as a global dish is also contributing to the market growth. In addition to this, cultivation of a wide variety of tuna such as skipjack, yellowfin, bigeye and albacore, and their easy availability caters to the diversified taste and preferences. Other factors such as increasing disposable incomes, rising per capita consumption coupled with improved living standards are also fueling the market growth.

(With inputs from IMARC Group)