Pune, India, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The global tuna fish market size is expected to gain traction by reaching USD 48.19 billion in 2028 while exhibiting a CAGR of 2.65% between 2021 and 2028. Fortune Business Insights, in its report titled “Tuna Fish Market, 2021-2028.”, mentions that the market stood at USD 39.27 billion in 2020. Evolving consumer preference for seafood diets and the increasing focus on the consumption of healthy food products owing to a significant rise in chronic ailments will boost the demand for the product during the forecast period. For instance, in November 2019, Thai Union Group Inc. announced the launch of its new tune product, SEALECT Tuna Fitt. The company aims to attract the health-conscious consumers of Thailand to strengthen its position.
Market Segmentation:
On the basis of type, the market is segmented into skipjack, albacore, yellowfin, bigeye, bluefin, and others.
- Based on species, the skipjack segment held a global tuna fish market share of about 45.61% in terms of revenue in 2020. The segment is likely to showcase significant growth backed by the abundant availability of this type of tuna species worldwide.
On the basis of product type, the market is categorized into canned, fresh, and frozen. Lastly, based on the region, the market is divided into North America, South America, Europe, Asia-Pacific, and the Middle East and Africa.
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What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive market growth between 2021 and 2028.
DRIVING FACTORS
Evolving Dietary Patterns to Augment Growth
The growing demand for a healthy diet and sustainable fishing operations has led to the surging investment in R&D activities by the companies. The evolving dietary preference has propelled the adoption of advanced tuna processing procedures to cater to the growing demand from consumers. For instance, in July 2019, Dongwon Group introduced a new vessel for carrying out fishing activities in the South Pacific. The company extensively focuses on sustainable sourcing of the product. In addition to this, the high demand for fresh tuna across the food and beverage sector, owing to its significant efficacy in taste, will contribute to the global tuna fish market growth during the forecast period.
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REGIONAL INSIGHTS
Europe – The region is expected to remain dominant and hold the highest position in the market in the forthcoming years. This is owing to the presence of a solid canned tuna market on account of the high popularity for canned products among the people in countries such as Spain, the U.K., and others. Europe stood at USD 14.37 billion in 2020.
Asia-Pacific – On the other hand, the region is expected to hold the second position in the market during the forecast period. This is due to the supportive government initiatives promoting tuna fish production in countries such as Japan and China.
COMPETITIVE LANDSCAPE
Facility Expansion by Major Companies to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are focusing on expanding their facilities to further strengthen their positions and widen their business horizons. Moreover, other key players are adopting organic and inorganic growth strategies to gain a strong footprint and expand their tuna fish portfolio that will bode well for the market growth.
List of the Companies Profiled in the Global Market:
- Thai Union Group Inc. (Samut Sakhon, Thailand)
- Mitsubishi Corporation (Tokyo, Japan)
- American Tuna Company (California, United States)
- Crown Prince Inc. (California, United States)
- FCF Co., Ltd. (Taiwan)
- ITOCHU Corporation (Tokyo, Japan)
- Bolton Group (Milan, Italy)
- Alliance Select Foods Inc. (Philippines)
- DongWon Enterprises Co. Ltd. (Seoul, South Korea)
- Wild Planet Foods Inc. (California, United States)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Meat & Seafood Market
- Tuna Supply Market Overview
- Analysis – Meat, Poultry, & Seafood Consumption
- Supply Chain and Trade Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and
- New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Overview of the Parent/Related Markets
- Global Tuna Fish Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Species (Value)
- Skipjack
- Albacore
- Bluefin
- Yellowfin
- Bigeye
- Others
- By Type (Value)
- Canned
- Fresh
- Frozen
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Species (Value)
TOC Continued…!
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