Westford, USA, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Tuna is a popular seafood dish consumed around the world. The demand for tuna fish market has been on the rise in recent years as people become more health-conscious. This has resulted in an increase in prices for tuna meat and oil. Prices for white tuna have increased by as much as 50% since 2007. In 2018, 5.2 million metric tons of tuna was sold around the globe, which went on to increase to 5.8 million metric ton in 2021, 22% up from 2012. It will continue to grow over the next decade as a result of increasing consumption of tuna products in both developed and developing markets, according to SkyQuest. The market's growth is being led by demand from affluent Asian countries such as China, Japan, and South Korea.
Our analysts attribute the tuna fish market's growth to a number of factors including growing affluence and an increase in awareness about the health benefits of eating seafood, which has made sushi more popular. Additionally, the increased popularity of healthy food options has led to consumers wanting more protein-rich foods. As a result, tuna meat has become increasingly popular as a source of dietary protein.
However, despite the recent price hikes, demand for tuna is still growing. In response to demands from Asia and other parts of the world where sustainability concerns are high, many producers are increasing production of bluefin tuna, a species that is considered to be more sustainable than other types of tuna.
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Overfishing and Climate Change is Grave Concern
The tuna fish market has been heavily reliant on wild stocks for their supply said Kanupriya Mahajan, research analyst with SkyQuest. However, overfishing of these stocks and environmental pressures are starting to affect the viability of tuna fisheries.
The main environmental pressures affecting the tuna fish industry are climate change, habitat destruction, overcapacity and pollution. Climate change is likely to have a negative impact on ocean ecosystems which support tuna fisheries by creating new habitats unsuitable for fish populations or changing patterns of distribution that disrupt feeding grounds or key area for juvenile migrations. Habitat destruction is exacerbated by fishing practices that use high-powered boats that damage coral reefs and vortex sediment from the seafloor into the water column where it suffocates organisms such as corals in the global tuna fish market.
Overcapacity can result from an expansion in demand for some species, such as Japanese mackerel, leading to overexploitation and collapse of stocks. Pollution from growing industrial activities has also become an issue as wastewater discharge effluents enter coastal ecosystems where they form algal blooms that can kill off marine life.
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Canned Tuna Fish Market to Generate Over 11.89 Billion by 2028
Canned tuna is projected to generate over $11.89 billion by 2028 according to a report from SkyQuest. The report found that increased production and consumption of canned tuna has helped reduce fish prices globally, leading to more sustainable fisheries. The popularity of canned tuna has contributed to its growing production, which is expected to triple by 2028. Canned tuna makes up more than two-thirds of all tuna products in the global tuna fish market and is expected to grow further as consumers look for healthier alternatives.
The growth of the canned tuna market can be attributed in part to increased consumption in Asia and Latin America, where consumers are looking for good-quality protein sources that are less expensive than meat alternatives. Moreover, around 95% of canned tuna products come from North America, Europe, and Asia Pacific, indicating that these regions have a strong preference for this type of product in the global tuna fish market.
Some of the biggest producers of canned tuna are Italy, Spain, and Japan. These countries are also responsible for most of the imported canned tuna into the United States. The demand for canned tuna fish market has led to prices being high in some parts of the world, but it has also helped create new businesses that produce and sell canned tuna products.
Although there are some concerns about the sustainability of canned tuna fisheries, overall demand for this fish product appears to be on the rise. This suggests that consumers are looking for options that are healthy and affordable, and canned tuna seems to fit that bill perfectly.
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Skipjack Tuna Generates Over 55% Revenue of Global Tuna Fish Market
SkyQuest has released a report analyzing the Skipjack tuna industry and our findings show that the industry generates over $22 billion in revenue each year. Skipjack tuna is the most popular type of tuna and accounts for over 55% of all tuna fish sales in the world.
The report found that there are several key factors driving the success of this industry including high demand from Asia, stable prices, and a growing market for sustainable seafood. The report also highlighted several challenges facing the skipjack tuna fish market including overfishing, illegal fishing, and climate change.
The value of skipjack tuna has been on the rise in recent years due to its high nutritional content. The meat of skipjack tuna contains high levels of protein and omega-3 fatty acids. It is also a good source of vitamin A and selenium. Moreover, skipjack tuna is low in cholesterol and fat, making it a healthy choice for those looking to reduce their dietary intake of these substances.
Another reason why the demand for skipjack tuna fish market is rising is its sustainability. Skipjack tuna are fast-growing predators that can reach maturity at an early age. This makes them resilient to overfishing and allows them to reproduce quickly. In addition, skipjack tuna have a low impact on marine ecosystems, making them an environmentally friendly choice when it comes to seafood consumption.
Overall, the demand for skipjack tuna is growing globally due to its nutritious nature, sustainable fishing methods, and low environmental impact
Top Players in Global Tuna Fish Market
- Thai Union Group PCL (Thailand)
- StarKist Co. (US)
- A.E.C. Canning Company Limited (Thailand)
- American Tuna Inc. (US)
- Bumble Bee Foods LLC (US)
- Century Pacific Food Inc. (Philippines)
- Crown Prince Inc. (US)
- Grupo Albacora SA (Spain)
- Wild Planet Foods Inc. (US)
- Golden Prize Canning Co. Ltd. (Thailand)
- Ocean's (Canada)
- Dongwon Enterprise Co., Ltd. (South Korea)
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