Tuna market worth USD 48.19 billion at 2.65% CAGR per


Pune, India, July 22, 2021 (GLOBE NEWSWIRE) – The world tuna market The size is expected to gain ground reaching $ 48.19 billion in 2028 while posting a CAGR of 2.65% between 2021 and 2028. Fortune Business Insights, in its report titled “Tuna market, 2021-2028. “, mentions that the market was worth $ 39.27 billion in 2020. The changing consumer preference for seafood diets and the growing attention to consuming healthy food products due to ‘A significant increase in chronic diseases will drive demand for the product during the forecast period. For example, in November 2019, Thai Union Group Inc. announced the launch of its new music product, SEALECT Tuna Fitt. The company aims to attract health-conscious Thai consumers to strengthen its position.

Impact of COVID-19

The market posted a negative growth rate of -6.06% in 2020; Supply chain disruption hinders demand for products

According to the Food and Agriculture Organization (FAO), although fishing activities around the world remained stable in the first half of 2020, several fish processing facilities operated at 65% of their capacity. Strict adherence to social distancing standards and the disrupted supply chain due to the lockdown have had a significant impact on the market. The market recorded a negative growth rate of around -6.06% in 2020. However, FAO has also reported that panic buying has led to exponential sales of canned tuna due to their long shelf life. , which had a positive impact on the market.

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COMPETITIVE LANDSCAPE

Expansion of facilities by large companies to broaden their market prospects

The market includes small, medium and large companies that strive to maintain a strong position. The companies are focused on expanding their facilities to further strengthen their positions and broaden their business horizons. In addition, other key players are adopting organic and inorganic growth strategies to acquire a strong footprint and expand their tuna portfolio, which bodes well for the growth of the market.

Industry development:

  • July 2020: Spanish seafood companies Scanfisk and Atunlo have signed a new agreement. Under the agreement, the companies will collectively launch value-added advanced frozen tuna products in the country’s restaurant and retail sector.

List of profiled companies 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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Market segmentation :

On the basis of type, the market is segmented into skipjack, albacore, yellowfin, bigeye, bluefin, and others.

  • On a species basis, the skipjack segment held a global tuna market share of approximately 45.61% in terms of revenue in 2020. The segment is expected to experience significant growth supported by the abundant availability of this type of species. of tuna in the world.

Based on the type of product, the market is categorized as canned, fresh and frozen. Finally, based on the region, the market is divided into North America, South America, Europe, Asia-Pacific, Middle East, and Africa.

What does the report provide?

The market report provides an in-depth analysis of several factors such as the major drivers and restraints that will impact the growth. Further, the report provides information on regional analysis which covers different regions, contributing to the growth of the market. It understands the competitive landscape that involves leading companies and the adoption of strategies by them to announce partnerships, introduce new products and collaborate to further contribute to market growth.

Additionally, the research analyst has adopted several research methodologies to extract insights into current trends and industry developments that will drive the market growth between 2021 and 2028.

DRIVING FACTORS

Changing eating habits to increase growth

The growing demand for healthy food and sustainable fishing operations has led to increased investment in R&D activities by companies. Changing food preferences have propelled the adoption of advanced tuna processing procedures to meet growing consumer demand.

For example, in July 2019, the Dongwon Group introduced a new vessel to conduct fishing activities in the South Pacific. The company is largely focused on the sustainable sourcing of the product. In addition to this, the strong demand for fresh tuna in the food and beverage industry, due to its significant flavor efficiency, will contribute to the growth of the global tuna market during the forecast period.

REGIONAL OVERVIEW

Europe – The region is expected to remain dominant and occupy the highest position in the market in the coming years. This is due to the presence of a strong canned tuna market due to the great popularity of canned products among the population of countries such as Spain, UK and others. Europe was worth $ 14.37 billion in 2020.

Asia Pacific – On the other hand, the region is expected to occupy the second position in the market during the forecast period. This is due to supportive government initiatives favoring tuna production in countries like Japan and China.

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Detailed table of contents:

  • introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • Key ideas
    • Overview of parent / related markets
      • Meat and seafood market
      • Overview of the tuna sourcing market
    • Analysis – Consumption of meat, poultry and seafood
    • Supply chain and trade analysis
    • Recent Industry Developments – Policies, Mergers & Acquisitions and
    • New product launches
    • Market analysis and overview (in relation to COVID-19)
      • Impact of COVID-19 on the market
      • Supply chain challenges from the pandemic
      • Potential opportunities due to COVID-19
  • Global Tuna Fish Market Analysis, Outlook and Forecast, 2017-2028
    • Main conclusions / Summary
    • Market size estimates and forecasts
      • By species (value)
        • Skipjack
        • Albacore
        • Red tuna
        • Yellowfin
        • Big eye
        • Others
      • By type (value)
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

TOC Continued…!

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Take a look at the related research analyzes:

Canned tuna market Covid-19 size, share and impact analysis, by type (canned light tuna and canned albacore), distribution channel (supermarket / hypermarket, convenience stores, specialty stores and online retail) and regional forecast, 2020 -2027

Frozen fish market Industry Size, Share & Analysis, By Type (Salmon, Tuna, Cod, Catfish, Snapper, Others), By Distribution Channel (Supermarkets / Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) and Forecast regional 2021-2028

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