Tuna refers to an elongated saltwater fish which belongs to the Thunnini tribe, a part of the mackerel fish family. It has a dark, silver and round body, comprising a network of blood vessels which assist in regulating the temperature of the body. Tuna is primarily found in the subtropical waters of the Atlantic Ocean, Mediterranean Sea and Black Sea. As it is extensively enjoyed by the non-vegetarian populace across the world, tuna is used in a variety of food products like sushi, sandwiches, pasta, salads, etc. According to the tuna market report by IMARC Group, the market reached a value of more than US$ 11 Billion in 2017.
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Tuna is associated with innumerable health advantages as it is a rich source of proteins, minerals, niacin, vitamin B6 and B12, and omega-3 fatty acids. Consumption of tuna helps in protecting the kidneys from developing infections, encouraging the growth of the muscles, averting inflammatory diseases and enhancing the blood circulation as well as metabolism of the body, thereby, escalating the global demand for tuna. In addition to this, rapid urbanisation and easy access to the cross-cultural cuisines have led to changing habits and food preferences of the consumers. For instance, in the regions of the Middle East and Central Asia, the popularity of sushi has strengthened the global tuna market. Apart from this, hectic work schedules and rising working population have positively influenced the demand for canned tuna and ready-to-eat (RTE) frozen tuna products. These products help in increasing the shelf-life of tuna and easy transportation over larger regions.
Further, on account of growing environmental concerns, several firms in the developed regions are now willing to offer Marine Stewardship Council (MSC) certified tuna to their consumers. This certificate demonstrates that the tuna has been captured and processed via sustainable methods. Looking forward, the global tuna market is expected to reach nearly US$ 14 Billion by 2023, exhibiting a CAGR of more than 3% during 2018-2023.
Canned tuna market holds the largest share
On the basis of type, the market is classified as canned, frozen and fresh. Amongst these, canned tuna accounts for the majority of the market share as it has a longer shelf-life and offers convenience to its consumers. Nonetheless, on account of increasing health consciousness amongst consumers, a shift from canned and frozen tuna products towards fresh tuna is expected in the near future. Though, fresh tuna is considerably expensive, its health advantages have outweighed its cons, therefore, consumers are willing to pay more.
Japan- both the largest consumer and producer
Based on species, the market is segregated as skipjack, yellowfin, albacore, bigeye and bluefin. Presently, skipjack represents the most popular species of tuna as light meat species are used in canned food products. Whereas, species like bluefin and bigeye are preferred in the preparation of sushi. As sushi is one of the traditional cuisines of Japan, these species are largely imported by the region.
On a geographical front, Japan is the largest consumer as well as the producer of tuna across the globe. This can be accredited to the wide popularity of tuna in Japanese households and restaurants. Other major producers include Indonesia, Philippines, Taiwan P.C., Republic of Korea and Span, whereas, the United States and Republic of Korea are the primary consumers of tuna.
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Key players emerging with new marketing tactics
The market is fragmented in nature due to the presence of several large as well as small vendors who are competing against each other on the basis of price, quality, innovation and distribution. The performance of the vendors is highly dependent on changing tastes and preferences of the consumers along with economic and socio-economic conditions. Thus, in order to maintain their competitive edge, manufacturers are consistently coming up with new marketing strategies and introducing new product variants. Some of the other key players operating in the tuna market include Thai Union, Tri Marine, Starkist, etc.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the tuna industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:
· Market Research
· Plant setup
· Plant Expansion
· Marketing and sales
· Procurement and Distribution
· Innovation and Product Development
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Contact US
IMARCGroup
Stuart Billy
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800 | www.imarcgroup.com
Americas :- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331
Linkedin: https://www.linkedin.com/company/imarc-group/
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