Top companies covered in tuna fish market report are Thai Union Group Inc. (Samut Sakhon, Thailand), Mitsubishi Corporation (Tokyo, Japan), American Tuna Company, 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. , Wild Planet Foods Inc. and more players profiled
Pune, India, July 22, 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.
COVID-19 Impact
Market Exhibited Negative Growth Rate of -6.06% in 2020; Supply Chain Disruption Hampers Product Demand
As per the Food and Agriculture Organization (FAO), although the fishing activities across the world remained stable in the first half of 2020, several fish processing facilities operated at a 65% of capacity. Strict adherence to social distancing norms and disrupted supply chain due to the lockdown impacted the market significantly. The market reported a negative growth rate of around -6.06% in 2020. However, FAO also reported that panic buying led to the exponential sales of canned tuna owing to their high shelf life leading to a positive impact on the market.
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.
Industry Development:
July 2020: Spanish seafood companies Scanfisk and Atunlo signed a new agreement. As per the agreement, the companies will collectively launch advanced frozen value-added tuna fish products across the foodservice and retail sector of the country.
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)
Browse Detailed Summary of Research Report with TOC:
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.
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.
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.
Canned Tuna Market Size, Share & Covid-19 Impact Analysis, By Type (Canned Light Tuna and Canned White Tuna), Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, and Online Retail), and Regional Forecast, 2020 – 2027
Frozen Fish Market Size, Share & Industry Analysis, By Type (Salmon, Tuna, Cod, Catfish, Snapper, Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) And Regional Forecast 2021-2028
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