According to the latest report by IMARC Group, titled “Tuna Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global tuna market reached a value of US$ 11.4 Billion in 2017. Tuna is a saltwater fish which belongs to the Scombridae family and is found in the temperate and subtropical waters of the Mediterranean Sea, Black Sea and Atlantic Ocean. It is a rich source of vitamin B12, vitamin B6, niacin, proteins, minerals, omega-3 fatty acids, etc. The consumption of tuna offers a large variety of health benefits such as protecting the skin and kidneys against infections, promoting the growth and development of muscles, preventing inflammatory diseases, and improving blood circulation and metabolism in the body. Tuna is regarded as a delicacy in several regions of the world and is prepared by adding different flavors and textures.
Rapid urbanization and international food trends have led to the development of new food preferences and habits among the consumers. For instance, the popularity of sushi worldwide has further increased the demand for tuna, particularly in new markets such as the Middle East, Central Asia and Latin America. On the other hand, fresh tuna trade has been surpassed by the demand for ready-to-eat frozen and canned products as a result of hectic schedules of the consumers. These products also aid in easy transportation over larger distances and increase the shelf-life of tuna. Apart from this, rising production of processed tuna products helps in generating employment opportunities in the entire value chain including catching, processing and trade of tuna. Furthermore, due to growing environmental concerns among the consumers, a number of companies are offering Marine Stewardship Council (MSC) certified tuna which is captured and processed using sustainable methods. Looking forward, the market value is projected to reach US$ 13.7 Billion by 2023, expanding at a CAGR of 3.2% during 2018-2023.
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Global Tuna Market Summary:
- On the basis of type, the market has been segmented as canned, fresh and frozen tuna. Amongst these, canned tuna is the most popular product type, accounting for the majority of the global share.
- Based on species, the report finds that Skipjack tuna dominates the total market. Skipjack tuna is followed by Yellowfin, Bigeye, Albacore and Bluefin.
- Region-wise, Japan represents both the largest consumer and producer of tuna worldwide. Some of the other major producers include Indonesia, Philippines, Taiwan P.C., Republic of Korea and Spain, whereas, the United States and Republic of Korea are the major consumers of tuna.
- The competitive landscape of the market has also been examined with some of the key players being Thai Union, Tri Marine, Starkist, etc.
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