The frozen tuna global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Frozen Tuna Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The frozen tuna market size has grown strongly in recent years. It will grow from $7.47 billion in 2023 to $8.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to growing demand for seafood, rising demand for seafood, consuming plant-based protein sources, increasing awareness about the health benefits, and growth in sushi and sashimi consumption.
The frozen tuna market size is expected to see strong growth in the next few years. It will grow to $12.22 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to increasing protein-rich foods, increasing demand for frozen tuna, increasing demand for value-added seafood, increasing demand for sustainably sourced foods, and growth of modern retail formats and online food delivery services. Major trends in the forecast period include technological innovations, advancements in cold chain logistics, flash-freezing technology, sustainable packaging solutions, and improved thawing techniques.
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Scope Of Frozen Tuna Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Frozen Tuna Market Overview
Market Drivers –
The growing demand for seafood is expected to propel the growth of the frozen tuna market going forward. Seafood refers to edible aquatic animals and plants, including fish, shellfish, mollusks, and seaweeds, harvested from oceans, rivers, and lakes, which are sources of protein and nutrients for many cultures worldwide. The demand for seafood is due to rising awareness of its health benefits, expansion of aquaculture, changing dietary preferences, improved supply chain logistics, and sustainability concerns regarding land-based protein sources. Frozen tuna plays a crucial role in meeting the growing global demand for seafood by providing a reliable, versatile, and high-quality product that can be enjoyed in various forms and cuisines worldwide. For instance, in September 2023, according to Statistics Canada, a Canada-based government agency, sales of farmed shellfish in Canada increased to $125.0 million in 2022, an 11.8 % increase compared to 2021. Therefore, the growing demand for seafood drives the frozen tuna market.
Market Trends –
Major companies operating in the frozen tuna market are focusing on developing innovative products such as ultra-low temperature (ULT) frozen fish to improve the quality, shelf-life, and sustainability of their frozen tuna products. Ultra-low temperature (ULT) frozen fish refers to fish that has been frozen at extremely low temperatures to maintain its quality and freshness for an extended period. ULT freezing typically involves temperatures much lower than conventional freezing methods, often reaching as low as -60 degrees Celsius (-76 degrees Fahrenheit) or even lower. For instance, in April 2023, Big Fish Maldives, a Maldives-based seafood processing company, launched its ultra-low temperature frozen tuna products. The product remains fresh for an extended period due to its rapid freezing capability at temperatures as low as minus 60 degrees Celsius. Freezing fish at such ultra-low temperatures allows high-quality fish to be sold in overseas markets at prices approximately 150% higher than previously frozen fish at 20 degrees Celsius. Ultra-low temperature (ULT) frozen tuna is widely preferred for sashimi and high-end sushi due to its ability to preserve its natural ruby-red color, rich fat content, and excellent eating quality.
The frozen tuna market covered in this report is segmented –
1) By Type: Frozen Albacore, Frozen Big Eye Ahi, Frozen Bluefin Tuna, Frozen Skipjack, Frozen Yellowfin Tuna
2) By Distributed Channel: Online, Offline
3) By Application: Supermarkets And Hypermarkets, Convenience Stores, Specialty Stores, Online Retail
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Regional Insights –
Asia-Pacific was the largest region in the frozen tuna market in 2023. The regions covered in the frozen tuna market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the frozen tuna market are ITOCHU Corporation , Sojitz Corporation, Dongwon Group, Nissui Corporation, Mowi ASA, Thai Union Group PCL , Bolton Group, SalMar ASA, IBL Ltd., High Liner Foods Inc., Century Pacific Food Inc., The Jealsa Rianxeira S.A.U. , Bumble Bee Foods LLC, Tassal Group, Chicken of the sea, Shanghai Kaichuang Marine International, Zhejiang Ocean Family Co. Ltd., Grupo Calvo, FCF Co. Ltd. , Sea Delight LLC, Pescanova SA, Stehr Group, Golden Prize Canning Co. Ltd.
Table of Contents
1. Executive Summary
2. Frozen Tuna Market Characteristics
3. Frozen Tuna Market Trends And Strategies
4. Frozen Tuna Market – Macro Economic Scenario
5. Global Frozen Tuna Market Size and Growth
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32. Global Frozen Tuna Market Competitive Benchmarking
33. Global Frozen Tuna Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Frozen Tuna Market
35. Frozen Tuna Market Future Outlook and Potential Analysis
36. Appendix
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