The increasing demand for seafood, growing consumer preference for protein-rich food, and the advancements in freezing & packaging technology are the factors projected to drive the global frozen tuna market’s growth during the forecast period. The Asia-Pacific region is predicted to witness prominent growth by 2032.
WILMINGTON, Del., April 10, 2024 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Frozen Tuna Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global frozen tuna market generated $6.6 billion in 2022, and is anticipated to generate $13.3 billion by 2032, rising at a CAGR of 7.4% from 2023 to 2032.
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Prime Determinants of Growth
The growing global population along with the rising demand for seafood, shifting preferences of consumers towards healthy & protein-rich diets, and the increased affordability of premium seafood due to the rising disposable income of people are the factors expected to drive the growth of the global frozen tuna market in the forecast period from 2023 to 2032. However, the availability of alternative plant-based protein sources and the environmental concerns related to fishing methods may hamper market growth in the coming future. On the contrary, technological advancements in freezing & packaging and e-commerce platforms enable companies to broaden their market reach, which are expected to offer remunerative opportunities for the expansion of the frozen tuna market during the forecast period.
Report Coverage & Details:
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Report Coverage |
Details |
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Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$6.6 Billion |
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Market Size in 2032 |
$13.3 Billion |
|
CAGR |
7.4 % |
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No. of Pages in Report |
310 |
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Segments Covered |
Type, Distribution Channel, and Region |
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Drivers |
Rising demand for seafood globally |
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Shifting consumer preferences toward healthy & protein-rich diets |
|
|
Opportunities |
Advancements in freezing and packaging technologies |
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Market expansion for companies through e-commerce platforms |
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Restraints |
Environmental concerns related to fishing methods |
Type: Frozen Bluefin Tuna Sub-segment to be the Most Dominant During the Forecast Period
The frozen bluefin tuna sub-segment accounted for the largest global frozen tuna market share of 31.6% in 2022 and is expected to grow at the highest CAGR of 8.2% during the forecast period. This dominance is mainly owing to the consumer preferences and the demand for bluefin tuna, renowned for its rich flavor and high-quality flesh, particularly fueled by the popularity of sushi and sashimi worldwide. In addition, regulatory measures promoting sustainable fishing practices and conservation efforts influence market dynamics, impacting supply chain operations and pricing. Moreover, advancements in fishing technologies and processing methods ensure the availability of high-quality frozen bluefin tuna, meeting consumer demands for sustainably sourced seafood and catering to evolving culinary trends and innovations.
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Distribution Channel: Supermarkets/Hypermarkets Sub-segment to Flourish Immensely During the Forecast Period
The supermarkets/hypermarkets sub-segment accounted for the largest market share of 39.8% in 2022 and is expected to dominate in terms of market share by 2032. This is mainly because supermarkets and hypermarkets offer unparalleled convenience by providing a diverse range of products, including frozen tuna, all under one roof. The expansive retail spaces allow for prominent display and easy accessibility, attracting consumers and influencing their purchasing decisions. Additionally, supermarkets often implement promotional strategies, such as discounts and package deals, enhancing the appeal of frozen tuna products and driving sales. Furthermore, supermarkets’ robust infrastructure for cold storage ensures the quality and safety of frozen seafood, meeting regulatory standards and fostering consumer trust.
Region: Asia-Pacific Market to be the Most Dominant by 2032
The frozen tuna market in the Asia-Pacific accounted for the largest share of 44.4% in 2022 and is predicted to continue to maintain its dominance by growing at the highest CAGR of 8.0% during the forecast period. This growth is mainly owing to the region’s exponentially growing population, increasing disposable income, and evolving dietary preferences towards protein-rich foods, particularly seafood, drive the demand for frozen tuna. In addition, advancements in fishing technologies and processing techniques enhance the efficiency and quality of frozen tuna production in Asia-Pacific region. Mostly, compliance with international regulations, particularly concerning sustainable fishing practices, is crucial for market access, with consumers showing a preference for certified sustainable seafood products.
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Leading Players in the Frozen Tuna Market:
- Zoneco Group
- Marine Harvest
- Nippon Suisan Kaisha aka Nissui
- Dongwon Enterprise Company
- High Liner Foods
- Tassal Group
- Pescanova SA
- chicken of the sea
- Brig-Star LLC
- SalMar ASA
The report provides a detailed analysis of the key players of the global frozen tuna market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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