WASHINGTON, May 10, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Tuna Fish Market finds that the increasing fish production with aquaculture is expediting market growth. Primarily driven by rising demand for sustainably sourced tuna, the total Global Tuna Fish Market is estimated to reach USD 46.4 Billion by the year 2028.
The Global Market revenue stood at USD 39.8 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 2.6%.
Furthermore, the increase in the well-organized seafood industry is also anticipated to augment the growth of the Global Tuna Fish Market, states Vantage Market Research, in a report, titled “Tuna Fish Market Size, Share & Trends Analysis Report by Species (Skipjack, Albacore, Yellowfin, Bigeye), by Type (Canned, Fresh, Frozen), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Rising Fish Production with Aquaculture to Stimulate Global Tuna Fish Market
The increasing fish production with aquaculture is anticipated to augment the growth of the Tuna Fish Market in the years to come. According to FAO data, the global fish production reached about 179 million Tonnes in 2018, with a total first sale value estimated to be USD 401 Billion, of which 82 million Tonnes, was esteemed at USD 250 Billion, came from aquaculture production. Human consumption accounted for 156 million Tonnes of the total, or to an annual supply of 20.5 kg per inhabitant. The remaining 22 million Tonnes were earmarked for uses other than food, primarily fishmeal and fish oil production. Aquaculture was responsible for 46% of overall production and 52% of fish for human consumption. Further, the tuna catches continued to rise, reaching a peak of around 7.9 million Tonnes in 2021, owing mostly to increased catches in the Western and Central Pacific. There is an increase in average stock and levels of Tuna Fish Market which is expected to support the market growth.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Tuna Fish market is predicted to grow at a CAGR of roughly 2.6% during the forecast period.
- The Tuna Fish market was estimated to be worth roughly USD 39.8 Billion in 2021 and is expected to reach USD 46.4 Billion by 2028; based on primary research.
- On the basis of region, Europe is projected to dominate the worldwide Tuna Fish market.
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Segmentation of the Global Tuna Fish Market:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing Demand for Sustainably Sourced Tuna to Accelerate Market Growth
The increasing demand for sustainably sourced tuna is anticipated to augment the growth of the Tuna Fish Market within the estimated period. Customers nowadays are looking for products that can assist them in leading a more responsible and sustainable lifestyle. The demand for value-added and sustainably sourced seafood has risen in response to rising health and environmental concerns. Organizations from all across the world are assisting in the development of a sustainable Tuna Fish Marketing supply chain. The Earthworm Foundation and the International Pole and Line Foundation (IPNLF) teamed up in 2020 to promote sustainable Tuna Fish Marketing in France. The two organizations will collaborate in the French market to establish better and more responsible tuna stock management, promote sustainable fisheries, and enhance working conditions for both sea and land employees as part of the new relationship. In addition, the market is expected to benefit from an increase in the number of companies adopting vertical integration strategies to ensure sustainability at all stages of product development and distribution, from fishing to processing and logistics.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the food & beverage industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Tuna Fish Market highlights:
- Assessment of the Market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Europe Dominated the Global Tuna Fish Market
Europe held the largest shares in 2021 and is likely to continue the same trend during the forecast period. This is due to the presence of a well-organized seafood industry in the region. Furthermore, the market’s regional growth is likely to be fueled by increased per capita fish and seafood consumption. Additionally, the consumers shift towards healthy and functional foods owing to Covid-19 is also contributing significantly towards the regional growth of the market.
List of Prominent Players in the Tuna Fish Market:
- Bolton Group (Milan – Italy)
- Century Pacific Foods Inc. (Pasig – Philippines)
- The Jealsa Rianxeira S. AU. Group (Boiro – Spain)
- Grupo Albacore S.A. (Basque – Spain)
- ITOCHU Corporation (Tokyo – Japan)
- Thai Union Group Inc. (Samut Sakhon – Thailand)
- Dongwon Enterprises Co. Ltd. (Seoul – South Korea)
- IBL Ltd. (Port Louis – Mauritius)
- FCF Co. Ltd. (Kaohsiung – Taiwan)
- Sea Delight (Florida U.S.)
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on “Tuna Fish Market Size, Share & Trends Analysis Report by Species (Skipjack, Albacore, Yellowfin, Bigeye), by Type (Canned, Fresh, Frozen), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/tuna-fish-market-385483
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Tuna Fish Market?
- How will the Tuna Fish Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Tuna Fish Market?
- What is the Tuna Fish market drivers and restrictions?
- What will be the CAGR and size of the Tuna Fish Market throughout the forecast period?
This report titled “Tuna Fish Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered||• Species
° North America
° Asia Pacific
° Latin America
° Middle East & Africa
|Region & Counties Covered||• North America
° Rest Of Europe
• Asia Pacific
° South Korea
° South East Asia
° Rest Of Asia Pacific
• Latin America
° Rest Of Latin America
• Middle East & Africa
° GCC Countries
° South Africa
° Rest Of Middle East & Africa
|Companies Covered||• Bolton Group (Milan – Italy)
• Century Pacific Foods Inc. (Pasig – Philippines)
• The Jealsa Rianxeira S. AU. Group (Boiro – Spain)
• Grupo Albacore S.A. (Basque – Spain)
• ITOCHU Corporation (Tokyo – Japan)
• Thai Union Group Inc. (Samut Sakhon – Thailand)
• Dongwon Enterprises Co. Ltd. (Seoul – South Korea)
• IBL Ltd. (Port Louis – Mauritius)
• FCF Co. Ltd. (Kaohsiung – Taiwan)
• Sea Delight (Florida U.S.)
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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