Frozen Tuna Market Expected to Reach $13.3 Billion by 2032

According to a new report published by Allied Market Research, titled, “Frozen Tuna Market," The frozen tuna market was valued at $6.6 billion in 2022, and is estimated to reach $13.3 billion by 2032, growing at a CAGR of 7.4% from 2023 to 2032.

"Frozen tuna" refers to tuna fish that has been caught and immediately frozen to preserve its freshness. Tuna is a popular type of fish and freezing is a common method used in the seafood industry to extend the shelf life of the fish as well as maintain its quality. When tuna is frozen, it helps prevent the growth of bacteria and other microorganisms that cause spoilage. This preservation method is especially important for maintaining the taste and texture of the fish during transportation & storage.

Increase in the popularity of sushi and sashimi as a trendy and healthy food option has led to increase in overall sushi consumption. Therefore, there is surge in demand for tuna, frozen fish and frozen tuna market size becomes a convenient & practical solution to meet this demand while preserving freshness. Frozen tuna allows for better supply chain management, as it is caught, processed, and frozen at sea. This ensures that the tuna retains its quality during transportation and provides flexibility in distribution, allowing access to high-quality tuna in regions where fresh tuna is not readily available. Frozen tuna enables year-round accessibility of this essential ingredient, regardless of seasonal variations in tuna availability. This ensures a steady supply for sushi and sashimi restaurants, contributing to the high popularity of these dishes. Freezing tuna helps preserve its quality, texture, and taste. This is crucial for sushi and sashimi dishes where the freshness of fish is paramount. The use of frozen tuna ensures that chefs consistently deliver a high-quality dining experience to customers. Frozen tuna provides a more cost-effective solution as compared to fresh tuna. This makes it an attractive option for restaurants as well as consumers, allowing them to enjoy sushi and sashimi without the potential cost fluctuations associated with fresh, seasonal tuna.

However, as consumers significantly seek alternative protein sources, such as plant-based proteins or other sustainable options, the demand for traditional animal-based products such as frozen tuna is expected to decline. This shift in preference is anticipated to lead to decrease in market share for frozen tuna. Tuna fishes, especially larger species such as bluefin tuna, accumulate higher levels of mercury. Consumer awareness regarding mercury contamination in seafood leads to concerns about the health hazards of consuming tuna. This results in a decline in demand for frozen tuna as consumers opt for lower-mercury seafood alternatives. Increase in awareness regarding environmental issues, including overfishing and the effect of fishing practices on marine ecosystems, influences consumers to choose sustainable seafood options. Furthermore, consumers are becoming highly conscious of the origin and production methods of their food. A lack of clear labeling or certification regarding the sustainability and sourcing of frozen tuna deters environmentally conscious consumers from purchasing these products. Moreover, the price of frozen tuna is influenced by various factors, including fishing practices, transportation costs, and market demand. As alternative protein sources or seafood options become notably cost-competitive, price-sensitive consumers are anticipated to switch to more affordable alternatives, affecting the growth of the frozen tuna market.

On the contrary, e-commerce platforms allow companies to expand their market reach beyond geographical constraints. This enables frozen tuna suppliers to access a global audience, hence reaching consumers who do not have easy access to traditional brick-and-mortar stores. Direct-to-consumer sales through online platforms provide convenience for consumers. They are able to browse, select, and purchase frozen tuna products from the comfort of their homes, saving time and effort compared to physically visiting a store. Furthermore, e-commerce platforms offer opportunities for companies to highlight their brand and spread awareness. Through engaging product descriptions, visuals, and customer reviews, businesses are able to establish a strong online presence and differentiate themselves in a competitive market. Direct-to-consumer sales allow for a more personalized shopping experience. Companies analyze consumer data to understand preferences and tailor their offerings, promotions, and marketing strategies accordingly, thus enhancing customer satisfaction & loyalty. E-commerce platforms enable transparent communication between the producer and the consumer. Companies provide detailed information about their frozen tuna products, including sourcing methods, sustainability practices, and nutritional value; therefore, fostering trust among consumers. E-commerce platforms offer flexibility in running promotions and sales. Companies take advantage of seasonal demand fluctuations, offering discounts or special promotions during peak times, which drive the sales and attract new customers. These factors are anticipated to boost the frozen tuna market opportunities in the upcoming years.

The frozen tuna market share is segmented by type, application, and region. As per type, it is classified into frozen albacore, frozen big eye ahi, frozen bluefin tuna, frozen skipjack, and frozen yellowfin tuna. Depending on application, it is divided into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail. By region, the frozen tuna market analysis across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the frozen tuna market report include Brig-Star LLC, Chicken of the Sea, Dongwon Enterprise Company, High Liner Foods, Marine Harvest, Nippon Suisan Kaisha aka Nissui, Pescanova SA, SalMar ASA, Zoneco Group, and Tassal Group.

The report offers a comprehensive analysis of the global frozen tuna market trends by thoroughly studying various aspects of the frozen tuna market forecast including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the frozen tuna market growth. The report highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the frozen tuna industry growth are profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers & suppliers, threats of new players, and emergence of substitutes in the market.

Key Findings of the Study

• Based on type, the frozen bluefin tuna segment emerged as the global leader in 2022 and it is anticipated to be the fastest growing segment during the forecast period.
• Based on application, the supermarkets/hypermarkets segment emerged as the global leader in 2022 and it is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2022 and is projected to maintain its position during the forecast period.