Preserved Tuna Market

The global tuna market is expected to grow steadily over the next eight years, with consumption volume projected to reach 5M tons and market value to hit $31B by 2030. China dominates both consumption and production of preserved tuna, while Spain and the United States follow closely behind. The market has seen consistent growth in both production and imports, with notable fluctuations in export prices. The top importing countries include the United States, Spain, and Italy, while the main exporting countries are Thailand, Ecuador, and China. Overall, the tuna market is thriving and expected to see continued growth in the near future.

Market Forecast

Driven by increasing demand for tuna (prepared or preserved) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $31B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tuna (Prepared or Preserved)

In 2022, the amount of tuna (prepared or preserved) consumed worldwide was estimated at 4.2M tons, approximately equating the previous year's figure. The total consumption volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption attained the maximum volume at 4.3M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global preserved tuna market value expanded to $22.4B in 2022, with an increase of 2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

China (1.4M tons) remains the largest preserved tuna consuming country worldwide, accounting for 32% of total volume. Moreover, preserved tuna consumption in China exceeded the figures recorded by the second-largest consumer, Spain (385K tons), fourfold. The third position in this ranking was taken by the United States (241K tons), with a 5.7% share.

In China, preserved tuna consumption expanded at an average annual rate of +4.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: Spain (+4.4% per year) and the United States (+0.4% per year).

In value terms, China ($6.3B) led the market, alone. The second position in the ranking was held by Spain ($2.7B). It was followed by the United States.

In China, the preserved tuna market increased at an average annual rate of +3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Spain (+3.4% per year) and the United States (+0.1% per year).

In 2022, the highest levels of preserved tuna per capita consumption was registered in Spain (8.1 kg per person), followed by Italy (3 kg per person), South Korea (2.6 kg per person) and Germany (2.5 kg per person), while the world average per capita consumption of preserved tuna was estimated at 0.5 kg per person.

In Spain, preserved tuna per capita consumption increased at an average annual rate of +4.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+1.5% per year) and South Korea (+3.2% per year).

Production

World Production of Tuna (Prepared or Preserved)

In 2022, approx. 4.2M tons of tuna (prepared or preserved) were produced worldwide; picking up by 1.6% on 2021 figures. The total output volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 10%. Over the period under review, global production hit record highs at 4.2M tons in 2020; afterwards, it flattened through to 2022.

In value terms, preserved tuna production shrank to $20.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 15% against the previous year. Global production peaked at $22B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (1.5M tons) remains the largest preserved tuna producing country worldwide, comprising approx. 35% of total volume. Moreover, preserved tuna production in China exceeded the figures recorded by the second-largest producer, Thailand (573K tons), threefold. Spain (315K tons) ranked third in terms of total production with a 7.5% share.

In China, preserved tuna production increased at an average annual rate of +5.0% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Thailand (-0.5% per year) and Spain (+2.4% per year).

Imports

World Imports of Tuna (Prepared or Preserved)

In 2022, the amount of tuna (prepared or preserved) imported worldwide totaled 1.7M tons, picking up by 5.5% on the year before. The total import volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 10% against the previous year. As a result, imports reached the peak of 1.8M tons. From 2021 to 2022, the growth of global imports remained at a lower figure.

In value terms, preserved tuna imports amounted to $8.7B in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 15%. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

The countries with the highest levels of preserved tuna imports in 2022 were the United States (243K tons), Spain (166K tons), Italy (130K tons), France (98K tons), the UK (96K tons), Germany (95K tons), Japan (69K tons), the Netherlands (55K tons), Thailand (54K tons), Australia (49K tons), Egypt (44K tons) and Libya (43K tons), together reaching 67% of total import. Canada (37K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +8.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.2B), Spain ($887M) and Italy ($878M) were the countries with the highest levels of imports in 2022, together comprising 35% of global imports. France, Germany, the UK, Japan, the Netherlands, Australia, Egypt, Thailand, Canada and Libya lagged somewhat behind, together comprising a further 37%.

The Netherlands, with a CAGR of +5.7%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average preserved tuna import price amounted to $5,083 per ton, with an increase of 5.1% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 14%. Over the period under review, average import prices attained the peak figure at $5,621 per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($6,743 per ton), while Thailand ($3,620 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+1.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tuna (Prepared or Preserved)

In 2022, the amount of tuna (prepared or preserved) exported worldwide expanded significantly to 1.7M tons, growing by 6.7% compared with the previous year's figure. The total export volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when exports increased by 15% against the previous year. The global exports peaked at 1.7M tons in 2020; afterwards, it flattened through to 2022.

In value terms, preserved tuna exports rose remarkably to $8.4B in 2022. The total export value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 21% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Thailand (514K tons), distantly followed by Ecuador (271K tons), China (131K tons), Spain (96K tons) and the Philippines (78K tons) represented the main exporters of tuna (prepared or preserved), together generating 65% of total exports. The Netherlands (74K tons), Indonesia (72K tons), Vietnam (63K tons), Mauritius (52K tons), Papua New Guinea (52K tons), Italy (34K tons) and Ghana (30K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Netherlands (with a CAGR of +14.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved tuna supplying countries worldwide were Thailand ($2.3B), Ecuador ($1.3B) and China ($789M), with a combined 52% share of global exports. Spain, the Netherlands, the Philippines, Indonesia, Vietnam, Papua New Guinea, Italy, Mauritius and Ghana lagged somewhat behind, together comprising a further 35%.

The Netherlands, with a CAGR of +13.8%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average preserved tuna export price amounted to $5,017 per ton, rising by 7.2% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 13% against the previous year. The global export price peaked at $5,272 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($7,628 per ton), while the Philippines ($4,340 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform