Frozen And Fresh Or Chilled Skipjack Tuna Market

This article explores the global market for frozen and fresh skipjack tuna, predicting a continued upward trend in consumption over the next eight years. Market performance is forecasted to accelerate, with anticipated growth in both volume and value terms. Detailed analysis is provided on consumption, production, imports, and exports trends, with key insights into the major players and growth rates for specific countries.

Market Forecast

Driven by increasing demand for frozen and fresh or chilled skipjack tuna worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 3.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $7.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen And Fresh Or Chilled Skipjack Tuna

In 2022, approx. 3.3M tons of frozen and fresh or chilled skipjack tuna were consumed worldwide; surging by 1.7% against 2021 figures. The total consumption volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Global consumption peaked at 3.3M tons in 2020; afterwards, it flattened through to 2022.

The value of the market for frozen and fresh or chilled skipjack tuna worldwide expanded to $5.3B in 2022, increasing by 4.8% 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). Overall, consumption, however, recorded a relatively flat trend pattern. Global consumption peaked at $5.4B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Thailand (541K tons), the Philippines (379K tons) and Indonesia (371K tons), with a combined 39% share of global consumption. Ecuador, South Korea, Japan, Vietnam, Kiribati, Spain, France, Seychelles, Mauritius and Tunisia lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of tuna, amongst the key consuming countries, was attained by France (with a CAGR of +27.2%), while tuna for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen and fresh or chilled skipjack tuna markets worldwide were Thailand ($872M), the Philippines ($712M) and Indonesia ($489M), with a combined 39% share of the global market. Tunisia, Seychelles, Ecuador, Kiribati, Japan, Vietnam, South Korea, Spain, Mauritius and France lagged somewhat behind, together accounting for a further 40%.

Among the main consuming countries, France, with a CAGR of +28.3%, recorded the highest growth rate of market size over the period under review, while tuna for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of frozen and fresh or chilled skipjack tuna per capita consumption in 2022 were Kiribati (1,021 kg per 1000 persons), Seychelles (938 kg per 1000 persons) and Mauritius (63 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of tuna, amongst the leading consuming countries, was attained by France (with a CAGR of +26.8%), while tuna for the other global leaders experienced more modest paces of growth.

Production

World Production of Frozen And Fresh Or Chilled Skipjack Tuna

For the fifth consecutive year, the global market recorded growth in production of frozen and fresh or chilled skipjack tuna, which increased by 0.2% to 3.3M tons in 2022. The total output volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 12% against the previous year. Over the period under review, global production of attained the maximum volume in 2022 and is expected to retain growth in the immediate term.

In value terms, production of frozen and fresh or chilled skipjack tuna amounted to $4.1B in 2022 estimated in export price. Overall, production, however, showed a noticeable reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by 63% against the previous year. As a result, production reached the peak level of $7.5B. From 2019 to 2022, global production of growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Indonesia (381K tons), the Philippines (269K tons) and South Korea (239K tons), with a combined 27% share of global production. Papua New Guinea, Spain, Ecuador, Taiwan (Chinese), Kiribati, Japan, Micronesia, France, Vietnam and Maldives lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2022, the most notable rate of growth in terms of tuna, amongst the leading producing countries, was attained by Kiribati (with a CAGR of +11.1%), while tuna for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen And Fresh Or Chilled Skipjack Tuna

In 2022, supplies from abroad of frozen and fresh or chilled skipjack tuna was finally on the rise to reach 1.1M tons after three years of decline. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 16% against the previous year. As a result, imports reached the peak of 1.2M tons. From 2019 to 2022, the growth of global imports of remained at a lower figure.

In value terms, imports of frozen and fresh or chilled skipjack tuna surged to $1.8B in 2022. In general, imports, however, continue to indicate a slight slump. The pace of growth was the most pronounced in 2016 when imports increased by 24% against the previous year. Over the period under review, global imports of reached the maximum at $2B in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports By Country

Thailand was the major importer of frozen and fresh or chilled skipjack tuna in the world, with the volume of imports finishing at 541K tons, which was near 50% of total imports in 2022. It was distantly followed by the Philippines (110K tons) and Mauritius (71K tons), together creating a 17% share of total imports. The following importers - Tunisia (42K tons), Ecuador (30K tons), Spain (28K tons), Turkey (27K tons), Japan (25K tons), Indonesia (22K tons), Vietnam (21K tons) and Peru (16K tons) - together made up 20% of total imports.

Thailand experienced a relatively flat trend pattern with regard to volume of imports of frozen and fresh or chilled skipjack tuna. At the same time, Tunisia (+16.4%), Indonesia (+13.1%), Turkey (+13.0%), the Philippines (+12.3%), Peru (+10.4%) and Mauritius (+4.4%) displayed positive paces of growth. Moreover, Tunisia emerged as the fastest-growing importer imported in the world, with a CAGR of +16.4% from 2012-2022. By contrast, Japan (-2.5%), Spain (-3.3%), Vietnam (-4.4%) and Ecuador (-14.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Philippines, Tunisia, Mauritius and Turkey increased by +7.1, +3.1, +2.4 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($892M) constitutes the largest market for imported frozen and fresh or chilled skipjack tuna worldwide, comprising 51% of global imports. The second position in the ranking was held by the Philippines ($186M), with an 11% share of global imports. It was followed by Mauritius, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value in Thailand stood at -2.3%. In the other countries, the average annual rates were as follows: the Philippines (+14.9% per year) and Mauritius (+1.3% per year).

Import Prices By Country

In 2022, the average import price for frozen and fresh or chilled skipjack tuna amounted to $1,636 per ton, increasing by 15% against the previous year. Over the period under review, the import price, however, showed a slight curtailment. The pace of growth was the most pronounced in 2017 an increase of 23% against the previous year. Global import price peaked at $2,023 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Turkey ($1,734 per ton) and Spain ($1,722 per ton), while Ecuador ($1,405 per ton) and Tunisia ($1,597 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+7.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen And Fresh Or Chilled Skipjack Tuna

In 2022, the amount of frozen and fresh or chilled skipjack tuna exported worldwide fell to 1.1M tons, shrinking by -2.8% against the previous year's figure. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 13%. Over the period under review, the global exports of attained the maximum at 1.1M tons in 2021, and then fell in the following year.

In value terms, exports of frozen and fresh or chilled skipjack tuna rose to $1.4B in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 17% against the previous year. Over the period under review, the global exports of attained the maximum at $1.7B in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports By Country

The biggest shipments were from Papua New Guinea (205K tons), Taiwan (Chinese) (192K tons), Spain (131K tons), South Korea (101K tons) and Micronesia (89K tons), together resulting at 68% of total export. Maldives (55K tons) held a 5.2% share (based on physical terms) of total exports, which put it in second place, followed by Kiribati (4.5%). Marshall Islands (34K tons), Indonesia (32K tons), India (24K tons), Senegal (17K tons) and China (16K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +19.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($240M), Papua New Guinea ($213M) and Spain ($203M) constituted the countries with the highest levels of exports in 2022, with a combined 46% share of global exports. South Korea, Micronesia, Maldives, Kiribati, Indonesia, Marshall Islands, China, India and Senegal lagged somewhat behind, together accounting for a further 42%.

Among the main exporting countries, Senegal, with a CAGR of +19.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for frozen and fresh or chilled skipjack tuna stood at $1,362 per ton in 2022, picking up by 5.2% against the previous year. Over the period under review, the export price, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2017 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices hit record highs at $1,892 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($2,867 per ton), while Papua New Guinea ($1,041 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.5%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform