China Tuna Market Insight, Trends, Report 2023-2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated China Tuna Market size at USD 1.76 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects China Tuna Market size to expand at a CAGR of 3.06% reaching a value of USD 2.16 billion by 2030. The adoption of sustainable techniques in the tuna business and affordable accessibility of the fish in the market are key growth factors for China Tuna Market. Over the course of the forecast period, the premiumization of tuna products and its incorporation into traditional Chinese cuisine are expected to propel China Tuna Market.
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Opportunity - Growing Demand for Ready to Eat (RTE) Meals
Ready-to-eat (RTE) tuna meals serve a market of time-pressed consumers seeking fast, healthful, and nutrient-dense meal alternatives with no preparation needed. RTE food items are popular among those who lead busy lives and are often on the move, especially in metropolitan regions where time-constrained consumers look for quick meal options. Canned tuna is emerging as a lucrative RTE meal in China owing to its longer shelf life and affordability. It is an extremely popular source of protein that keeps well in storage and doesn't require refrigeration. The increasing number of working class people and their hectic lifestyles are having a direct positive impact on the expansion of China Tuna Market.
Impact of Escalating Geopolitical Tensions on China Tuna Market
The escalating geopolitical tensions significantly impact China Tuna Market in several ways. China is a prominent importer of tuna fish. However, geopolitical conflicts result in supply chain disruption because of trade restrictions enforced by several nations. There will thus be a significant gap between supply and demand for tuna fish on the Chinese market. In addition, higher insurance and transportation costs would eventually drive up the price of tuna, which is expected to have a detrimental effect on demand. Tuna populations and sustainable fishing methods may be impacted by disputes over fishing rights in disputed waters. Conflicts over fishing zones may result in overfishing or illegal fishing, which will eventually affect the supply.
Convenience Stores Are Fastest Growing Distribution Channels
The supermarkets and hypermarkets segment holds the largest market share of China Tune Market. However, the convenience store segment is projected to register high growth rate over the forecast period. The changing lifestyle and busy schedules of Chinese consumers has resulted in significant spike in the demand for quick meals and snacks. As a result, the demand for convenience store products, such as salad kits, wraps and sandwiches, and pouches, with tuna content is gaining significant traction, driving China Tuna Market.
Competitive Landscape
China Tuna market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Hebei Oceane, Fujian Yunshang Food Co., Ltd, Jutai Foods Group, Ningbo Today Food Co., Ltd, Shine Seafoods, Zhangzhou Great Land Foods Co., Ltd, Tropical Food Manufacturing (Ningbo) Co., Ltd, and Qinhuangdao Ocean Food Co., Ltd.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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