W18: Tuna Update

In W18 in the tuna landscape, it was reported that Vietnam's seafood exports slumped 28% in April 2023 due to weakening demand from key markets and rising input prices. In 2022, exports to Vietnam reached USD 11B. The Global Tuna Fish Market is expected to reach USD 48.37B by 2028, at a CAGR of 2.03%. It was valued at USD 40.7B in 2021 and is expected to reach USD 48.37B by 2028. SolTuna has been appointed as the official supplier of canned tuna for the Solomon Islands 2023 Pacific Games, with 1.4K cartons of tuna expected to feed 5K athletes and officials and 3K game workers. The Pacific Games Organising Committee is keen to spread the brand throughout the Pacific.

The Marine Stewardship Council (MSC) has revealed that most Aussies are seeking sustainable tuna, but it is difficult to make the right choice due to limited options and confusing information. Canned tuna is the most popular type of tuna in Australia, with an estimated 336M servings consumed annually. The impact of this household staple on global tuna stocks from overfishing is significant. Dr. Transform Aqorau, Vice Chancellor of SINU, highlighted the effects of climate change on tuna stocks in the Pacific region. He also highlighted the importance of academic institutions to support communities and nations to discuss fisheries issues and promote evidence-based research. Negotiations are underway with China to set up a Pacific research center. Technology is essential to drive changes in the environment and support the tuna industry.