W4 Tuna Update: Vietnamese Tuna Exports Surged by 7% YoY in Dec-23, Ecuador Aims to Increase Tuna Exports to US and Canada, and Indonesia Explores Tuna Farming Tech in Turkey for Sustainable Harvests

Global Tuna Market Is Projected to Soar to USD 53.6 Billion by 2032

The global tuna market is projected to reach USD 53.6 billion by 2032, with canned tuna as the leading product. According to a Custom Market Insights study, experts predict a financial growth of almost USD 10 billion in the next ten years, with the market volume increasing by 3.2% annually. The tuna products is expected to remain the industry leader in 2024.

Vietnam's Tuna Exports Increased by 7% YoY in Dec-23, While Full-Year 2023 Records a 17% Decline

In Dec-23, Vietnam's tuna exports experienced a slight growth of 7% year-on-year (YoY). Notably, exports to the European Union (EU) and Russian markets demonstrated significant YoY increases of 25% and 96%, respectively. Conversely, exports to the United States (US), Canada, and Japan slightly decreased YoY by 1%, 12%, and 8%, respectively. Consequently, Vietnam's tuna industry totaled approximately USD 845 million in 2023, representing a 17% YoY decrease.

Exploring Factors Impacting Vietnam's Tuna Exports to Canada Amidst Economic Dynamics

From Jan-23 to Sep-23, Canada's tuna imports reached nearly USD 154 million, with Vietnam ranking as the third top exporter with a market share of 12%. Vietnam mainly supplies frozen meat/loin and canned tuna to the Canadian market, with a proportion of 54% and 40%, respectively. However, Vietnam's exports of these two product groups to Canada have decreased compared to 2022. High domestic logistics costs, low Canadian dollar (CAD) exchange rate, and policies towards the South American economic bloc make Vietnam's export prices less competitive than neighboring South American countries. High transportation fuel prices and slow loading and unloading at ports due to a lack of workers, particularly the prolonged strike at the Port of Vancouver, are also contributing factors. Canada's monetary policy aims to maintain a low exchange rate against the US dollar to promote exports, making Vietnamese goods relatively expensive in the area.

Ecuador Responds to European Decline by Enhancing Tuna Exports to North America

Ecuador aims to boost its tuna exports to the US and Canada as its shipments to the EU, the largest market for the product, have declined. Historically, Ecuador exports an average of 250 thousand metric tons (mt) of tuna annually, with 51% going to Europe, 13% to the US, and the rest to Latin American countries. In 2023, the country only sold USD 1.02 billion, a decrease of about USD 52 million from 2022. The decline in value and volume was attributed to factors such as the Russia-Ukraine war, which led to high European inflation and prompted buyers to seek cost-cutting measures.

The Iran Fisheries Organization (IFO) has reported that tuna fish constitutes more than 45% of the country's total catch, solidifying its prominent position in the Indian Ocean. To improve the industry, there is a pressing requirement for the modernization of aquatic products, shifting from conventional to intensive industrial farming practices, to increase fresh tuna consumption from 10% to 50%.

Indonesia's Minister Explores Tuna Farming Technology in Turkey to Transform Fisheries Sector

The Minister of Maritime Affairs and Fisheries in Indonesia recently visited a tuna cultivation site in İzmir, Turkey, to adopt innovative technology to improve the productivity and sustainability of tuna farming in Indonesia. As a major fish exporter, Indonesia seeks to enhance its fisheries sector, which recorded an export value of USD 927.18 million in 2023. The adopted technology involves the cultivation of Atlantic Bluefin Tuna in cages for five to six months before being transported to Japan, presenting a potential advancement for Indonesia's tuna industry.