Valued at an estimated $40 billion, the tuna industry is a major player in the worldwide food sector.
The U.S. imported about 637.9 million kilos of tuna in 2021, based on the most recent data from the National Oceanic and Atmospheric Administration — nearly 71% of that was canned.
The industry is dominated by multinational firms reminiscent of Thai Union Group, the owner of Chicken of the Sea, and it faces some challenges.
Between 2000 and 2021, per capita consumption of tuna dropped 45%.
Shifting consumer preferences, market consolidation, sustainability, transparency concerns and a virtually decade-long price-fixing scandal all affected tuna’s popularity amongst Americans.
But in 2020, the primary 12 months of the Covid-19 pandemic, demand increased for the reasonably priced and protein-rich option and tuna notched its highest consumption level since 2011. Thai Union posted a virtually 19% profit increase that 12 months over 2019.
Nonetheless, Thai Union is now confronting rising costs because of inflation and the war between Russia and Ukraine. The corporate has implemented price hikes over the past two years and is exploring automation strategies to assist offset rising costs.
What’s more, the corporate faces existential threats to the industry including sustainability, climate change and illegal fishing.
Watch the video above to learn more in regards to the $40 billion tuna industry.