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3-Minute Market Insight

EP 675 | AIRED 01/29/2024

Global Tuna Report: Markets, Stocks, Sustainability, Opportunity

Jan 29th, 2024 - Global catch of major commercial tunas is just north of 5.1 million tonnes annually from five tuna stocks.

SINBAD
Almost 60% of these Tuna harvest consist of skipjack, followed by about 31% yellowfin, 7% bigeye, 4% albacore, and 1% bluefin.

Headlines cycled through the media recently that “yellowfin tuna commonly enjoyed in sashimi, poke bowls and salad sandwiches may soon disappear from these dishes if current over-exploitation rates remain unchanged, especially in the Indian Ocean”.

Expanding on perspective, yellowfin tuna caught in the Indian Ocean represents about 27% of the worldwide yellowfin harvest, which equates to about 8% of the total worldwide catch of all major commercial tuna species.

Regarding stocks, 85% of the total tuna catch comes from abundant, healthy stocks, primarily due to skipjack stocks, which make up over half of the global tuna catch and are mostly in good condition.

Global Tuna Update

One stock each of bluefin, yellowfin, bigeye, and albacore are overfished, leading to 11% of the total catch originating from overfished stocks.

According to an ISSF Technical Report, an overfished stock does not imply that a stock is on the brink of extinction or collapse, but rather that the fish are not being given the opportunity to grow and reproduce at their optimal capacity.

While the status of some tuna stocks may be a concern, their culinary appeal continues to be significant.

Sushi is one of the most popular ways to consume seafood, particularly in the United States, with tuna being a key ingredient in dishes like Poke and Sashimi.

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The term "Ahi" encompasses both yellowfin and bigeye tuna, which are frequently used in Poke.

Skipjack tuna, while also used in Poke, is popularly employed in "Tataki" and canned products.

The versatility and diverse culinary applications of tuna highlight the broad potential of this category. Additionally, because tuna is harvested worldwide, supply is less susceptible to disruptions from sanctions or conflicts between countries, making it a very reliable product.

Global Tuna Update

If you have some interest in learning about Tuna opportunities and how they can align with your business goals this year, contact your Tradex Foods Business Representative.

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