Demand for canned tuna worldwide is likely to remain rather flat, despite the likelihood that prices will increase, according to Globefish’s May 2013 tuna report.
Low supply and rising prices are major trends this year, and with demand outstripping supply, prices are increasing. The Western Pacific supply has been disappointing, causing prices to increase from $1,900/metric ton in January to $2,300/mt in March.
As the raw material price appears likely to stay above $2,000/mt due to rising costos, tuna packers are expected to make further price adjustments upwards, and many have already done so.
Thai Union, for instance, plans to increase its canned tuna price slightly this year to offset the higher raw material prices. “Meanwhile more eco-labeled canned tuna sourced from pole and line fisheries and FAD free fishing are expected to become available in major supermarkets in Europe and North America in the coming months,” the Globefish report said.
Opportunities for fresh tuna, on the other hand, are increasing due to several factors. The market in Japan already firmed up in preparation for the spring festival in April and May, and the US market for non-canned tuna has been stable throughout the last year and is likely to continue to stay steady.
In the Japanese sashimi market, fresh salmon imports – a major competitor of fresh tuna – are declining, making room for more fresh tuna imports.