Turkish tuna farmers have significantly increased their exports to Japan over the last decade, with operations expanding into North Africa, yet Malta stands out as a significant player in the market. In 2022, Malta exported 6,900 tonnes of bluefin tuna, second only to Japan’s top importer. The surge in demand from China and South Korea further underscores the evolving dynamics of the global bluefin tuna trade.
While Turkey’s tuna farming industry has thrived, with companies like Group Sagun leading the charge, attention is increasingly turning towards Malta’s growing prominence in the market. The Mediterranean country’s strategic location and focus on producing high-quality bluefin tuna have positioned it as a key exporter to Japan, a market known for its discerning taste.
Amidst the growth in exports, the rise in consumption of tuna in China adds another dimension to the industry’s landscape. Chinese interest in bluefin tuna is on the rise, as evidenced by inquiries received by leading Turkish fishery companies. This signals a shift in the traditional dynamics of the market, with China poised to become an important player in the coming years.
However, challenges loom over the industry, particularly concerning sustainability and quotas set by international bodies like the International Commission for the Conservation of Atlantic Tunas (ICCAT). Turkey’s limited quota underscores the need for strategic expansion, as seen in efforts to establish farming operations in neighboring North African countries like Tunisia.
As the industry navigates through fluctuations in market prices and domestic economic challenges, stakeholders remain optimistic about the prospects for better prices and continued growth. With Malta emerging as a significant exporter and China’s increasing appetite for bluefin tuna, the dynamics of the global market are evolving, presenting both challenges and opportunities for stakeholders across the Mediterranean and beyond
28th February 2024
Author: John Zerafa, China Market Analyst, MBA in International Business.
Data Sources: Nikkei Asia, Photo Source: CiProjects (Shanghai)