Giant tuna sells for $145,290 in Japan, still third-year straight drop

A 211-kilogram bluefin tuna fish was auctioned and sold for $145,290 in the ceremonial first sale at Tokyo's fish market on Wednesday (5 January). Japanese wholesaler Yamayuki teamed up with Michelin-starred sushi chain operator Onodera Group and won the auction. 

The tuna will be served in 12 of Onodera's sushi restaurants across the world, including New York and Shanghai, reports Bloomberg citing a spokesperson at Onodera Food Service.

The very expensive fish was actually sold at a comparatively lower price for a third straight year. The price for the fish was even lower than last year's nearly $180,000 price tag. The value of the fish has extensively dropped due to the spread of coronavirus which forced people to stop dining out.

Japanese sushi chain Kiyomura Corp., run by Kiyoshi Kimura who is also known as the "Tuna King", paid a record $2,876,782. for a bluefin tuna in 2019. The new-year price was comparatively higher in previous years due to better competition in the market.

Tuna, a part of the mackerel fish family, is considered significant in the global fish market. About 60% of world's tuna comes from the West and Central Pacific oceans. Therefore, the Pacific Island Countries use their tuna resources as a source of economic development.

According to a report, titled, "Tuna Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global tuna market size reached a value of $39.3 billion in 2020. The market is anticipated to grow from $40.12 billion in 2021 to $48.19 billion in 2028.

However, the global impact of coronavirus has caused the tuna market to witness a slightly negative effect on the supply chain.

The fish is available worldwide as fresh, canned, or frozen. There is a rising demand for canned tuna which is majorly driving the global tuna market. Ready-to-eat food is a popular choice among people.

Europe is currently dominating the global list of regions importing canned tuna. Middle Eastern countries like Saudi Arabia, Israel and Egypt are some of the biggest importers of tuna in the world.

Besides, the biggest importers of frozen and fresh tuna include China, North America and Western Europe. Though fresh tuna costs much higher than canned, people are willing to pay, facilitating higher economic value for the worldwide tuna trade.

According to the United Nations' Food and Agriculture Organisation, tuna catches were low worldwide creating a rise and fall fluctuation in demand for fresh, frozen, and canned tuna.

Global tuna trade in 2021 has been characterised by improved demand for non-canned tuna, falling retail demand of canned tuna and improved sales opportunities in the hotel, restaurant, and catering sector, particularly in the western markets. 

On the supply side, tuna catches were low worldwide during the third quarter of 2021, balancing slow demand for frozen raw material from tuna canners. But prices are under pressure due to a lack of demand for end products.