Plant-based Tuna Market Soars to 1,320.6 million by 2033: Exploring Growth CAGR of 17% | Future Market Insights

Plant-based Tuna Market

 

As per the latest market research conducted by FMI, the global plant-based tuna market is expected to record a CAGR of 17% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 284 million. By 2033, the valuation is anticipated to reach US$ 1,320.6 million.

The growing public understanding of the harmful health impacts of eating animal products, as well as ethical concerns about animal husbandry, is helping to mainstream veganism and plant-based diets. As a result, the market is growing faster than anticipated throughout the projection period. Furthermore, market participants are developing unique products to fulfil the needs of clients worldwide. These products have a tuna-like aroma and texture and contain a variety of health-promoting ingredients.

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Competitive Background:

The key players operating in the plant-based tuna market are investing in mergers and acquisitions to gain a significant market share. The manufacturers are also investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the plant-based tuna market. As a result, market participants are likely to have a better overall revenue share in the global plant-based tuna market.

Key Takeaways:

  • The plant-based tuna market is anticipated to reach a valuation of US$ 284 million in 2023.
  • The plant-based tuna market is predicted to record a CAGR of 17% through 2033.
  • The plant-based tuna market is expected to expand, particularly as the flexitarian population increases.
  • The plant-based tuna market is expected to surpass 1,320.6 million by 2033.
  • The plant-based tuna market recorded a CAGR of 4% from 2018 to 2022.
  • The United States plant-based tuna market recorded a CAGR of 27.1% in 2022
  • The plant-based tuna market in China recorded a CAGR of 16.7% in 2022
  • The plant-based tuna market in India recorded a CAGR of 14.3% in 2022
  • The plant-based tuna market in Japan recorded a CAGR of 1.1% in 2022

Developments in the Market:

  • Atlantic Natural Foods, a leading brand, offers a unique combination of flavor and texture in its products which is the outcome of the company’s growing research and development investments.
  • Nestlé declared the launching of Vuna, a plant-based tuna, in August 2020 as its most inventive product to date. The company’s first product which isn’t seafood was initially intended to launch in Switzerland.
  • Gathered Foods, one of the well-known manufacturers of plant-based seafood, entered the restaurant industry by collaborating with Vegetarian Grill. Then Vegetarian Grill announced that a special and limited-edition tuna melt available from October 2020 menu list.

Significant Players in the Market:

  • Good Catch
  • Ocean Hugger Foods
  • Sophie’s Kitchen
  • New Wave Foods
  • Gardein, Beyond Meat
  • Prime Roots
  • Atlantic Natural Foods
  • Nestlé S.A
  • Avant Meats

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Key Segments

Format:

  • Refrigerated
  • Frozen
  • Others

Source:

  • Soy-based Protein
  • Wheat-based Protein
  • Pea-based Protein
  • Canola-based Protein
  • Fava Bean-based Protein
  • Potato-based Protein
  • Rice-based Protein
  • Lentil-based Protein
  • Flax-based Protein
  • Chia-based Protein
  • Corn-based Protein

Distribution Channel:

  • Retail
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Food Stores
  • Online Retail
  • HoReCa (Food Service Sector)

Regional Outlook:

  • North America – United States, Canada
  • Latin America – Mexico, Brazil, Rest of Latin America
  • Europe – EU-4, United Kingdom., BENELUX, Nordics, Russia, Poland Rest of Europe
  • The Middle East and Africa – GCC Countries, Türkiye, Northern Africa, South Africa, Rest of MEA
  • East Asia – China, Japan, South Korea
  • South Asia – India, Thailand, Malaysia, Indonesia, Singapore, Rest of South
  • Oceania – Australia, New Zealand

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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