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 production of plant-based food products, which come in the forms of tuna, cod, salmon, shrimp, and crabs, uses a variety of plant proteins from fruits, vegetables, beans, algae, and seaweed. This market trend is expected to create several opportunities for the vegan tuna market in the coming years.
Key Companies Profiled:
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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Crucial Elements Driving the Growth of the Market Include
- The plant-based tuna alternative market is expected to expand, particularly with the increase in flexitarians.
- Customers are seeking plant-based substitutes with similar tastes and textures as they reduce their consumption of meat and fish. This has been opening up profitable opportunities for market growth.
- Future Market Insights (FMI) forecasts that recovery is anticipated, even if growth is likely to be constrained in the short-term assessment period due to decelerated sales across hotels, restaurants, and cafes due to the COVID-19 crisis.
- Sales of plant-based tuna are expected to increase over the next ten years due to changing consumer preferences and a growing emphasis on health and wellness.
Significant Facts about the Plant-based Tuna Market
- Growing mainstream acceptance of veganism and plant-based food is gradually resulting from rising public awareness of the negative health effects of consuming animal products and ethical concerns surrounding animal agriculture. This is what is causing the market to expand more rapidly than expected during the anticipated period.
- To meet the demands of customers worldwide, market leaders are introducing distinctive products. These products combine elements that have a good amount of health advantages and have a taste and feel that are comparable to tuna.
- The high fiber content of plant-based tuna is beneficial for enhancing digestion and reducing the risk of obesity and cardiovascular disease. The industry attempts to create a flaky texture with a fishy flavor that doesn’t overpower the palate.
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Health Benefits of Plant-based Tuna Promoting Development
Consumers are primarily choosing natural and healthy food products over those made from animals as a result of rising health consciousness. Besides, being nutrient-rich, plant-based foods are also produced with little to no additives. As a result, customers’ blood pressure and cholesterol are under control.
Tuna made from plants is high in fiber, which facilitates digestion. Besides, plant-based tuna offers a defense against obesity and cardiovascular illnesses. Due to increased consumer awareness of the health benefits of plant-based tuna, the industry is further expanding.
Food Franchise Demand is increasing, thus Driving the Growth of the Market
- Industry leaders are launching novel items to increase consumer demand across the globe. Blends with additives that offer a wealth of health advantages are being developed to have a flavor and texture comparable to plant-based tuna.
- The goal is to create a fishy flavor that isn’t overpowering and a texture that is light and flaky. A rise in eateries and well-known food chains are adding plant-based cuisine items to their menus as a result of shifting consumer preferences.
For instance, by working with Veggie Grill, Gathered Foods, one of the well-known producers of plant-based seafood, entered the restaurant business. Following this, Vegetarian Grill declared that its October 2020 menu includes a limited-edition and unique tuna melt.
- In particular, many of the top brands are starting to produce vegan tuna in response to the increased demand.
For instance, 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.
Region-wise Analysis
Europe Plant-based Tuna Market
In the past few years, Europe has grown to be a substantial market for tuna made from plants. European consumers are well-informed about the growing environmental issues. As a result, the popularity of plant-based tuna is steadily increasing in the area. The European Union’s proposed health and environmental efforts are also responsible for the growth seen in the region.
- For instance, actions taken to promote products free of genetically modified organisms (GMOs) are promoting the growth of labeled plant-based products, such as tuna made from plants.
North America Plant-based Tuna Market
Plant-based tuna has established a thriving market in North America. The region showed expansion in both the manufacturing industries and the distribution networks. The region is expanding due to the increased demand for soy protein from athletes, bodybuilders, and patients who are recovering from cardiovascular diseases. The category of people who are concerned about their weight is likewise expanding throughout North America. As a result, protein becomes the key element, which in turn is increasing demand for plant-based tuna in North America. Because of the substantial amount of lactose-intolerant people in the area, demand has increased even more.
Asia Pacific Plant-based Tuna Market
Compared to other regional markets, the market in Asia Pacific has been growing rapidly. The main factor driving the surge in plant-based diet adoption in Asia Pacific is growing health consciousness. In Asia Pacific, social media has a significant impact on the promotion of plant-based products. The Philippines, Thailand, and Malaysia are a few of the top social media users in the world. One of the reasons why veganism has taken off so quickly in these nations is the increase in films showing animal abuse in the dairy and meat industries. This is thus having a favorable effect on the market for vegan tuna made from plants.
Competitive Background
The demand for plant-based tuna is consistently rising encouraging several newcomers to venture into the market. Consequently, competition is increasing in the market. Established companies are focusing on strategic collaborations to gain a competitive edge.
Growing cases of allergy and health issues and changing consumer preferences have compelled manufacturers to collaborate with various research and development (R&D) companies.
- For instance, Atlantic Natural Foods, a leading brand, offers a unique combination of flavor and texture in their products which is the outcome of the company’s growing research and development investments.
Leading players are also adopting market strategies such as introducing home deliveries. For instance, Good Catch Foods, a producer of plant-based seafood, has now made its products directly available to consumers. The home delivery service can be availed by those who are based in the United States. Such value-added consumer services are intended towards creating a brand identity.
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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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