According to the recent FMI report, the sales for vegan tuna are expected to surpass a value of USD 426.8 Mn in 2032, rising at a CAGR of around 4.3% through the end of 2032.
Nutritionists and seafood customers are both concerned about the Biomagnification process. It increases the risk of cancer, kidney illness, liver disease, respiratory problems, and different heart conditions in people. As a result, customers are indicating an interest in using fish substitutes to deal with the crisis.
During the predicted period, the seafood frenzy among consumers would enhance sales of vegan fish alternatives. According to Future Market Insights (FMI), the worldwide plant-based fish market will develop at a 16.4% compound annual growth rate (CAGR) between 2022 and 2032.
PETA and other animal rights organizations help to raise awareness about plant-based fish products, which is important for recruiting customers. Consumers are being educated about the benefits of vegan products, animal cruelty, and the dangers of high meat and fish consumption through a variety of efforts, therefore, promoting the vegan tuna market.
According to a survey released in July by The Vegan Society, vegetarian diets might save 8 million lives by 2050 while also dramatically reducing global warming. Similarly, Compassion in World Farming, a UK-based group, has begun a “Rethink Fish” campaign to better the lives of fish throughout the EU. In the years ahead, the implementation of these efforts is projected to generate significant potential for vegan tuna producers.
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Key Takeaways from the Vegan tuna Market Study:
•Gluten intolerance is becoming increasingly common, driving customers to seek out more gut-friendly options such as soy-based proteins.
•The UK is likely to be the greatest market, with roughly half of all English consumers switching to vegetarian diets.
•The fact that roughly 2/5 of people in the US are not vegan but have tried introducing plant-based meals into their diets is an intriguing facet of the vegan tuna industry. US vegan tuna market is growing at a CAGR of 4.2%.
•Food allergies linked to seafood are on the rise in Europe, prompting an increasing number of customers to investigate plant-based alternatives. By 2032, the European vegan tuna market is predicted to increase at a CAGR of 4.5%.
“The players in the vegan tuna market can keep a stronghold on the developments in the market posing opportunities for application of vegan tuna. For example, augmenting demand for vegan seafood alternatives and environmental factors like depleting fish populations around the globe. In order to preserve the market position, market players are spending in R&D to develop novel products. Manufacturers are also concentrating on incorporating technical advancements in order to boost manufacturing efficiency.” said a lead analyst at FMI.
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Who is winning?
Key players operating in the global vegan tuna market are focusing on reaching a large consumer base by implementing various strategies such as product innovations, marketing & promotional activity, strengthening distribution channels, and adopting sustainable production.
Some of the leading companies offering vegan tuna are Vegan ZeaStar’s tuna, Sophie’s Kitchen Plant-Based Toona, Good Catch Plant-Based Tuna, Worthington Meatless Tuna, Loma Linda TUNO, May Wah Vegan Delicious Tuna, Cedarlane No Tuna Salad, Jinka Vegan Tuna Spread, Vegetarian Plus Vegan Tuna Roll and others.
Get Valuable Insights into Vegan Tuna Market
FMI, in its new offering, provides an unbiased analysis of vegan tuna presenting historical demand data (2017-2022) and forecast statistics for the period from (2022-2032).
The study divulges compelling insights on the demand for vegan tuna based on source (wheat, soy based protein, seaweed, lentils, yeast, chickpeas, and other), by application (salad, spread, pie, noodles, and others), distribution channel (convenience stores, supermarkets, specialty food stores, and online retail) across seven major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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