The North American market for vegan tuna is poised to experience a Compound Annual Growth Rate (CAGR) of 4.2% from 2022 to 2032. As per a recent report from FMI, the sales of vegan tuna are projected to exceed USD 426.8 million by the year 2032, demonstrating an approximate 4.3% CAGR until the end of the forecast period.
Both nutritionists and seafood consumers share concerns about the Biomagnification process, which poses risks such as cancer, kidney illness, liver disease, respiratory problems, and various heart conditions in humans. Consequently, there is a growing interest among consumers in adopting fish substitutes to address these health concerns.
The anticipated surge in seafood consumption during the forecast period is expected to boost the sales of vegan fish alternatives. According to Future Market Insights (FMI), the global plant-based fish market is set to grow at a Compound Annual Growth Rate (CAGR) of 16.4% between 2022 and 2032.
Organizations like PETA and other animal rights groups play a crucial role in raising awareness about plant-based fish products, contributing to customer recruitment. Various educational initiatives highlighting the benefits of vegan products, addressing animal cruelty concerns, and outlining the risks associated with high meat and fish consumption are collectively promoting the growth of the vegan tuna market.
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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.
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.
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.
Vegan Tuna Market by Category
By Source:
- Wheat
- Soy Based Protein
- Seaweed
- Lentils
- Yeast
- Chickpeas
- Other Sources
By Application:
- Salad
- Spread
- Pie
- Noodles
- Others Applications
By Distribution Channel:
- Convenience Stores
- Supermarkets
- Specialty Food Stores
- Online Retail
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Oceania
- Middle East and Africa (MEA)
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Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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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