According to recent research by FMI, the global plant-based tuna market is anticipated to grow at a compound annual growth rate (CAGR) of 17% from 2023 to 2033. The market size is expected to be valued at USD 284 million in 2023, with projections indicating it could reach USD 1,320.6 million by 2033.
The production of plant-based food products, including alternatives to tuna, cod, salmon, shrimp, and crabs, utilizes a diverse array of plant proteins derived from fruits, vegetables, beans, algae, and seaweed. This trend is anticipated to generate numerous opportunities for the vegan tuna market in the years ahead.
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Key Takeaways:
- The plant-based tuna market is anticipated to reach a valuation of USD 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
Competitive Landscape
The growing demand for plant-based tuna is driving new entrants to enter the market, leading to heightened competition. In response, established companies are pursuing strategic collaborations to secure a competitive advantage.
Leading players are also implementing strategies like offering home delivery services. For example, Good Catch Foods, a producer of plant-based seafood, now provides its products directly to consumers in the United States. This home delivery option is part of their effort to enhance brand identity and provide added value to customers.
Leading Plant-based Tuna Brands Listed in the Study Include
- Good Catch
- Ocean Hugger Foods
- Sophie’s Kitchen
- New Wave Foods
- Gardein
- Beyond Meat
- Prime Roots
- Atlantic Natural Foods
- Nestlé S.A
- Avant Meats
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.
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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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