Plant-Based Tuna Market Sales Growth Accelerated by Sustainable and Innovative Seafood Alternatives

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 USD 284 million. By 2033, the valuation is anticipated to reach USD 1,320.6 million.

Increasing public awareness of the harmful health impacts of consuming animal products and ethical concerns surrounding animal agriculture is contributing to a gradual mainstream adoption of veganism and plant-based diets. The market is expanding more rapidly than anticipated during the projected term as a result of this. Moreover, market leaders are introducing unique products to fulfill the needs of consumers globally. These products contain ingredients with many health benefits and have a tuna-like flavor and texture.

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

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.

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

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