Plant-based Tuna Market

Plant-based Tuna Market Outlook (2023 to 2033)

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.

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.

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.

Attributes	Value
Plant-based Tuna Value (2022)	USD 273.20 million
Plant-based Tuna Market Expected Value (2023)	USD 284 million
Plant-based Tuna Market Forecast Value (2033)	1,320.6 million
Plant-based Tuna Market Expected CAGR (2023 to 2033)	17%

The demand for vegan and flexitarian lifestyles is propelling the spectacular rise of the global market for plant-based tuna. Consumers are being encouraged to pick tuna made from plants as a result of growing environmental concerns and an increase in seafood allergies. Also, sales of plant-based tuna are being boosted globally by the rapidly growing need for nutritious product alternatives.

The industry is expanding as a result of makers of plant-based tuna making consistent attempts to replicate the flavor, texture, and nutritional content of goods made from animal sources.

According to Future Market Insights (FMI), the plant-based tuna market is likely to record a CAGR of 17% CAGR between 2023 and 2033.

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.

Flexitarians Motivating Consumers to Choose a Plant-based Diet

Consumers are starting to adopt plant-based diets with sporadic meat consumption. This is known as a flexitarian diet, which is frequently thought to be more practical by customers than switching to a strict vegan or vegetarian diet.

• According to the Yale University survey, more than half of Americans are willing to eat more plant-based meat alternatives.
• According to the same study, one in four Americans prefers lab-grown meat to conventionally raised beef.

Consumers are becoming more interested in plant-based solutions due to concerns about environmental and health issues. Demographics that are more flexitarian are increasing as a result of this. In the upcoming years, this is anticipated to increase demand for tuna made from plants.

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.

Foremost Obstacles

• Maintaining high nutritional content without sacrificing the taste and texture of plant-based tuna has become a significant problem for manufacturers as health concerns have pushed customers towards plant-based items.
• Besides, defining the proper sugar and salt ratio while taking into account numerous health risks is restricting market expansion. Also, the industry is anticipated to face difficulties due to the high cost of products.
• Soy and pea are the main sources of plant-based tuna because they are high in protein and have a texture that is comparable to that of tuna. Sensitivity to soy triggers an immune system overreaction and can occasionally result in anaphylaxis, a serious medical emergency.
• Populations who are allergic to soy and peas are steadily increasing. This is impeding growth and making it more difficult for businesses to provide allergen-free tuna made from plants.
• One of the markets that have greatly benefited from the COVID-19 pandemic is the global plant-based tuna business. Due to the limitations set by the governments, the market faced various difficulties. Yet, it is anticipated that the pandemic is likely to have long-term advantages.

Consumers switched to natural diets as a result of the crisis because they were afraid of getting sick from eating animal products. Medical studies have also revealed that patients with health issues including diabetes, hypertension, and heart disease are particularly vulnerable to the coronavirus infection. As a result, key market participants reported increased sales of plant-based tuna. Also, this forced producers and distributors to adjust their plans to fulfill the unanticipated demand for vegan tuna.

Customers moved towards a plant-based diet due to health concerns. Because of this, a rapid spike in demand put pressure on producers to maintain the nutritious value of their goods.

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.

Category-wise Insights

Soy-based Protein is Likely to Remain Dominant:

Based on the source, the soy-based protein segment is expected to remain dominant through the forecast period. This segment accounted for 37.2% of the total market share in 2020 in terms of volume. The widespread usage of soy as a main ingredient for vegan tuna is responsible for the segment's growth. Because of its high protein content and meat-like texture, it is widely used. However, it is anticipated that rising soy allergies may restrain the expansion of this market.

Online Retail Segment is Likely to Show Rapid Growth Rate:

Plant-based tuna market by distribution channel can be segmented into retail, online retail, and HoReCa. The online retail segment is anticipated to experience the fastest growth rate over the evaluation period. The segment's growth has also been accelerated by COVID-19 policies. Also, the segment is expanding due to the simplicity of communication provided by online retail and profitability for both consumers and retailers.

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.

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

The list is only indicative - a full list of plant-based tuna market key players is available upon request

Plant-based Tuna Market: Report Scope

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Growth Rate (2023 to 2033)	17% CAGR
Market Analysis	USD million for Market Value and Metric Tons for Market Volume
Key Regions Covered	North America; Latin America; Europe; East Asia; South Asia; Oceania; the Middle East & Africa
Key Segments Covered	Format, Source, Distribution Channel
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
Report Coverage	Market Forecast, Competitive Landscape, Country-wise and Category-wise Insights, COVID-19 Impacts, Key Trends, Key Challenges
Customization & Pricing	Available upon Request

Key Segments

By Format:

• Refrigerated
• Frozen
• Others

By 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

By Distribution Channel:

• Retail
  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Specialty Food Stores
• Online Retail
• HoReCa (Food Service Sector)

By 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

Frequently Asked Questions

How Big is the Plant-based Tuna Market?

The market is valued at USD 284 million in 2023.

Who are the Key Plant-based Tuna Market Players?

New Wave Foods, Gardein, Beyond Meat, and Prime Roots are the key market players.

What is the Growth Forecast for the Plant-based Tuna Market?

The market is forecast to register a CAGR of 17% through 2033.

What is the Expected Market Size in 2033?

The market is estimated to be worth USD 1,320.6 million by 2033.

What was the Market Share of Soy-Based Protein Segment in 2020?

The soy-based protein segment accounted for 37.2% of the total market share in 2020.