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 US$ 284 million. By 2033, the valuation is anticipated to reach US$ 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.
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| Attributes | Value |
|---|---|
| Plant-based Tuna Value (2022) | US$ 273.20 million |
| Plant-based Tuna Market Expected Value (2023) | US$ 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.
Principal Consultant
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.
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.
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.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The list is only indicative - a full list of plant-based tuna market key players is available upon request
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Growth Rate (2023 to 2033) | 17% CAGR |
| Market Analysis | US$ 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 |
The market is valued at US$ 284 million in 2023.
New Wave Foods, Gardein, Beyond Meat, and Prime Roots are the key market players.
The market is forecast to register a CAGR of 17% through 2033.
The market is estimated to be worth US$ 1,320.6 million by 2033.
The soy-based protein segment accounted for 37.2% of the total market share in 2020.
1. Executive Summary | Plant-based Tuna Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Source, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Source, 2023 to 2033
5.3.1. Soy-based Protein
5.3.2. Wheat-based Protein
5.3.3. Pea-based Protein
5.3.4. Canola-based Protein
5.3.5. Fava Bean-based Protein
5.3.6. Potato-based Protein
5.3.7. Rice-based Protein
5.3.8. Lentil-based Protein
5.3.9. Flax-based Protein
5.3.10. Chia-based Protein
5.3.11. Corn-based Protein
5.4. Y-o-Y Growth Trend Analysis By Source, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Source, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Salad
6.3.2. Spread
6.3.3. Noodles
6.3.4. Others Applications
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Distribution Channel, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Distribution Channel, 2023 to 2033
7.3.1. Convenience Stores
7.3.2. Hypermarkets/Supermarkets
7.3.3. Specialty Food Stores
7.3.4. Online Retail
7.4. Y-o-Y Growth Trend Analysis By Distribution Channel, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Distribution Channel, 2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Region, 2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. MEA
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. The USA
9.2.1.2. Canada
9.2.2. By Source
9.2.3. By Application
9.2.4. By Distribution Channel
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Source
9.3.3. By Application
9.3.4. By Distribution Channel
9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Source
10.2.3. By Application
10.2.4. By Distribution Channel
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Source
10.3.3. By Application
10.3.4. By Distribution Channel
10.4. Key Takeaways
11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Source
11.2.3. By Application
11.2.4. By Distribution Channel
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Source
11.3.3. By Application
11.3.4. By Distribution Channel
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. Singapore
12.2.1.5. Thailand
12.2.1.6. Indonesia
12.2.1.7. Australia
12.2.1.8. New Zealand
12.2.1.9. Rest of Asia Pacific
12.2.2. By Source
12.2.3. By Application
12.2.4. By Distribution Channel
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Source
12.3.3. By Application
12.3.4. By Distribution Channel
12.4. Key Takeaways
13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. South Africa
13.2.1.3. Israel
13.2.1.4. Rest of MEA
13.2.2. By Source
13.2.3. By Application
13.2.4. By Distribution Channel
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Source
13.3.3. By Application
13.3.4. By Distribution Channel
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. USA
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2022
14.1.2.1. By Source
14.1.2.2. By Application
14.1.2.3. By Distribution Channel
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2022
14.2.2.1. By Source
14.2.2.2. By Application
14.2.2.3. By Distribution Channel
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2022
14.3.2.1. By Source
14.3.2.2. By Application
14.3.2.3. By Distribution Channel
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2022
14.4.2.1. By Source
14.4.2.2. By Application
14.4.2.3. By Distribution Channel
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2022
14.5.2.1. By Source
14.5.2.2. By Application
14.5.2.3. By Distribution Channel
14.6. United Kingdom
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2022
14.6.2.1. By Source
14.6.2.2. By Application
14.6.2.3. By Distribution Channel
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2022
14.7.2.1. By Source
14.7.2.2. By Application
14.7.2.3. By Distribution Channel
14.8. Spain
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2022
14.8.2.1. By Source
14.8.2.2. By Application
14.8.2.3. By Distribution Channel
14.9. Italy
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2022
14.9.2.1. By Source
14.9.2.2. By Application
14.9.2.3. By Distribution Channel
14.10. China
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2022
14.10.2.1. By Source
14.10.2.2. By Application
14.10.2.3. By Distribution Channel
14.11. Japan
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2022
14.11.2.1. By Source
14.11.2.2. By Application
14.11.2.3. By Distribution Channel
14.12. South Korea
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2022
14.12.2.1. By Source
14.12.2.2. By Application
14.12.2.3. By Distribution Channel
14.13. Singapore
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2022
14.13.2.1. By Source
14.13.2.2. By Application
14.13.2.3. By Distribution Channel
14.14. Thailand
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2022
14.14.2.1. By Source
14.14.2.2. By Application
14.14.2.3. By Distribution Channel
14.15. Indonesia
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2022
14.15.2.1. By Source
14.15.2.2. By Application
14.15.2.3. By Distribution Channel
14.16. Australia
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2022
14.16.2.1. By Source
14.16.2.2. By Application
14.16.2.3. By Distribution Channel
14.17. New Zealand
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2022
14.17.2.1. By Source
14.17.2.2. By Application
14.17.2.3. By Distribution Channel
14.18. GCC Countries
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2022
14.18.2.1. By Source
14.18.2.2. By Application
14.18.2.3. By Distribution Channel
14.19. South Africa
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2022
14.19.2.1. By Source
14.19.2.2. By Application
14.19.2.3. By Distribution Channel
14.20. Israel
14.20.1. Pricing Analysis
14.20.2. Market Share Analysis, 2022
14.20.2.1. By Source
14.20.2.2. By Application
14.20.2.3. By Distribution Channel
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Source
15.3.3. By Application
15.3.4. By Distribution Channel
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Vegan ZeaStar’s tuna
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.1.5.2. Product Strategy
16.1.1.5.3. Channel Strategy
16.1.2. Sophie’s Kitchen Plant-Based Tuna
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.2.5.2. Product Strategy
16.1.2.5.3. Channel Strategy
16.1.3. Good Catch Plant-Based Tuna
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.3.5.2. Product Strategy
16.1.3.5.3. Channel Strategy
16.1.4. Worthington Meatless Tuna
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.4.5.2. Product Strategy
16.1.4.5.3. Channel Strategy
16.1.5. Loma Linda TUNO
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.5.5.2. Product Strategy
16.1.5.5.3. Channel Strategy
16.1.6. May Wah Vegan Delicious Tuna
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.6.5.2. Product Strategy
16.1.6.5.3. Channel Strategy
16.1.7. Cedarlane No Tuna Salad
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.7.5.2. Product Strategy
16.1.7.5.3. Channel Strategy
16.1.8. Jinka Vegan Tuna Spread
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.8.5.2. Product Strategy
16.1.8.5.3. Channel Strategy
16.1.9. Vegetarian Plus Vegan Tuna Roll
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.9.5.2. Product Strategy
16.1.9.5.3. Channel Strategy
16.1.10. Atlantic Natural Foods
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
16.1.10.5.2. Product Strategy
16.1.10.5.3. Channel Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Plant-based Tuna Market
