The vegan tuna market size exceeded USD 273.2 Million in 2022 and is estimated to grow at over 4.3% CAGR between 2022 and 2032. The North American vegan tuna market is expected to register a 4.2% CAGR between 2022 and 2032.
| Attribute | Details |
|---|---|
| Vegan Tuna Market Size (2022E) | USD 273.2 Million |
| Vegan Tuna Market Projected Size (2032F) | USD 426.8 Million |
| Value CAGR (2022 to 2032) | 4.3% |
As veganism becomes more popular, people are looking for plant-based alternatives to animal products. One of the most popular items that people are looking for is a vegan tuna alternative. There are a few different companies that make vegan tuna, and each one has its own recipe. Some people like the taste of vegan tuna, while others find it to be too fishy.
In a world where veganism is on the rise, meatless tuna brands are becoming more popular. In response to this demand, new vegan tuna brands are being launched. These brands offer plant-based versions of tuna that are made from pulses, vegetables, and seaweed. Some of the most popular vegan tuna brands include Good Catch Foods, Ocean Hugger Foods, and Tuno.
Wildwood Organics makes a vegan tuna made from organic garbanzo beans. The Good Catch Foods company offers vegan tuna made from chickpeas, peas, and lentils.
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It's no secret that the demand for plant-based foods is on the rise. But what you may not know is that this growth is extending to the seafood market. Vegan seafood, a term used to describe meatless and dairy-free versions of popular seafood dishes, is becoming more and more popular as people become more conscientious about their food choices. While vegan seafood has been around for a while, it's only recently that it's begun to gain traction in the mainstream.
The global vegan seafood market is expected to grow at a CAGR of 6.7% during the forecast period 2019 to 2024. The growth of the vegan seafood market can be attributed to the increase in awareness about the health benefits of vegan seafood, the rise in demand for plant-based protein, and the growing trend of veganism.
The heightening demand for vegan tuna around the globe is due to factors like the rapid depletion of world fish supplies, environmental concerns, and the health risks connected with excessive meat eating, in turn boosting the sales of the product. Vegan tuna is becoming more popular as a result of intense Research and Development efforts by major food and beverage companies. A plethora of vegan start-ups, in addition to established businesses, dot the worldwide scene.
Existing fish stocks are very constricted in terms of meeting the dietary requirements of such an increase as the world population base continues to grow. According to the Food and Agriculture Organization, aquaculture expansion would only keep up with rising demand in 17 countries, leaving over 170 countries with significant unmet demand, in turn promoting the vegan tuna market.
The growing popularity of veganism, combined with growing environmental and animal welfare concerns, is driving up demand for vegan tuna. Furthermore, the increased frequency of chronic gastrointestinal illnesses caused by the presence of mercury and other hazardous contaminants in seafood is fueling global market expansion and has fueled the vegan tuna market in the USA.
Several brick-and-mortar and online distribution channels are launching a diverse range of seafood alternatives like vegan tuna to appeal to a variety of consumer tastes and preferences, thus expanding the global market. In addition, the shift in consumer preference from a non-vegetarian diet to foods containing plant protein is driving product demand in Germany.
Rising health issues like cardiovascular diseases, obesity, and rising blood pressure are leading to consumer shift towards vegan seafood alternatives like vegan tuna which is beneficial for the same. It is also rich in fiber which aids digestive problems leading to an increase in sales of the product in the Indian market.
By 2032, the soy-based protein category is predicted to maintain its dominance. In 2022, it will hold 32.4% of the market share, according to FMI. Due to its high protein content and meat-like texture, it is gaining adoption in the vegan tuna market.
During the assessment period, the vegan tuna market's online retail segment has grown in popularity. To avoid crowds, the epidemic has strengthened the use of online form of purchasing. Apart from that, the convenience of online retail in terms of communication is also driving vegan tuna sales.
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To increase position and distribution channel in the worldwide company, key players are pursuing a variety of methods, including mergers and acquisitions. Furthermore, numerous significant firms are working on new product launches and development in order to expand their capacity and get a foothold in the business.
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| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD Million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Oceania; and MEA |
| Key Countries Covered | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Argentina, South Africa, and UAE |
| Key Segments Covered | Source, Application, Distribution Channel, and Region |
| Key Companies Profiled | 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; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The vegan tuna market is expected to rise at a CAGR of 4.3%.
The North American vegan tuna market is expected to register a 4.2% CAGR between 2022 and 2032.
The demand for vegan tuna in Europe is expected to grow at 4.5% CAGR between 2022 and 2032.
The market will see an increase in demand for plant-based tuna, owing to the growing vegan population. Vegan tuna market growth will be aided by rising consumer health awareness, lactose intolerance, and social media influence.
| Market Size (2024) | USD 1,655.7 million |
|---|---|
| Market Value (2034) | USD 3,089.7 million |
| Market CAGR (2024 to 2034) | 6.4% |
| Market Expected Value (2023) | USD 284 million |
|---|---|
| Market Forecast Value (2033) | 1,320.6 million |
| Market Expected CAGR (2023 to 2033) | 17% |
| Expected Market value in 2023 | USD 8.2 Billion |
|---|---|
| Projected Market Value in 2033 | USD 14.2 Billion |
| Growth Rate (2023 to 2033) | 5.7% |
| Market Size (2022E) | USD 273.2 Million |
|---|---|
| Projected Size (2032F) | USD 426.8 Million |
| Value CAGR (2022 to 2032) | 4.3% |
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