Plant-based Tuna Market Revenue Analysis Report with Future Business Scope and New Investment Plans for the 2030

The global plant-based tuna market is expected to exhibit a CAGR of ~18% between 2020 and 2030, finds Future Market Insights (FMI) in a new study.  The awareness regarding health and wellness is growing because of which consumers are preferring food derived from natural and healthy sources.

Plant-based foods are nutrient-rich and have no added taste or chemicals, which helps in controlling level of body weight, cholesterol, and blood pressure and help prevent diseases such as cardiovascular diseases and obesity. Consumption of plant-based food products is increasing because the cognizance of health benefits associated with them. Increasing consumption of plant-based food products is in turn creating growth opportunities for the plant-based tuna market.

As a result of the unprecedented spread of COVID-19, the consumption of animal based products has significantly reduced. Consumers are preferring plant-based products over animal based products also because of rumors associating the virus’s spread with meat consumption. This has been fuelling the demand for alternative meat products, which is expected to increase the demand for plant-based tuna products.

FMI’s report on the market for plant-based tuna provides a comprehensive overview of the plant-based tuna market. It covers prevalent trends, growth drivers, opportunities, and potential restraints. The outcome of various strategies implemented by the key participants is studied in detail in the report.

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It includes in-depth insights into the plant-based tuna market. Some of these are: 

  • Soy has emerged as the preferred source in the market and the trend is likely to continue over the forecast period
  • Europe has emerged as the leading market for plant-based tuna, however, growth witnessed in Asia Pacific is likely to be at a higher pace
  • While food service sector continues to remain highly preferred sales channel, sales via retail sector is expected to surge at a higher pace
  • The demand for frozen plant-based tuna is expected to surge at a higher pace in comparison to other formats available in the market

“Driven by changing consumer preferences some of the leading names in the food service sector are including plant-based tuna in their menu. Besides this, collaboration between various producers and food franchises is underway, which is likely to give impetus to the global market,” says FMI analyst.

Demand to Increase with Rising Flexitarian Population

Consumers worldwide have become more interested in plant-based foods, including plant-based tuna. Growing prevalence of obesity and related diseases are making consumers more conscious about their health. As a result of this preference for food and beverage items that are natural and low in fat and calories is increasing. The plant-based food sector is rising due to this factor.

The rise in flexitarians is attributable for plant-based tuna’s popularity. Many consumers consider flexitarianism as an achievable dietary shift. This has been creating growth prospects for the plant-based tuna market.

The flexitarian diet trend is significantly increasing due to which key manufacturers of plant-based tuna are focusing on strengthening their distribution channel across the world.

For Instance- In March 2020, Good Catch raised US$ 32 funds from Lightlife parent company Greenleaf Foods and General Mills venture arm 301 Inc. The company raised funds to expand distribution channels in Europe, Asia Pacific, and North America.

Who is Winning?

Some of the key players operating in the plant-based tuna market are Nestlé S.A., Good Catch, Ocean Hugger Foods, Sophie’s Kitchen, New Wave Foods, Gardein, Beyond Meat, Prime Roots, BlueNalu, Avant Meats, Atlantic Natural Foods, and others.

The key players of plant-based tuna are investing in research and development to produce high-quality products. Consequently, a slew of launches are recorded in the market, which is aiding its overall expansion. For instance:

  • In November 2018, Atlantic Natural Foods launched a plant-based tuna alternative, which is named Tuno. Tuno is made with a wide range of plant based ingredients.
  • In August 2020, Nestle SA, one of the world’s largest food companies, has launched Plant-based Tuna, which contains six plant-based ingredients, with pea protein being the key component. It has also added ‘faux tuna’ to its portfolio of plant-proteins.

Get Valuable Insights into Plant-Based Tuna Market

Future Market Insights, in its new report, presents an unbiased analysis of the global plant-based tuna market, covering demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into the growth witnessed in the market. Based on source, the market can be segmented into soy-based protein, wheat-based protein, pea-based protein, canola based protein, fava bean protein, potato-based protein, rice-based protein, lentil-based protein, flax-based protein, chia based protein, and corn-based protein. In terms of distribution channels, the market can be segmented into retail, online retail, and HoReCa. Based on the format, the market can be segmented into refrigerated, frozen, and others. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA.

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Key Questions Answered by the Report

  • At what rate the plant-based tuna market is forecast to grow?

According to FMI, the market is expected to rise at 17.9% CAGR between 2020 and 2030.

  • Which is the largest market for plant-based tuna?

Europe is the leading market, with growth driven by rising awareness about environment and health concerns among consumers.

  • Which are the top companies in the plant-based tuna market?

Some of the leading companies operating in the plant-based tuna market are Good Catch, Ocean Hugger Foods, Sophie’s Kitchen, New Wave Foods, Gardein, Beyond Meat, Prime Roots, Atlantic Natural Foods, Nestlé S.A, and Avant Meats among others.

  • What is the outlook on the plant-based tuna market?

The plant-based tuna market is forecast to gain significantly from the COVID-19 pandemic. Increasing focus on plant-based products will spike the growth of the market.

  • What are the key challenges witnessed in the plant-based tuna market?

Allergies caused by soy and pea are limiting the growth of the market. Besides, maintaining the taste, texture, nutritive value and salt and sugar proportions are some of the major challenges for players.

  • Which is the most lucrative segment in terms of source in the plant-based tuna market?

Soy-based protein is the most lucrative segment. Growth witnessed by the segment in attributable to widespread use of soy as a base component in plant-based tuna. Moreover, owing to its high protein content, soy is preferred over other alternatives.

  • What are key trends driving the plant-based tuna market?

The market will observe upsurge in demand for plant-based tuna attributable primarily to the growing vegan and flexitarian population. Besides, growing health awareness among consumers, lactose intolerance and social media influence will encourage the growth of the market.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.


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