The global plant-based tuna market is expected to exhibit a CAGR of 17.9% 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.
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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.
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.
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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.
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- 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
- Convenience Stores
- Specialty Food Stores
- Online Retail
- HoReCa (Food Service Sector)
- North America – U.S., Canada
- Latin America – Mexico, Brazil, Rest of Latin America
- Europe – EU-4, U.K., BENELUX, Nordics, Russia, Poland Rest of Europe
- Middle East and Africa – GCC Countries, Turkey, 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
- At what rate the plant-based tuna market is forecast to grow?
- Which is the largest market for plant-based tuna?
- Which are the top companies in the plant-based tuna market?
- What is the outlook on the plant-based tuna market?
- What are the key challenges witnessed in the plant-based tuna market?
- Which is the most lucrative segment in terms of source in the plant-based tuna market?
- What are key trends driving the plant-based tuna market?
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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