Vegan Tuna Market (2023 to 2029) – Growth, Trends, COVID-19 Impact and Forecast

Vegan Tuna Market was valued at US$ 271.23 Mn. in 2022. The Global Vegan Tuna Market size is estimated to grow at a CAGR of 3.43% over the forecast period.
Vegan Tuna Market Overview:
The report explores the Vegan Tuna market's segments (Format, Source, Distribution Channel, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Vegan Tuna market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Vegan Tuna market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Vegan Tuna Market Dynamics:
Increasing public awareness about the health consequences of consuming animal products as well as ethical issues surrounding animal agriculture is gradually leading to an increase in mainstream popularity of veganism which is driving the market growth in the forecasted period. The leaders in the market are launching unique products to satisfy the demands of consumers around the world. These products are similar to canned tuna in taste and texture while combining ingredients that offer an overload of health benefits. Vegan tuna contains a lot of fiber, which is useful for improving digestion and preventing obesity and cardiovascular disease. . The industry is working on developing a texture that is flaky and has a fishy flavor without overwhelming the senses. As a result of consumer preferences changing more and more restaurants and major food chains are offering vegan foods to their customers.

As soy and peas are the prime sources of vegan tuna and they are rich in protein and also give the texture of tuna. A soy allergy can cause hyperactivity of the immune system and even lead to anaphylaxis. An increasing number of people are allergic to soy and peas, which is hindering the market growth of the industry and making it more challenging for manufacturers to manufacture allergen-free vegan tuna.

Due to an increase in diseases related to birds and swine, the use of vegan tuna has increased in recent years. A decline in the demand for non-vegetarian meals and consistently a rise in the demand for vegan products have been shown. By attracting consumers' attention to the vegan tuna market and using the market budget to leverage this opportunity, vegan tuna manufacturers may be able to take advantage of this opportunity in the forecasted period.

Consumers' interest in the vegan product is driving the market growth and manufacturers have to maintain high nutritional values without compromising the taste or texture. Determining proper salt and sugar proportions for vegan tunas, considering several health concerns, which is a challenge for manufacturers and high prices of the product will further limit the market growth.

Impact of COVID-19:

During COVID-19, vegan tuna market is one of the markets that gained growth, as they have also restrictions from the government but then also it is forecasted that they have long-term benefits from COVID-19. Because of the crisis, many consumers have shifted to a natural diet to avoid infections from animal-based products. According to scientific studies, the corona virus has also been shown to affect people suffering from diseases such as diabetes, hypertension, and heart disease. Due to the COVID impact, the leading marketplace reported an increase in sales of vegan tuna. Because of this unexpected demand, manufacturer and distributors changed their strategies to ensure that the nutritional value of their products keeps speed with the growing demand.
Market Trends:
The growth of the vegan tuna market shall be accompanied by the emergence of new consumption trends in the forecasted years. The value of using vegan protein in packaged foods has carried it to the forefront. Additionally, the growing demand for healthy safe food options has also led to growing demand in the market, we can forecast to see a growth in packaging foods high in plant protein in the forecasted period. The use of vegan food options is now rapidly increasing among youngsters.
Vegan Tuna Market Segment Analysis:
Based on Format, the Vegan Tuna Market is segmented into Refrigerated, Frozen, and Others.

Frozen based format segment is dominating the market growth in the forecasted years. It is forecasted that plant-based tuna from the frozen will grow as consumers become more aware of it. Further, retail stores are attracting consumers' attention with premium offers on frozen products, which in turn is encouraging the growth of this market.

Based on Source, the Vegan Tuna Market is segmented into Soy-based Protein, Wheat-based Protein, Pea-based Protein, Potato-based Protein, Rice-based Protein, and Others.The Soy-based Protein segment is dominating the market in the forecast period. The reasons for the growth seen in this segment are the widespread use of soy as a base ingredient for plant-based tuna. The soy has high protein content and a meat-like texture, making it a very popular ingredient. However, the growth of this segment is forecasted to be impacted by increasing allergies to soy.

Based on Distribution Channel: the Vegan Tuna Market is segmented into Online Retail, Retail, and Others. Online Retail segment is dominating the market growth in the forecasted period. COVID-19 measures have contributed to the continued growth of the segment. Online retail, as well as ease of communication, and profitability for both retailers and consumers is also contributing.
Regional Insights:
The North America region held the largest market share in 2022. The vegan tuna market is growing in both manufacturing and distribution channels. As a result of the growing demand for soy protein in sports and nutrition products among athletes, bodybuilders, and recovering patients, the region has been growing for years. Thus, protein is the primary ingredient in plant-based tuna, which in turn fuels the demand for plant-based tuna in North America. As a result of a large population of lactose-intolerant people in North America, the weight-conscious category is also expanding.

The Asia Pacific region is expected to witness significant growth in the forecast period. The major reason of growing market in this region is concern regarding health now a day’s increases among people and people are now preferring a vegan diet.

The objective of the report is to present a comprehensive analysis of the global Vegan Tuna Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Vegan Tuna Market dynamic, and structure by analyzing the market segments and projecting the Vegan Tuna Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Vegan Tuna Market make the report investor’s guide.
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Vegan Tuna Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 271.23 Mn


Forecast Period 2023 to 2029 CAGR:
3.43%
Market Size in 2029:
US$ 343.45 Mn


 Segments Covered:
by Format
Refrigerator
Frozen
others


by Type
Soy-based Protein
Wheat-based Protein
Pea-based Protein
Potato-based Protein
Rice-based Protein
others


by Distribution Channel
Online Retail
Retail
Others



Vegan Tuna Market by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina and Rest of South America)
Vegan Tuna Market Key Players are:
1. Good Catch
2. Ocean Hugger Foods
3. Sophie's Kitchen
4. New Wave Foods
5. Gardein
6. Beyond Meat
7. Prime Roots
8. Atlantic Natural Foods
9. Nestlé S.A
10.Avant Meats

Frequently Asked Questions:

1. What is the study period of the market?
Ans. The Global market is studied from 2022-2029.

2. What is the growth rate of Vegan Tuna Market?
Ans. The Global market is growing at a CAGR of 3.43% over next 6 years.

3. Which region has largest share in The Global Vegan Tuna Market?
Ans. North America holds the largest share.

4. What is the Global Vegan Tuna Market segment based on Distribution Channel?
Ans. Based on Distribution Channel, The Global market is divided into Online Retail, Retail, and Others.

5. Who are the key players in the Global Vegan Tuna Market?
Ans. The key players in the Global Vegan Tuna are Good Catch, Ocean Hugger Foods, Sophie's Kitchen, New Wave Foods, Gardein, Beyond Meat, Prime Roots, Atlantic Natural Foods, Nestlé S.A, Avant Meats.