PUBLISHER: Grand View Research | PRODUCT CODE: 1575066
PUBLISHER: Grand View Research | PRODUCT CODE: 1575066
The global vegan tuna market size is estimated to reach USD 1.59 billion in 2030 and is anticipated to grow at a CAGR of 7.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is being propelled by the entry of major food companies and investments in plant-based seafood startups. Large multinational corporations, including Nestle, Thai Union, and others, have either launched or invested in plant-based seafood products, recognizing the growth potential of this market. The product has been well received, further validating the demand for vegan alternatives in the seafood category.
Another critical driver is the growing availability of vegan tuna across various distribution channels. Initially, plant-based seafood products were primarily available in specialty stores or niche markets, but nowadays, vegan tuna can be found at various channels such as mainstream supermarkets, online retail platforms, and even food service outlets. The increasing availability of these products makes them more accessible to a broader audience, further fueling market growth. E-commerce has played a pivotal role in expanding the reach of vegan tuna. As consumers increasingly shop for groceries online, plant-based seafood brands have capitalized on the shift by offering their products through platforms like Amazon, Instacart, and company-owned websites. This has been particularly important in reaching younger, tech-savvy consumers who prefer the convenience of online shopping.
The food service industry has also played a crucial role in driving the growth of vegan tuna. Restaurants, cafes, and fast-food chains are increasingly offering plant-based seafood options to cater to the rising demand for vegan and vegetarian meals. Vegan tuna, in particular, has gained popularity as a versatile ingredient that can be used in sushi, sandwiches, salads, and poke bowls. Several well-known chains have already incorporated plant-based tuna into their menus. Additionally, several sushi restaurants in major cities like New York, Los Angeles, and London have begun offering vegan tuna sashimi or rolls made with plant-based alternatives. This expansion into food service has increased the visibility of vegan tuna and introduced it to consumers who may not have otherwise considered it.
Sustainability is not only influencing the product itself but also the packaging of vegan tuna. Consumers are becoming more concerned about the environmental impact of single-use plastics and unsustainable packaging materials. In response, manufacturers of plant-based tuna are adopting eco-friendly packaging options to align with consumer expectations for sustainability. Various brands have adopted recyclable or biodegradable packaging for their vegan tuna products. These efforts are not only reducing the environmental impact of the products but also resonating with eco-conscious consumers who prefer brands that prioritize sustainability across their supply chains.
Major players in the market include Thai Union, Good Catch, Ocean Hugger Foods, Inc., Atlantic Natural Foods, Garden Gourmet Vuna, Sophie's Kitchen, OmniTuna, Hooked, Vgarden Ltd. and Endori. Various steps are adopted by these companies including global expansion, partnerships, acquisitions & mergers, development & launch of new products, and others to gain more share of the market.