Plant-Based Tuna Market to Grow at 18% CAGR by 2030
The global plant-based tuna market is anticipated to reflect a CAGR of 18% during the forecast period 2020-2030. The growth can be primarily attributed to growing focus on plant based products. On the other hand, the market is likely to gain notably amid the COVID-19 outbreak because of growing consumer’s preference towards plant based foods.
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.
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“Boosted by changing customer’s preferences some of the prominent companies in the food service industry are incorporating plant-based tuna in their menu. Apart from this, collaboration amid several food franchises and producers is underway, which is projected to push the global market,” concludes the FMI analyst.
Key Highlights
- Europe to record a significant growth rate due to the environment and health initiatives planned by the EU.
- Soya based protein will lead among other source category due to its meat-like texture and high protein content.
- Online retail segment is likely to reflect the fastest growth pace amid the projected period.
- The frozen format segment will foresee a surge over the forecast period.
Drivers
- Growing preference towards opting healthy and natural food products over animal-based products due the offered health benefits is boosting sales of plant based tuna.
- Increasing number of consumers preferring flexitarians diet is fueling the market growth.
- Mounting demand for plant based tuna in food franchises will be impelling market growth.
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Restraints
- Retaining high nutritional value without compromising the texture and taste of plant-based tuna has become a huge challenge for market players.
- High cost associated with the products are projected to pose a challenge for the market.
COVID-19 Impact on the Market
The plant-based tuna market has had a positive influence amid the COVID-19 outbreak. While the market encountered challenges owing to the restrictions imposed by the governments, however, the market is anticipated to have long-term benefits from the outbreak. Furthermore, health concerns encouraged consumers towards a plant-based diet. Due to this, such a sudden rise in demand that might pose as a burden on producer to ascertain the nutritional values of their products.
Competitive Landscape
The need for plant-based tuna is steadily rising encouraging several newcomers to venture in the market. Thus, competition is swelling in the market. Top companies are relying on strategic collaborations to attain a competitive edge.
Some of the key plant-based tuna companies listed in the study are Ocean Hugger Foods, New Wave Foods, Good Catch, Beyond Meat, Sophie’s Kitchen, Prime Roots, Gardein, Atlantic Natural Foods, Nestlé S.A and Avant Meats.
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Competition Blueprint
1.3. FMI Analysis and Recommendations
- Market Introduction
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
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