Europe Plant-based Seafood Market

Market Overview:

The Europe plant-based seafood market size reached US$ 42.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 192.2 Million by 2028, exhibiting a growth rate (CAGR) of 29% during 2023-2028. The wide availability through various distribution channels, increasing environmental concerns, and rising awareness about animal welfare represent some of the key factors driving the market.

Plant-based seafood refers to a vegan alternative that is similar to seafood in texture, taste, and color. It comprises various ingredients, such as soy, seaweed, yeast, legumes, vegetable oil, and starches. It is widely available in the form of tuna, salmon, crab, shrimp, squid, caviar, and scallops. It is a rich source of protein, omega 3, and does not involve mercury, which enhances the absorption of nutrients while reducing heavy metal toxicity in the body. It improves cholesterol levels and blood pressure while reducing the risk of various infections. It assists in increasing palatability of the food and prevents type 2 diabetes and certain kinds of cancers. As it is utilized in preparing various healthy and delicious vegan dishes, the demand for plant-based seafood is increasing in Europe.

Europe Plant-Based Seafood Market Trends:

At present, the rising demand for plant-based seafood on account of the increasing prevalence of zoonotic diseases among humans represents one of the key factors contributing to the growth of the market in Europe. In addition, the increasing demand for plant-based protein due to the popularity of vegetarianism among consumers is bolstering the growth of the market across the region. Apart from this, the rising demand for ready-to-eat (RTE), canned, and frozen plant-based seafood products among consumers due to hectic lifestyles is offering lucrative growth opportunities to industry investors in the region. Moreover, governing agencies in Europe are encouraging the adoption of sustainable plant-based seafood to avoid the depletion of fisheries and natural ocean resources, which is positively influencing the market. Besides this, the growing demand for plant-based seafood over animal-based products due to the increasing environmental concerns among individuals is offering a positive market outlook. Additionally, the rising demand for plant-based diet, as it assists in encouraging weight loss and reducing the risk of numerous cardiovascular diseases, such as heart attack and stroke among individuals, is supporting the growth of the market in Europe. In line with this, the wide availability of plant-based seafood through various distribution channels, such as supermarkets, hypermarkets, specialty, and convenience and online stores, is propelling the growth of the market in the region. Furthermore, the rising awareness about animal welfare among individuals in Europe is strengthening the market growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Europe plant-based seafood market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on product type and distribution channel.

Product Type Insights:

• Fish Products
• Prawn & Shrimp Products
• Crab Products
   

The report has provided a detailed breakup and analysis of the Europe plant-based seafood market based on the product type. This includes fish products, prawn and shrimp products, and crab products. According to the report, fish products represented the largest segment.

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others
   

A detailed breakup and analysis of the Europe plant-based seafood market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, online, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Country Insights:

• Germany
• France
• United Kingdom
• Italy
• Spain
• Others
   

The report has also provided a comprehensive analysis of all the major country markets, which include Germany, France, the United Kingdom, Italy, Spain, and Others. According to the report, Germany was the largest market for Europe plant-based seafood. Some of the factors driving the Germany plant-based seafood market included the increasing vegetarian population, introduction of the alternative for fish by key manufacturers, rising awareness about animal welfare, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the Europe plant-based seafood market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Europe plant-based seafood market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the Europe plant-based seafood market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Europe plant-based seafood industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.