According to the latest report by IMARC Group, titled "Europe Plant-based Seafood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Europe plant-based seafood market reached a value of US$ 31.8 Million in 2021. Plant-based seafood refers to vegan and vegetarian alternatives to seafood products. It is mainly prepared using soy, legumes, yeast and vegetable oil and starches to resemble the flavor of seafood items. Besides this, its primary ingredient is seaweed since it helps in providing a distinct taste to the product. Plant-based seafood products are low in cholesterol and a great source of protein. In Europe, there has been a significant rise in the consumption of plant-based seafood due to its easy product availability via online and offline organized retail channels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Europe Plant-based Seafood Market Trends:
The market in Europe is primarily driven by the increasing popularity of the veganism trend among the masses, coupled with the rising health consciousness and the changing dietary patterns of the masses. An enhanced focus on sustainable development and the growing concerns regarding animal cruelty among individuals have encouraged leading players to heavily invest in the production of plant-based seafood products. Moreover, numerous initiatives undertaken by the governments of several countries for promoting eco-friendly plant-based food products are significantly supporting the market growth across the region. Furthermore, extensive research and development (R&D) activities conducted by key players in order to introduce sustainable food sources in the market is creating a positive market outlook. Additionally, major players are launching frozen variants of plant-based seafood products and developing aggressive marketing strategies and promotional campaigns, which are favorably impacting the market. Other factors, including the widespread prevalence of seafood allergies among individuals, continuous improvements in the food and beverage sector and the proliferation of fast-food joints, are also positively influencing the market across Europe. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 154.43 Million by 2027, exhibiting a CAGR of 30.46% % during 2022-2027.
- On the basis of the product type, the market has been segregated into fish, prawn and shrimp, and crab products. Presently, fish products represent the largest market segment.
- Based on the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, online and others. Among these, supermarkets and hypermarkets exhibit a clear dominance in the market.
- On the basis of the country, the market has been divided into Germany, France, the United Kingdom, Italy, Spain and others. Currently, Germany holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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