According to the latest report by IMARC Group, titled "Europe Plant-based Seafood Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the Europe plant-based seafood market reached a value of US$ 42.3 Million in 2022. Plant-based seafood refers to products made from plant-based ingredients that mimic the taste, texture, and nutritional profile of seafood products such as fish, shrimp, and crab. These products are becoming increasingly popular among consumers looking for healthy, sustainable, and ethical alternatives to traditional seafood. Plant-based seafood is made from various ingredients, such as soy, wheat, peas, and algae, which are processed and combined to create products that resemble real seafood's taste, texture, and nutritional profile. The products can substitute traditional seafood in various dishes, including sushi, seafood chowder, fish and chips, and more. Plant-based seafood offers several benefits over traditional seafood, including being free from harmful pollutants, such as mercury, being more sustainable and eco-friendly, and offering a healthier alternative for those seeking to reduce their animal product consumption. In addition, plant-based seafood help reduce overfishing, a major environmental concern.
Europe Plant-based Seafood Market Trends:
The market in Europe is primarily driven by the increasing awareness of the environmental and health benefits of plant-based diets. In line with this, the key companies are investing in research and development to create new and innovative plant-based seafood products. Furthermore, the rising consumer demand for healthy, sustainable, and ethical alternatives to traditional seafood is significantly contributing to the market growth. Apart from this, the growing concerns about overfishing and its impact on the environment are positively influencing product demand. Moreover, the easy availability of plant-based seafood products in retail stores and online is catalyzing the market. Besides, the escalating prevalence of zoonotic diseases among humans and the increasing vegan population are bolstering product sales across the region. Additionally, the rising awareness regarding animal welfare and animal cruelty in farms is providing a boost to the market. On account of the factors above, the market is anticipated to reach a value of US$ 192.2 Million by 2028, exhibiting a CAGR of 29% during 2023-2028.
- On the basis of the product type, the market has been categorized into fish products, prawn and shrimp products, and crab products.
- Based on the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, online, and others.
- On the basis of the country, the market has been divided into Germany, France, the United Kingdom, Italy, Spain, and others.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
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