Global Plant-based Seafood Market to Reach US$ 308.3 Million by 2028, Impelled by Growing Shift Towards Veganism

March 20, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Plant-based Seafood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global plant-based seafood market size reached US$ 62.7 Million in 2022. Plant-based seafood is a vegan alternative of regular seafood that is prepared from plant-based ingredients. It is specifically designed to mimic the texture, taste, and appearance of seafood. It is produced from a variety of plant-based ingredients, such as wheat gluten, soy protein, pea protein, algae, and mushrooms. These ingredients are combined with spices and flavorings to create a product that looks, smells, and tastes similar to traditional seafood. It does not use animal products or by-products in its preparation. The demand for plant-based seafood has escalated as it generally contains more vitamins, minerals, and healthy fats than seafood.

Global Plant-based Seafood Market Trends:

The rising health consciousness among the masses majorly drives the global market. This can be supported by the growing prevalence of chronic lifestyle diseases, including diabetes, chronic obstructive pulmonary diseases (COPD), osteoporosis, obesity, hypertension, asthma, and cardiovascular diseases, due to the sedentary lifestyles and the busy schedules of individuals. Coupled with this, plant-based seafood is cholesterol-free and a rich source of dietary vitamins, fiber and minerals, making it a healthier choice among the health-conscious population. Along with this, the growing environmental concerns among individuals have led to a considerable rise in the consumption of sustainable food and beverage products, which is impacting the market favorably. Besides this, consumers are more inclined toward incorporating sustainable alternatives to traditional seafood in their diet due to the growing awareness regarding the adverse effects of fishing or aquatic farming on the marine ecosystem. Moreover, several innovations in ready-to-eat, frozen, and canned product variants are creating a positive market outlook. On account of these factors, the market value is anticipated to reach US$ 308.3 Million by 2028, exhibiting a CAGR of 29.3% during 2023-2028.

Market Summary:

On the basis of the product type, the market has been segmented into fish products, prawn and shrimp products, and crab products.
Based on the distribution channel, the market has been segregated into supermarkets and hypermarkets, convenience stores, online, and others.
On the basis of the region, the market has been divided into North America (the United States and Canada), Europe (United Kingdom, Germany, Netherlands, France, and others), Asia-Pacific (China, Japan, Singapore, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa (South Africa, the UAE, and others).
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Ahimsa Foods, Atlantic Natural Foods, Bonsan, Ocean Hugger Foods, Good Catch Foods, Impossible Foods Inc, Sophie’s Kitchen Inc, New Wave Foods, Gardein, Quorn (Monde Nissin Corporation), Qishan Food Limited Company, SoFine Foods, Tofuna Fysh, and Vivera.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Million
Segment Coverage	Product Type, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Netherlands, China, Japan, Singapore, Brazil, Mexico, South Africa, UAE
Companies Covered	Ahimsa Foods, Atlantic Natural Foods, Bonsan, Ocean Hugger Foods, Good Catch Foods, Impossible Foods Inc, Sophie’s Kitchen Inc, New Wave Foods, Gardein, Quorn (Monde Nissin Corporation), Qishan Food Limited Company, SoFine Foods, Tofuna Fysh, and Vivera
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Global Plant-based Seafood Market to Reach US$ 308.3 Million by 2028, Impelled by Growing Shift Towards Veganism

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