IMARC Group’s latest report, titled “Plant-based Seafood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global plant-based seafood market is expected to exhibit a CAGR of 30.4% during 2022-2027. Plant-based seafood refers to a vegan alternative that is similar to seafood in texture, appearance and taste. It is produced using a mixture of plant protein isolates, soy, starch, vegetable extracts, edible oils and a variety of seasonings. Various additives and coloring agents are also added to the product to provide a texture similar to fish, shrimp and crabs. In recent years, the demand for plant-based seafood has increased with the rising health-consciousness among consumers. As a result, individuals are becoming inclined toward vegan seafood alternatives, with low calories and high protein content.
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.
Global Plant-based Seafood Market Trends:
The global plant-based seafood market is primarily driven by the growing trend of veganism. The increasing concerns regarding the protection of aquatic animals have also impelled individuals to replace seafood with plant-based alternatives in their diets. Besides this, the growing prevalence of chronic gastrointestinal disorders due to the presence of mercury and toxic pollutants in seafood is also encouraging consumers to shift to vegan alternatives. Several governmental bodies are also undertaking initiatives to promote the consumption of plant-based seafood products to conserve marine ecosystems. Furthermore, the rising preference for frozen, canned, and ready-to-eat products due to rapid urbanization, hectic lifestyles and the inflating disposable incomes of the masses is escalating the demand for plant-based seafood across the globe.
- Based on the product type, the market has been divided into fish, prawn and shrimp, and crab products.
- On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, online, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (the United Kingdom, Germany, Netherlands, France, and others), Asia Pacific (China, Japan, Singapore, and others), Latin America (Brazil, Mexico, and others), Middle East and Africa (South Africa, the UAE, and others).
- The competitive landscape of the market has been examined in the report, with some of the key players being 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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