The global plant-based seafood market grew at a CAGR of around 30% during 2017-2020. Plant-based seafood refers to a seafood-like vegan alternative with similar color, texture, appearance, and flavor. It is generally produced by mixing plant protein isolates, soy, starch, vegetable extracts, edible oils, and other seasonings. These raw materials are further processed with additives and coloring agents to gain flavor and texture similar to fish, shrimps, crabs, etc. Plant-based seafood products are ecologically sustainable as they help in reducing the high consumption of seafood, thereby relieving pressures on the depleting fisheries across the globe.
The rising trend of veganism coupled with growing concerns towards the environment and animal protection are augmenting the demand for plant-based seafood products. Additionally, the high prevalence of chronic gastrointestinal disorders due to the presence of mercury and other toxic pollutants in seafood is also propelling the market growth on a global level. Furthermore, several government bodies are launching numerous initiatives for promoting the consumption of plant-based seafood products to reduce the adverse impact of fishing machinery on aquatic ecosystems. Additionally, the growing consumer awareness towards the over-exploitation of natural resources to meet the global consumption for seafood products is also propelling the need for plant-based seafood. Apart from this, the increasing penetration of frozen, canned, and ready-to-eat product variants for supporting hectic consumer lifestyles is further catalyzing the market growth. Several brick-and-mortar and online distribution channels are introducing a wide array of plant-based seafood products catering to different consumer tastes and preferences, thereby augmenting the global market. Additionally, the changing consumer inclination from a non-vegetarian diet towards plant protein-sourced foods is also propelling the product demand. Furthermore, the rising adoption of these food products across several cuisines, including Chinese, Thai, Mexican, etc., will continue to drive the global market for plant-based seafood in the coming years. Looking forward, IMARC Group expects the market to continue its strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global plant-based seafood market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product type and distribution channel.
Breakup by Product Type:
Breakup by Distribution Channel:
Breakup by Region:
The competitive landscape of the industry has also been examined 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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