Plant-based Seafood Market

Market Overview:

The global plant-based seafood market size reached US$ 81.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 853.7 Million by 2032, exhibiting a growth rate (CAGR) of 29.5% during 2024-2032. The growing environmental concerns and focus on maintaining sustainability, advancements in food processing technologies to provide enhanced sensory appeal, and increasing popularity of safe and healthy food products are some of the major factors propelling the market.

Plant-based seafood refers to a category of food products that are derived from plant sources but have a similar taste, texture, and nutritional profile to traditional seafood. It is a combination of plant proteins, fibers, and other natural ingredients to replicate the sensory experience of consuming seafood. It allows manufacturers to create alternatives to popular seafood options like fish fillets, shrimp, and crab by utilizing ingredients, such as algae, seaweed, legumes, and grains. As it offers a sustainable and environmentally friendly option for individuals seeking to reduce their consumption of animal-based products, the demand for plant-based seafood is rising across the globe.

At present, the increasing adoption of food solutions that address concerns related to overfishing, bycatch, and the overall impact of traditional seafood production on marine ecosystems is bolstering the growth of the market. Besides this, the growing demand for food products that benefit in adhering to dietary restrictions is offering a positive market outlook. In line with this, the rising popularity of veganism among the masses around the world is propelling the growth of the market. Apart from this, the wide availability of plant-based products via several distribution channels across the globe is contributing to the growth of the market. Furthermore, the rising awareness about animal welfare and ethical considerations is strengthening the growth of the market. Moreover, the changing consumer taste and preferences is supporting the growth of the market.

Plant-based Seafood Market Trends/Drivers:

Rising focus on sustainability and environmental concerns

The rising focus on maintaining sustainability among environmentally conscious consumers is bolstering the growth of the market. Traditional seafood production methods often result in overfishing, habitat destruction, and bycatch, which pose significant threats to marine ecosystems and biodiversity. In line with this, consumers are increasingly aware of these issues and are seeking alternatives that minimize the negative impact on the environment. Apart from this, plant-based seafood assists in reducing the reliance on ocean resources and decreasing the strain on aquatic ecosystems. Furthermore, this encourages individuals to make eco-friendly choices and support products that contribute to a healthier environment. Governing agencies of numerous countries are also encouraging the adoption of environmentally friendly food products to reduce their carbon footprint, which is positively influencing the market.

Increasing popularity of safe and healthy food products

The rising popularity of consuming safe and healthy food products among the masses is supporting the growth of the market. In addition, there is an increase in the number of health-conscious consumers across the globe. Besides this, consumers are becoming conscious of their dietary choices and are seeking options that align with their wellness goals. Plant-based seafood products often contain lower levels of cholesterol, saturated fats, and allergens as compared to animal-based counterparts. Additionally, they are rich in essential nutrients, such as plant-based proteins, fiber, vitamins, and minerals. This nutritional profile caters to individuals aiming to improve their overall health, manage weight, and reduce the risk of chronic diseases.

Advancements in food processing technologies

Various manufacturers are continuously advancing food processing technology, which is offering a positive market outlook. In line with this, they are introducing techniques to create plant-based products that closely provide similar taste, texture, and sensory experience to traditional seafood. These innovations encourage consumers to adopt plant-based alternatives. Apart from this, the development of new plant protein sources, such as algae and legumes, allows for the creation of more convincing and palatable options. The rising acceptance of these alternatives, along with the increasing demand for improved quality and a wide variety of plant-based seafood products among the masses worldwide, is contributing to the growth of the market.

Plant-based Seafood Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global plant-based seafood market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

• Fish Products
• Prawn and Shrimp Products
• Crab Products
   

Fish products represent the largest market segment

The report has provided a detailed breakup and analysis of the market based on the product type. This includes fish products, prawn and shrimp products, and crab products. According to the report, fish products represented the largest segment.

Fish products comprise a diverse range of alternatives that are designed to replicate the taste and texture of traditional fish. These products are formulated using a blend of plant-based proteins, such as soy, peas, and lentils, that are combined with natural ingredients like seaweed and algae. This results in a wide variety of plant-based fish fillets, fish sticks, fish cakes, and more. These alternatives are tailored to cater to consumer preferences for specific fish species, such as salmon, tuna, or cod. Plant-based fish products not only offer a sustainable option to reduce the environmental impact of overfishing but also provide a nutritious source of protein, omega-3 fatty acids, and essential nutrients. The wide availability of innovative fish alternatives is bolstering the growth of the market.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others
   

Supermarkets and hypermarkets accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, online, and others. According to the report, supermarkets and hypermarkets represented the largest segment.

Supermarkets and hypermarkets are crucial distribution channels that provide a wide range of food options. These retail outlets offer convenience and accessibility that allow shoppers to explore and purchase various plant-based seafood products all in one location. In line with this, these retail channels provide a platform for consumers to compare different brands and product offerings, which makes informed decisions based on nutritional information and price points. The wide availability of plant-based seafood in supermarkets and hypermarkets assists in increasing visibility and encourages individuals to adopt sustainable and healthier dietary options.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • United Kingdom
  • Germany
  • Netherlands
  • France
  • Others
• Asia Pacific
  • China
  • Japan
  • Singapore
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East & Africa
  • South Africa
  • UAE
  • Others
     

North America exhibits a clear dominance, accounting for the largest plant-based seafood market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include 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); and the Middle East and Africa (South Africa, UAE, and others). According to the report, North America accounted for the largest market share.

North America held the biggest market share due to the rising focus on environmental conservation and personal well-being. Moreover, the growing demand for sustainable and healthier food choices among individuals is offering a positive market outlook. Apart from this, the rising consumer awareness about environmental sustainability is contributing to the growth of the market. In addition, the presence of a well-established food industry infrastructure, such as advanced manufacturing capabilities and distribution networks, is propelling the growth of the market. 

Competitive Landscape:

Various companies are investing in research and development (R&D) activities to create plant-based seafood alternatives that highly replicate the taste, texture, and nutritional profiles of traditional seafood by experimenting with a variety of plant-based ingredients to achieve authenticity and enhance consumer satisfaction. In addition, they are continually expanding their product portfolios to offer a diverse range of plant-based seafood options. This includes introducing new flavors, formats, and styles of products to cater to different consumer preferences. Apart from this, many companies are engaging in partnerships with culinary experts, chefs, and food scientists to enhance the taste and quality of their plant-based seafood offerings.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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
• Vivera

Recent Developments:

• In 2020, Sophie’s Kitchen, the pioneering plant-based seafood producer, launched its new and improved canned Plant-Based Toona with a pea protein base. The new plant-based toona formula is completely vegan and replicates the taste, shred-able texture, smell, look, and color of its animal counterpart.
• In January 2022, Good Catch launched plant-based salmon burgers, the first US-made product of its kind. The plant-based salmon burgers have 16 grams of protein per serving.
• In 2020, Ahimsa Foods developed Veggie Champ which is a plant-based gourmet meat brand. The company stated that it is the first to get into ‘mock meat’ production in the country.

Plant-based Seafood Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the plant-based seafood market from 2018-2032.
• The research report study provides the latest information on the market drivers, challenges, and opportunities in the global plant-based seafood market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the plant-based seafood industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.