Plant-based Seafood Market

Plant-Based Seafood Market Size:

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 market is propelled by the increasing consumer demand for sustainable and ethical food products, increasing awareness about health benefits related to plant-based diets, increased investment and innovation in plant-based seafood alternatives, and advancements in realistic plant-based seafood textures and flavors.

Plant-Based Seafood Market Analysis:

• Major Market Drivers: Increasing consumer demand for sustainable and ethical food products, rising awareness about health benefits related to plant-based diets, and extensive investment and innovation in plant-based seafood alternatives, are some of the major market drivers of the industry.
• Key Market Trends: Some of the key market trends include significant advancement in realistic plant-based seafood textures and flavors, partnership between food tech companies and established plant-based seafood brands.
• Geographical Trends: The increasing vegan population, growing concerns about seafood sustainability and overfishing, and rising awareness about food allergies and dietary restrictions, positively drive the plant-based seafood demand in the North American region.
• Competitive Landscape: 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, are among some of the key players in the plant-based seafood industry. 
• Challenges and Opportunities: Some of the opportunities of this industry include the rapidly increasing consumer base through product diversification and innovation and adoption of advancements in food technology in order to enhance product quality and taste. Whereas, high production costs in comparison to the conventional seafood and consumer skepticism in association with plant-based seafood products pose as some of the major challenges of the plant-based seafood industry.
   

Plant-based Seafood Market Trends:

Increasing Consumer Demand for Sustainable and Ethical Food Products

Increasing consumer awareness about the environmental impact of traditional seafood industries is a significant driver for the plant-based seafood market. Overfishing, habitat destruction, and the carbon footprint associated with conventional fishing practices have prompted consumers to seek more sustainable alternatives. This shift in consumer preferences is evident in the growing market share of plant-based foods, which saw a 27% increase in sales in the U.S. alone in 2020, according to the GOOD FOOD INSTITUE. Consumers are now more informed about the ecological benefits of plant-based diets, which typically have a lower environmental impact. Plant-based seafood products are seen as a solution to reduce overfishing and promote ocean health, thereby creating a positive plant-based seafood market outlook.

Increasing Awareness about Health Benefits Associated with Plant-Based Diets

Health consciousness among consumers is another critical factor driving the plant-based seafood market. Plant-based diets are often associated with numerous health benefits, such as lower risks of heart disease, diabetes, and certain cancers which further propels the market growth. For instance, as per NBC News, 50 studies have shown that individuals who follow plant-based diets are less prone to heart-related illnesses, cancer, and deaths. This health-oriented shift has spurred demand for plant-based seafood, which offers similar nutritional benefits to traditional seafood, such as high protein content and essential omega-3 fatty acids, though without the concerns of mercury contamination and other pollutants often found in ocean-sourced fish. Additionally, plant-based seafood eliminates the risk of exposure to microplastics, which are increasingly present in marine environments. By choosing plant-based alternatives, health-conscious consumers can enjoy the benefits of seafood without compromising on their well-being, contributing to the plant-based seafood market growth.

Increased Investment and Innovation in Plant-based Seafood Alternatives

The plant-based seafood market has experienced significant growth due to a rise in investment and innovation. Venture capitalists and major food industry players are increasingly backing plant-based startups, recognizing the lucrative potential of this emerging market. In 2020, investment in U.S. plant-based food companies reached an unprecedented $2.1 billion, according to the GOOD FOOD INSTITUE. This substantial influx of capital has empowered companies to enhance their research and development efforts, resulting in notable improvements in product quality and variety. Technological advancements have played a crucial role, with innovations in food technology, such as fermentation and cellular agriculture, enabling the creation of plant-based seafood products that closely replicate the taste and texture of traditional seafood. These advancements have made plant-based seafood more appealing to mainstream consumers, thus positively contributing to the plant-based seafood market revenue. As a result, the market is experiencing rapid expansion, driven by both increased consumer interest and the continuous development of new and improved products. This trend reflects a growing recognition of the potential for plant-based seafood to meet consumer demand for sustainable, health-conscious, and high-quality alternatives to conventional seafood.

Plant-Based Seafood Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, 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 accounts for the majority of the plant-based seafood market share

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 represent the largest segment in the plant-based seafood market by product type due to several factors. Fish is a staple in many diets around the world, making plant-based fish an attractive alternative for those seeking to maintain familiar dietary patterns while adopting a more sustainable lifestyle. The high demand for fish substitutes is driven by the increasing consumer awareness about the health and environmental impacts of traditional seafood consumption. Plant-based fish products offer similar nutritional benefits, such as high protein content and essential omega-3 fatty acids, without the risks associated with mercury contamination and overfishing.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others
   

Supermarkets and hypermarkets hold the largest share in the industry

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the plant-based seafood market report. This includes supermarkets and hypermarkets, convenience stores, online, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Supermarkets and hypermarkets have emerged as the largest segment in the distribution channel according to the plant-based seafood market research report due to several key factors. These retail formats provide extensive shelf space and a wide variety of products, making it easier for consumers to find and purchase plant-based seafood options. The accessibility and convenience offered by supermarkets and hypermarkets attract a broad consumer base, including those who might not actively seek out specialty health food stores. Additionally, these stores often have well-established supply chains and relationships with major food manufacturers, allowing them to stock the latest plant-based seafood products. This ensures that consumers have access to a diverse range of options, from plant-based fish fillets to vegan shrimp and crab cakes.

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 leads the market, 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 is the largest segment in the plant-based seafood market due to several key factors. The region has a high awareness and growing demand for sustainable and healthy food alternatives, driven by increasing consumer concerns about overfishing, environmental sustainability, and health benefits associated with plant-based diets. Additionally, the North American market has a strong presence of innovative food companies and startups that are actively developing and promoting plant-based seafood products.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the plant-based seafood industry 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.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Plant-based seafood market companies are driving the market through a combination of innovation, strategic partnerships, and robust marketing efforts. Companies such as Good Catch, Ocean Hugger Foods, and New Wave Foods are leading the way by developing and launching a diverse range of plant-based seafood products that closely mimic the taste, texture, and nutritional profile of traditional seafood. These companies invest heavily in research and development to create high-quality alternatives using ingredients such as legumes, seaweed, and algae, which offer a sustainable and healthy option for consumers. In accordance with the plant-based seafood market forecast, strategic partnerships and collaborations are also playing a crucial role. For instance, major food service providers and retailers are teaming up with plant-based seafood companies to expand their product offerings and reach a wider audience. This has led to increased visibility and accessibility of plant-based seafood in mainstream markets. Additionally, robust marketing campaigns focusing on the environmental benefits and health advantages of plant-based seafood are effectively educating consumers and shifting preferences toward these products.

Latest News: 

• October 31, 2023: NESTLE has introduced a new range of plant-based alternatives to white fish, including fillets, nuggets, and fingers. These products are vegan-certified and have received praise for their taste, texture, and nutritional value.
• January 9, 2024: Students from the NATIONAL UNIVERSITY OF SINGAPORE (NUS), have created a plant-based shrimp concept names “KEEPIN’ IT SHRIMPLE” through pea protein and lion’s mane fungi by using the extrusion technique.

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 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 assists 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.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.