The latest report by IMARC, titled “United States Plant-based Seafood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the United States plant-based seafood market size reached US$ 16.0 Million in 2021. Plant-based seafood refers to a seafood-like vegan alternative that possesses similar texture, appearance, color, and flavor. It is usually made by mixing plant protein isolates, vegetable extracts, starch, soy, edible oils, and other seasonings. These materials are then processed with coloring agents and additives to attain texture and flavor similar to shrimps, fish, crabs, and other sea animals. In recent years, plant-based seafood has gained momentum across the United States as it is ecologically sustainable that assists in minimizing the high consumption of seafood and relieving the pressures on the depleting fisheries across the country.
The United States Plant-based Seafood Market Trends:
One of the primary factors driving the market is the rising adoption of veganism. Additionally, the increasing prevalence of chronic diseases, including diabetes and obesity, is creating a positive market outlook. Other than this, the increasing number of individuals suffering from shellfish allergy are adopting healthier alternatives to fulfill the requirements of essential nutrients, thereby positively influencing the market growth. Besides this, on account of the rising health consciousness among individuals, they are shifting toward food products containing low calorie and high protein content, including flexitarian and vegetarian dishes. In line with this, the growing concerns toward the protection and welfare of animals are propelling the market growth. Furthermore, the rising incidences of chronic gastrointestinal disorders due to the presence of mercury and other toxic pollutants in seafood is creating lucrative growth opportunities for key players operating in the industry. Moreover, the Government of the United States is undertaking initiatives to promote the utilization of plant-based seafood products to minimize the consequences of fishing machinery on aquatic ecosystems. Looking forward, IMARC Group expects the market value to reach US$ 77.6 Million by 2027, expanding at a CAGR of 28.9% during the forecast period (2022-2027).
- Based on the product type, the market has been divided into fish products, prawn and shrimp products, and crab products.
- On the basis of the distribution channel, the market has been segmented into supermarkets and hypermarkets, convenience stores, online and others.
- Region-wise, the market has been classified into Northeast, Midwest, South, and West.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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