The net worth of the rapidly growing plant-based fish market is estimated to be around US$ 767 Million in the current year 2022. According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of plant-based fish are estimated to reach a value of US$ 1.3 Billion by 2032, surging at a 5.8% CAGR through the decade.
As health concerns about excessive meat consumption grow, consumers are turning to a variety of meat substitutes. This venture is primarily benefiting sales of plant-based fish products.
According to the report, there has been a 114% increase in mentions of vegan food and cooking worldwide in recent years, with 60% of vegans and 40% of vegetarians adopting this lifestyle in the last seven years. The future of plant-based foods is expected to remain extremely bright as a result of such promising trends, with a highly positive impact expected on plant-based fish demand as well.
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Furthermore, plant-based fish products are typically sold at premium prices, making them out of reach for consumers with low to moderate incomes. Extensive regulatory compliance as a result of obtaining multiple certifications frequently causes product launches to be delayed, resulting in limited availability for consumers across regions.
Key Takeaways from Market Study
- The market for plant-based fish products in the United States is expected to grow significantly in the coming years.
- Concern for the environment was cited by nearly a quarter of all UK citizens as the primary reason for switching to a plant-based diet.
- Burger patties are typically round and flattened servings of fish and other veg/non-veg products.
- Soy-based protein is naturally cholesterol-free and low in saturated fat, it is popular among people of all ages, including the elderly and those suffering from cardiovascular disease.
- As a result of changing lifestyles, hypermarkets and supermarkets have become the most popular distribution channels among consumers.
“The demand for plant-based protein supplements has skyrocketed in recent years. With an increasing number of consumers worldwide adopting a vegan lifestyle, the global plant-based fish market is expected to grow rapidly,” says a lead analyst at Future Market Insights.
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Competitive Landscape
As competition heats up, companies in the plant-based fish market are focusing on product launches to gain a competitive advantage. The presence of a plethora of manufacturers in the global plant-based fish market makes the landscape highly competitive in nature. Key manufacturers are actively pursuing a variety of expansion strategies, such as new product launches, acquisitions, partnerships, and other capacity expansion strategies.
- Beyond Meat Inc. announced a three-year strategic global agreement with McDonald’s Corporation in January 2021.
Some of the key players in the Plant-Based Fish Market include Gardein by Conagra Brands, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Kellogg’s, Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion GmbH, Glanbia plc, Fuji Oil Co., Ltd.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of plant-based fish presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the plant-based fish based on Product Type (Burger Patty, Fillets, Crumbles & Grounds), Source (Soy-based Protein, Wheat-based Protein), Distribution Channel (Supermarkets, Convenience Stores, Specialty Food Stores), Fish Type (Tuna, Crab, Shrimp), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Food & Beverage Division at Future Market Insights
The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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