Plant-based shrimp are made with sustainably sourced seaweed, plant protein, and natural flavours. Plant-based shrimp is remarkably versatile as it is 100% plant-based, contains zero cholesterol, is sustainable, has no shellfish allergens, low in calories, is environmentally friendly, and vegetarian. The plant-based shrimp is on an upward trend as food products that do not contain ingredients derived from genetically modified sources has become fashionable.
Increasing health-related concerns regarding animal products or byproducts are a major driver for manufacturers of plant shrimp markets. Moreover, eating seafood is accompanied by worrisome health risks, as seafood can accumulate high levels of mercury and carcinogens.
The regions like Asia-Pacific and the Middle East are anticipated to have a lucrative demand for plant-based shrimp owing to the increasing per capita disposable income of the consumers and increasing trend for sustainability and environmentally friendly products.
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Rising Awareness Linked to Seafood Consumption
Increased focus on detrimental health impacts and raising awareness of ethical issues linked to seafood consumption is the biggest reason driving the rise of plant-based diets in the Asia Pacific region. According to the report, 14% of Australians are making concerted efforts to avoid red meat, whereas 34% to 39% of urban Thais and Indonesians have reduced consumption of animal-based proteins over the past two years.
Globally, due to changing lifestyle patterns and hectic schedules people are in the habit of substituting fibrous and healthy diets with convenient food options. This is a major reason for increasing health problems such as diabetes, obesity, and high blood pressure. Consumers are increasingly becoming aware of healthier food options, and are more inclined towards the ingredients in food.
Plant-Based Shrimp: Market Players
Key participants (or players) in the global plant based shrimp market are
- Beyond Meat, Inc.
- Gathered Foods Corp.
- Maple Leaf Foods, Inc.
- Finless Foods
- Ocean Hunger Foods
- The Vegetarian Butche
- The Kraft Heinz Co.
- Moving Mountains Foods
- Monde Nissin Corp.
- Tyson Foods, Inc.
- Impossible Foods Inc.
- Van Cleve Seafood
- Good Catch
- The Tofurky Co. Inc.
- Others.
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Tyson had invested in New Wave Foods, a San Francisco-based start-up who launched plant-based shrimp known as New Wave Shrimp which is a sustainable plant based shrimp alternative made from seaweed and other natural ingredients.
Plant-Based Shrimp Market Opportunities
Considering the importance of environmental emphasis in food production and the added health perceptions when pitching to consumers, the potential of plant-based seafood alternatives is clear. The manufacturers most of the effort in the plant-based shrimp market is focused on products that are emulating a seafood product.
But as the market matures, there will be growth beyond this and an opportunity to develop new formats, inspired by the appearance, taste, and texture of plants. As plant-based options continue to flourish, demand for plant protein will continue to grow.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
By doing so, the research report serves as a repository of analysis and information for every facet of the plant-based shrimp market, including but not limited to: regional markets, source, product type, segment, end-use and distribution channel.
The plant-based shrimp market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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Plant-Based Shrimp: Market Segmentation
On the basis of source :
- Seaweed
- Legume Protein
- Plant Based omega 3
- Soy Protein
- Pea Protein
- Others (quinoa, oats, beans and seeds)
On the basis of segments :
- Frozen plant based Shrimp
- Refrigerated plant based shrimp
- Shelf stable plant based shrimp
On the basis of product type :
- Breaded Vegan Shrimp
- Crunchy Coconut Shrimp
- Crispy Vegan Shrimp
- Raw Vegan Shrimp
On the basis of distribution channel :
- B2B
- B2C
- Store- based retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Mass Grocery Retailers
- Food and Drink Specialty Stores
- Online retailing
- Store- based retailing
On the basis of end-use :
- Food Service Industry
- Household
- Retail
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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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