The Global Plant-based Fish Market is expected to increase from US$ 804.6 million in 2023 to US$ 1,271.2 million in 2033. 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.
Growing Interest in Organic Foods
The level of health consciousness is high among consumers now a day. Consumers’ concerns about food safety and residue levels in food are increasing prominently these days. Consumers prefer chemical-free food products as a result of their worries and growing awareness. Hence, distribution outlets such as supermarkets and neighbourhood businesses are emphasizing organic product options.
Wal-Mart, SPAR, Penny Market, CBA, BIM (Birlesik Magazalar), Ahold Delhaize, Tesco, Lidl, Carrefour, and ALDI are among the main grocery chains expanding their plant-based food offerings. Restaurants in various nations now offer organic menus to health-conscious customers. Furthermore, growing restaurants and the increasing trend of veganism are driving demand for organic foods, which in turn propelling the industry forward.
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A surge in the popularity of veganism is likely to drive the growth of the plant-based fish market throughout the forecast period. Increased environmental and animal protection concerns are expected to fuel the expansion of the plant-based fish market. Furthermore, rising demand for plant-based fish products is expected to support the growth of the plant-based fish market.
The increasing incidence of chronic gastrointestinal problems caused by the presence of mercury and other hazardous contaminants in seafood is expected to hinder the expansion of the plant-based fish industry. On the other side, the need for plant-based fish products created during production, packing, and distribution is expected to hamper the growth of the plant-based seafood market throughout the forecast period.
The surge in customers opting for a healthy lifestyle is likely to create additional chances for the plant-based seafood market to grow in the coming years.
Key Points from the Plant-based Fish Market
- The growing popularity of veganism is the key factor fueling the plant-based fish market. The world’s population is switching to veganism as a result of increased health knowledge and lifestyle change. Many people are growing more concerned about the environment and animal welfare; consequently, mounting concerns over increased fishing activities in the sea have spurred the plant-based fish business.
- Plant-based fish market is predicted to expand at a CAGR of 5.8% during the forecast period 2023 to 2033.
- North America dominated the plant-based fish market.
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Key Developments in the Plant-based Fish Market:
- September 2022 – Wicked Kitchen bought the plant-based seafood brand Good Catch in an all-stock deal. Gathered Foods, the parent business of Good Catch, has become a shareholder of Wicked Kitchen and has been appointed to the board of directors. The transaction excludes Good Catch’s United Kingdom brand, which might stay under Gathered Foods.
- July 5, 2022 – Danone introduced the new Dairy & Plants Blend baby formula, to address parents’ need for the correct dietary options for a flexible and plant-based diet, vegan; while meeting their baby’s unique nutritional needs.
- June 8, 2022 – Sprout Organic, an Australian infant nutrition firm, has teamed with Amazon, the world’s leading e-commerce platform, to provide its plant-based baby formula to more parents. Following the global COVID-19 outbreak, online formula sales have soared, while grocery supplies have plummeted.
- January 2020 – Nestlé joined forces with Bucron and Merit to speed the development of plant-based dairy replacements.
- March 2022 – In one of the first M&As in India’s booming plant-based sector, Goodmylk, the plant-based dairy company, acquired the nutrition brand PRO2FIT. PRO2FIT manufactures and sells plant-based nutrition products such as vegan protein powder throughout India.
Key companies in the Plant-based Fish Market are 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.
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Plant-based Fish Market by Key Segment
By Product Type:
- Burger Patty
- Fillets
- Crumbles & Grounds
By Source:
- Soy-based Protein
- Wheat-based Protein
By Distribution Channel:
- Supermarkets
- Convenience Stores
- Specialty Food Stores
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
- South Asia
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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