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
In today’s culture, customers emphasise keeping their best health. Consumers are more concerned than ever about food safety and residue levels. Growing consumer awareness and concerns are driving up demand for chemical-free meals. As a result, local businesses and institutions, such as supermarkets, are expanding their selection of organic products.
Key Takeaways:
1. Market Growth Projection: The Global Plant-Based Fish Market is anticipated to witness substantial growth, increasing from USD 804.6 million in 2023 to USD 1,271.2 million in 2033, propelled by rising health concerns and a surge in demand for organic foods.
2. Growing Interest in Organic Foods: With consumers increasingly valuing optimal health, the demand for chemical-free and organic food products is on the rise. Major supermarket chains and retail spaces are expanding their offerings of organic goods, contributing to the growth of the plant-based fish market.
3. Veganism and Environmental Concerns: The market for plant-based fish is expected to expand due to the growing popularity of veganism and rising concerns about the environment and animal welfare. Health-conscious consumers are driving the demand for plant-based seafood products.
Market Dynamics:
- Challenges in Plant-Based Fish Sector: The sector may face challenges due to the rising prevalence of chronic gastrointestinal issues associated with toxins in seafood, potentially hampering market expansion. However, the surge in consumers opting for a healthy lifestyle is likely to create additional opportunities for growth.
- Market Restraints: Concerns about mercury and other toxins in seafood may restrain the growth of the plant-based fish market, but the rising demand for environmentally friendly and plant-based alternatives is expected to offset these challenges.
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Several major supermarket chains, including Wal-Mart, SPAR, Penny Market, CBA, BIM (Birlesik Magazalar), Ahold Delhaize, Tesco, Lidl, Carrefour, and ALDI, are increasing the variety of plant-based items that they provide. In many different countries, restaurants are catering more and more to health-conscious patrons with organic menus. Furthermore, the industry is progressing due to the growing trend of vegetarianism and the expansion of restaurants, which is driving up demand for organic foods.
A surge in veganism’s popularity is projected to boost the market’s expansion for plant-based fish throughout the course of the forecast period. The market for fish made from plants is predicted to expand as a result of rising worries about the environment and animal welfare. Due to rising customer demand for such products, it is also projected that the market for fish made from plants would grow.
The growth of the plant-based fish sector is anticipated to be hampered by the rising prevalence of chronic gastrointestinal issues brought on by the presence of mercury and other dangerous toxins in seafood. On the other hand, throughout the entire forecast period, the need for plant-based fish products that is generated during production, packing, and distribution is anticipated to restrain the expansion of the market for plant-based seafood.
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.
Key Developments in the Plant-Based Fish Market:
1. Acquisition by Wicked Kitchen (September 2022):
- Wicked Kitchen acquired the plant-based seafood brand Good Catch in an all-stock deal, enhancing their market presence.
2. Innovation in Baby Formula (July 5, 2022):
- Danone introduced the Dairy & Plants Blend baby formula, addressing parents’ need for flexible and plant-based dietary options for their babies.
3. Strategic Partnership for Online Distribution (June 8, 2022):
- Sprout Organic partnered with Amazon to offer its plant-based baby formula to a wider audience, capitalizing on the surge in online formula sales.
4. Expansion in Plant-Based Sector (January 2020):
- Nestlé collaborated with Bucron and Merit to accelerate the development of plant-based dairy replacements.
5. Strategic Acquisition in India (March 2022):
- Goodmylk, a plant-based dairy company, acquired the nutrition brand PRO2FIT, expanding its reach in India’s growing plant-based sector.
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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