Plant-based Seafood Market to Reach $1.3 Billion, Globally, by 2031 at 42.3% CAGR: Allied Market Research

The depletion of natural ocean resources, rise in vegan population, increase in pressure on the global food supply chain, and increase in awareness regarding animal welfare and animal cruelty in farms drive the growth of the global plant-based seafood market.

PORTLAND, Ore., Nov. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Plant-based Seafood Market by Product (Fish Products, Prawn and Shrimp Products, Crab Products), by Source (Soy, Wheat, Pea, Canola, Lentil, Others), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, HoReCa, Convenience Stores, Online Sales), by Consumer (Omnivore, Flexitarian, Vegetarian, Vegan): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global plant-based seafood industry generated $42.1 million in 2021, and is anticipated to generate $1.3 billion by 2031, witnessing a CAGR of 42.3% from 2022 to 2031.

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Prime determinants of growth

The depletion of natural ocean resources, rise in global population, increase in pressure on the global food supply chain, surge in the prevalence of zoonotic diseases among humans, rise in vegan population, and increase in awareness regarding animal welfare and animal cruelty in farms drive the growth of the global plant-based seafood market. However, high prices of plant-based seafood and inability of plant-based seafood to mimic original seafood taste restrict the market growth. Moreover, technological advancements and new product launches present new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global plant-based seafood market, owing to implementation of global lockdown, travel restrictions, and social distancing norms which led to temporary closure of sneaker hotels, restaurants, and cafes across the globe.
• Not only the sale but also the production was hampered due to closure of manufacturing facilities, unavailability of tuna, cod, salmon, shrimps, and crabs on time, and lack of labor force across the world, especially in the initial period of the pandemic.
• However, the plant-based seafood industry is going to recover soon in the post-pandemic.

The HoReCa segment to maintain its leadership status throughout the forecast period

Based on distribution channel, the HoReCa segment held the highest market share in 2021, accounting for more than three-fifths of the global plant-based seafood market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to rapid urbanization, rising disposable income, growing penetration of hotels, restaurants, and cafes across the globe. However, the online sales segment is projected to manifest the highest CAGR of 44.7% from 2022 to 2031, due to the rapid increase in mobile users, improvements in logistics services, and ease in payment options.

The fish products segment to maintain its leadership status throughout the forecast period

Based on product, the fish products segment held the highest market share in 2021, accounting for more than three-fifths of the global plant-based seafood market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the properties of fish products such as pure vegan, allergen-free, and good for lactose intolerant consumers. However, the crab products segment is projected to manifest the highest CAGR of 43.1% from 2022 to 2031. The growing number of HoReCa units across the globe coupled with the rising flexitarian and vegan population is anticipated to propel the demand for the crab products segment during the forecast period.

The soy segment to maintain its lead position during the forecast period

Based on source, the soy segment accounted for the largest share in 2021, contributing to more than one-third of the global plant-based seafood market, and is projected to maintain its lead position during the forecast period. Soy is an essential plant protein that has significant cardiovascular benefits. It helps to lower blood pressure and strengthen hearts. Therefore, the rising popularity of soy-based seafood is gaining immense traction among the fitness freaks and health-conscious consumers, globally. However, the wheat segment is expected to portray the largest CAGR of 43.6% from 2022 to 2031, as wheat protein is used to manufacture various plant-based fish such as tuna, cod, salmon, fish fingers, and baked fish.

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Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global plant-based seafood market, attributed to the rapid increase in demand for seafood alternatives in UK, Germany, France, and others. However, the North America region is likely to dominate the market during the forecast period and is expected to witness the fastest CAGR of 45.6% from 2022 to 2031. With increasing awareness of the environmental crisis, people are opting for vegan food with the same nutritional value, which is why, North America is the most lucrative plant-based seafood market region, holding the highest potential for growth.

Leading Market Players: -

• PURIS,
• Ingredion GmbH,
• MorningStar Farms,
• Sotexpro,
• Tyson Foods, Inc.,
• Glanbia Plc,
• Ahimsa Foods,
• Good catch foods,
• Ocean Hugger Foods,
• Impossible Foods Inc.,
• Sophie's Kitchen, Inc.,
• New Wave Foods,
• Tofuna Fysh,
• Gardeinâ
• Sofine foods

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3tkw1H4

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SOURCE Allied Market Research