Plant-Based Seafood Market Envisioned at USD 1.3 Billion Globally, Increasing at a CAGR of 42.3% | AMR

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, November 2, 2023 /EINPresswire.com/ -- The recently published "Plant-based Seafood Market" report by Allied Market Research states that the market was valued at $42.10 million in 2021 and is projected to reach $1.3 billion by 2031. This represents a remarkable compound annual growth rate (CAGR) of 42.3% from 2022 to 2031.

Plant-based seafood is made using plant-based protein sources such as wheat, soy, pea, seaweed, algae, fruits, vegetables, and legumes. The rise in focus of consumers toward replacing animal protein with plant-based protein in their regular diet is expected to drive the plant-based seafood market demand during the forecast period. Global plant-based seafood is witnessing significant and rapid growth in sales and consumption in developed economies such as Germany, France, the UK, Italy, the U.S., Australia, Canada, and Japan. In the U.S., by November 2018, the shipments of plant-based protein from distributors to food service operators rose by 20%.

Get Full Access to Sample Copy @ https://www.alliedmarketresearch.com/request-sample/17807 

Top 10 Key Players:-

The major players operating in the global plant-based seafood industry include Puris, Ingredion GmbH, Morning Star Farms, Sotexpro, Tyson Food, Inc., Glanbia Plc, Ocean Hugger Foods, Good Catch Foods, Impossible Foods, Inc., New Wave Foods, Sophie's Kitchen, Inc., Gardein, Quorn (Monde Nissin Corporation) SoFine Foods, and Tofuna Fysh.

Furthermore, in China, the new government guidelines pertaining to diet is encouraging people to reduce the consumption of meat by 50%. Further, the Chinese government entered into $300 million agreement with Israel in 2017 to import cultured meat technologies, thereby driving the growth of the alternative meat industry in China. In 2016, the new vegan product launches increased by 440% in Southeast Asia. Therefore, the rise in government initiatives to promote the consumption of plant-based diets and the increase in popularity of plant-based protein owing to its numerous health benefits are the prominent factors expected to boost the global plant-based seafood market growth in the near future.

Furthermore, various factors such as rise in prevalence of zoonotic diseases among humans, growth in the vegan population, depletion of natural seafood resources owing to over-exploitation of fish stocks in oceans, rise in consumer awareness regarding the health benefits of plant-based protein, and frequent product launches by the manufacturers are some of the most prominent factors that are expected to boost the growth of the plant-based seafood industry during the forecast period. However, the high prices of plant-based seafood may hamper the market growth in developing economies owing to the huge presence of low and middle-income consumers.

Talk to our Expert @ https://www.alliedmarketresearch.com/connect-to-analyst/17807

As per plant-based seafood market analysis, the market is segmented on the basis of product, source, distribution channel, consumer, and region. On the basis of product, the market is divided into fish products, prawn and shrimp products, and crab products. The fish products segment is further bifurcated into burger patty, fillets, chunks and tips, cutlet, tenders and fingers, and others. By source, it is categorized into soy, wheat, pea, canola, lentil, and others. Depending on the distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, HoReCa, convenience stores, and online sales. On the basis of consumer, it is divided into omnivore, flexitarian, vegetarian, and vegan. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

According to the plant-based seafood market opportunity, depending on the distribution channel, online sales is expected to witness the highest CAGR of 44.7% during the forecast period. This is attributed to easy availability and the benefits such as information about the attributes of the products, time-saving features, and the facility of home delivery provided by the online platform. According to the United Nations Conference on Trade and Development (UNCTAD), the e-commerce sector's proportion of total retail sales increased from 16% to 19% in 2020. Furthermore, online sales are expected to grow notably shortly, due to the rapid increase in mobile users.

Interested to Procure the Data? Inquire @ https://www.alliedmarketresearch.com/purchase-enquiry/17807

Based on consumer, the omnivore segment accounted for the largest revenue share in 2021. Humans are omnivores, therefore some nutritional needs are typically better met by plant sources, while others are typically better met by eating animal products. For instance, plant-based foods are significantly more capable of satisfying human diet needs for magnesium and vitamin C as compared to animal-based foods. Furthermore, plant-based diets frequently contain higher amounts of folate, manganese, thiamin, potassium, and vitamin E. Rising awareness of zoonotic diseases will lead to the shift of omnivores to plant-based diets. This rising awareness about the risk of gastrointestinal cancer due to fish consumption is also a reason for the shift of the omnivore population to a plant-based diet.

Region-wise, Europe was the largest plant-based seafood market, owing to the rapidly rising demand for plant-based food in major European economies. According to the European Union (Europa.eu), there has been a huge growth in sales of plant-based meat and fish in Europe in the past two years, with the largest growth being recorded in Germany which grew by 226%, followed by Austria with a growth of 82%. Romania plant-based meat and fish sales grew by 154% while sales in France grew by 100% in the past two years.

LIMITED-TIME OFFER - Buy Now & Get Exclusive Discount on this Report @ https://www.alliedmarketresearch.com/checkout-final/c822dbeb6dda6551adb6a7e1177a333e

Key findings of the study

The plant-based seafood market size was valued at $42.1 million in 2021, and is estimated to reach $1,333.5 million by 2031, growing at a CAGR of 42.3% during the forecast period.

By product, the crab products segment is estimated to witness the fastest growth, registering a CAGR of 43.1% during the forecast period.

In 2021, depending on source, the soy segment was valued at $15.3 million, accounting for 36.3% of the global market share.

In 2021, the U.S. was the most prominent market in North America, and is projected to reach $341.9 million by 2031, growing at a CAGR of 45.3% during the forecast period.

Browse Related Reports:

Cedarwood Oil Market

Animal Protein Market

David Correa
Allied Analytics LLP
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn