Plant-based Seafood Market Share, Industry Analysis [2031]

Report Description

The global plant-based seafood market size was valued at USD 50 million in 2022 and is likely to reach USD 1.3 billion by 2031, expanding at a CAGR of 42.5% during 2023 – 2031. The market growth is attributed to the growing awareness regarding the health benefits of plant-based meat.

The abrupt shift towards a healthy diet is mainly due to the increasing incidence of obesity. This created a huge demand for cholesterol-free and lower saturated fat diets, resulting in the rising adoption of plant-based diets, including plant-based meat and seafood among people, as it helps to lose unwanted weight.

• According to the National Institute of Health, more than 2 in 5 adults have severe obesity.

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Plant-based seafood is a type of seafood that is made using plant-based ingredients to mimic the taste and texture of traditional meat. These products replicate the taste and experience of actual meat products. Fruits, vegetables, algae, seaweed, and legumes are used to manufacture these products. They are generally cholesterol-free and lower in saturated fat which makes them a preferred choice among health-conscious consumers.

The COVID-19 pandemic hampered the global market. The preventive measures imposed by the government such as emergency lockdowns and ban on transportation disrupted the global supply chain of the market. Moreover, hotels, restaurants, cafes, and online food delivery services were temporarily closed, which reduced the demand for plant-based seafood and slowed down the revenue generation of the market.

Plant-Based Seafood Market Dynamics

Major Drivers

Growing trend of veganism is expected to drive the plant-based seafood market. This abrupt shift in dietary preferences has created a huge demand for plant-based alternatives that offer a similar taste to seafood. Furthermore, rising awareness about animal cruelty encourages the population to adopt plant-based food, resulting in boosting the market.

• For instance, around 10% population of America follows a vegan or vegetarian diet. Globally, there are over 79 million individuals who consider themselves vegan.

Existing Restraints

High cost of the vegan diet, including meat and seafood is expected to hinder the market. This food is typically manufactured by combining lab-engineered or processed ingredients to replicate the taste of a specific animal, which makes it costlier. Moreover, the lack of adequate nutrition in plant-based seafood compared to real seafood is likely to restrain the market.

Emerging Opportunities

Ongoing research activities and the implementation of advanced technologies are creating immense opportunities for the key players competing in the market. Technologies are enabling manufacturers to produce better plant-based alternatives for meat and seafood. These further allow to improve the taste, texture, and nutritional profiles of plant-based products.

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Scope of the Plant-Based Seafood Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Product Segment Analysis

Based on product, the plant-based seafood market is divided into prawn and shrimp products, crab products, fish products, and others. The fish products segment is estimated to hold a major market share during the projected period, due to the rising demand for plant-based fish that closely mimic the taste and texture of real fish. Plant-based fish alternatives are used in various products, such as burgers, cutlets, patties, nuggets, and tenders. It provides similar nutritional benefits without using actual fish. Furthermore, the ease of availability and properties of fish such as allergen-free is likely to fuel the segment.

The prawn and shrimp products segment is anticipated to register a robust growth rate in the coming years, as prawns and shrimps are widely consumed and popular seafood choices globally. Moreover, concerns about overfishing and its impact on marine ecosystems, result in a large number of consumers seeking eco-friendly alternatives.

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Source Segment Analysis

On the basis of source, the market is classified as wheat, canola, pea, lentil, soy, and others.

The soy segment is expected to expand at a considerable CAGR during the forecast period, owing to its nutritional benefits, as it contains essential amino acids and fiber. Manufacturers often use soy ingredients to fortify plant-based products with additional vitamins and minerals. Moreover, soy contains no cholesterol and low saturated fat and has the ability to replace animal protein, which further boosts the segment.

The wheat segment is anticipated to grow at a rapid pace, due to its meat-like texture properties. It has the ability to create a firm meat protein texture, making it an excellent choice for developing plant-based seafood.

Distribution Channel Analysis

In terms of distribution channel, the plant-based seafood market is fragmented into HoReCa, specialty stores, supermarkets and hypermarkets, convenience stores, and online sales. The online sales segment is expected to hold a substantial share of the market, owing to the rapid surge in the number of online food delivery service platforms. Online platforms are an efficient way to discover and purchase plant-based seafood. The COVID-19 pandemic has accelerated the adoption of online shopping. Easy doorstep delivery offered by online food delivery platforms further propels the market.

Consumer Analysis

Based on consumer, the market is divided into omnivore, flexitarian, vegetarian, and vegan. The omnivore segment is expected to hold a large share of the market, due to the rapid shift of the omnivore population towards a plant-based diet. Omnivore people preferred both animal-based and plant-based food diets. The growing awareness about the health benefits of plant-based food products is likely to boost the segment.

The vegan segment is expected to grow at a high CAGR in the coming years, owing to the growing health-conscious population across the globe. The plant-based seafood is a healthier alternative to real seafood as it has low cholesterol and saturated fats. Moreover, the rising occurrence of diseases linked to traditional processed meat consumption creates a huge demand for plant-based meat products in the market.

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Regional Outlook

In terms of region, the global plant-based seafood market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe held a large market share in 2021 and is expected to dominate the market during the assessment period, due to the high consumption of vegetarian meat substitutes. Furthermore, the easy availability of plant-based seafood products and the grooving vegan population in this region is expected to boost the market.

• According to the Euromonitor International Lifestyles Survey 2021, nearly 3.4% population of Europe follows a vegan diet. Whereas, about 11.1% adhered to a flexitarian diet.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, owing to the increasing awareness regarding animal cruelty. Furthermore, the rising incidence of obesity and the growing health-conscious population is likely to fuel the market in the region.

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