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, Onl

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

The global plant-based seafood market size was valued at $42.1 million in 2021, and is estimated to reach $1,333.5 million by 2031, registering a CAGR of 42.3% from 2022 to 2031. The growing consumer expenditure on the consumption of healthy and functional food owing to the rise in prevalence of various zoonotic and infectious diseases boosts the demand for the plant-based seafood across the globe. The numerous health benefits such as improved heart health improved blood pressure, and weight management associated with the consumption of plant-based protein has led to a rapid spike in the demand for plant-based seafood among consumer. Furthermore, the government initiatives to promote the consumption of plant-based diets owing to the depletion of fish resources in oceans and concerns related to environment and sustainability are encouraging global consumers to replace animal protein with plant-based protein in their diet.

The significantly growing vegan population across the globe is a key factor anticipated to boost the market growth in the foreseeable future. The rapid growth of the flexitarian population that like to consume vegetarian food but occasionally opts for non-vegetarian dishes is playing a significant role in the plant-based seafood market growth. The rise in popularity of plant-based seafood among millennials, Gen Z, and flexitarians are expected to fuel the growth of plant-based seafood in the market.

However, the high prices of plant-based seafood and their inability to mimic the exact taste of the original seafood may act as a potential restraint to market growth. The presence of a huge number of low and middle-income consumers in developing and underdeveloped economies may opt for original meat and seafood due to the original taste of food and lower prices as compared to plant-based food. The rise in product launches and significantly increasing investments in plant-based food companies is expected to offer lucrative growth opportunities to the market players in the upcoming future.

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 a 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, the Middle East, and Africa).

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.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the plant-based seafood market analysis from 2021 to 2031 to identify the prevailing plant-based seafood market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the plant-based seafood market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global plant-based seafood market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Distribution Channel

Supermarkets and Hypermarkets
Specialty Stores
HoReCa
Convenience Stores
Online Sales

By Consumer

Omnivore
Flexitarian
Vegetarian
Vegan

By Product

Fish Products
Sub Type
Burger Patty
Fillets
Chunks and Tips
Cutlet
Tenders and Fingers
Others
Prawn and Shrimp Products
Crab Products

By Source

Soy
Wheat
Pea
Canola
Lentil
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Russia
Romania
Austria
Rest Of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Hong Kong
Indonesia
Rest Of Asia-Pacific
LAMEA
Brazil
Chile
Saudi Arabia
South Africa
Argentina
Rest Of LAMEA

Key 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

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