Global Plant-Based Sea Food Market - 2022-2029

Global Plant-Based Sea Food Market - 2022-2029:

Market Overview

Plant-Based Sea Food Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 15.23% during the forecast period (2022-2029).

Plant-based seafood is a vegan substitute for food with similar color, texture, appearance, and flavor. Plant-based Sea food is normally produced by mixing plant protein isolates, soy, starch, vegetable extracts, edible oils, and other seasonings. Ideally, these products are expected to provide an equivalent intake of nutrients as conventional replaced products. Plant-based Sea food products are gaining a lot of attention for ethical and health reasons. The rising concerns towards the environment and animal protection are anticipated to propel the growth of the plant-based seafood market.

Market Dynamics: Rise in the popularity of veganism drives the market growth

Veganism is the process of avoiding the use of animal products in the diet. Vegan people eat food which is made from plants; their diet includes fruit and vegetable, legumes such as peas, beans, and lentils, nuts and seeds, bread, rice, and pasta and dairy alternatives such as soymilk, coconut milk, and almond milk. Veganism has some health benefits like it helps to minimize the side effects linked to the antibiotics and hormones used in modern animal agriculture and also helps to lose unwanted weight. A vegan diet is expected to reduce the risk of prostate cancer by 35%. The number of vegans in the United States grew by 600 percent, from 4 million in 2014 to 20 million in 2018. Between 2011 and 2016, Italy had the fastest-growing vegan population, with a growth of 94.4 percent. According to new data released by SPINS, plant-based food sales in the US reached $7 billion, growing 27% in 2020 at a rate two times higher than the overall food market. Between 2018 and 2020, plant-based product sales grew by 43%, almost 2.5 times higher than the food industry’s 17% increase. Good food institute and the plant-based foods association combined showed that the overall household consumption of plant-based products is 57% in the US. In 2021, the vegan food market was worth over $16 billion. In 2020, plant-based food sales grew twice as fast as overall food sales. Also, the availability of multiple plant-based seafood options is expected to drive the market growth.

Market Segmentation: Fish products segment accounted for the highest share in global plant-based sea food

In 2021, fish products segment had the highest revenue share of over XX percent. Plant-based fish products contain wheat proteins which are good for health. Considering environmental concerns, rapid depletion of global fish stocks and compounding health problems associated with excessive meat consumption, the sales of plant-based fish products is expected to increase. Intense R&D initiatives key food & beverage giants undertake to bring the plant-based fish product into the broader culinary limelight; in addition to the presence of key players, a majority of vegan start-ups boost the global landscape. These key players are introducing new fish products and are aggressively undertaking marketing and sales promotion campaigns, enabling them to reach a wider audience. New plant-based fish products launched in the market attract consumers to increase product sales. Plant-based fish burger patties are popular and have a high demand and increasing preference for vegan burgers amongst the global population. Rising concern for food sustainability and plant-based fish alternatives is becoming a massive trend in the upcoming year.

Geographical Penetration: Europe is the dominating region during the forecast period

Europe dominates the plant-based seafood market due to the back-to-back products launched by start-ups. For instance, in December 2020, Good Catch plant-based seafood company, expanded its presence in Europe. Moreover, the increasing environmental concerns are further anticipated to propel the growth of the plant-based seafood market in Europe. Plant-based seafood suppliers are gaining access to foodservice outlets and debuting new European products to celebrate veganism. An enhanced focus on sustainable development and the growing concerns regarding animal cruelty among individuals have encouraged leading players to invest heavily in producing plant-based seafood products. Furthermore, numerous initiatives are undertaken by the governments of European countries to promote eco-friendly plant-based food products, which drives the market growth in Europe.

Germany is the leading country for veganism in Europe. In 2020, there were 2.6 million vegans in Germany, double the amount recorded in 2016. A total of 3.2% of the German population was vegan, which is the largest vegan population in Europe. Also, the occurrence of various celebrated food chains providing plant-based fish products on their menu further boosted the growth of the plant-based seafood market in the region.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are OmniFoods, The Plant-Based Seafood Co., Good Catch, Fazenda Futuro, Current Foods, Roquette Frères, Impossible Foods Inc., and Umiami, among others. Some of the major key players launched new products to expand their product portfolio and increase their sales. For instance, In June 2022, OmniFoods, a Hong Kong-based company that is best known for its cruelty-free products, announced the launch of its new plant-based seafood named Omni Seafood. In February 2021, The Plant-Based Seafood Co. launched its award-winning mind blown vegan seafood into retail stores. Also, in October 2021, Good Catch launched a unique plant-based seafood range in Singapore. The company launched four products: Plant-Based Food Service Tuna Flake, Plant-Based Fish Burgers, Classic Style, Plant-Based Fish Cakes, Thai Style and Plant-Based Crab Cakes, and New England Style. In July 2022, Mind Blown Company launched plant-based crab cakes. This new product is the latest alternative to seafood products. The crab cakes join a lineup of plant-based dusted shrimp and scallop products. This product is seasoned with traditional crab cake flavors like celery, onion and panko breadcrumbs for a classic flaky texture. The crab cake alternatives are non-GMO and free from soy, dairy, corn and palm oil. In March 2022, Good Catch plant-based seafood launched a flagship tuna line nationwide at the sprouts farmer’s market.

COVID-19 Impact:

Positive impact on the global plant-based sea food

The Covid pandemic created a demand for plant-based seafood products due to increasing e-commerce platforms and an increasing number of online food delivery services. Due to the COVID-19 outbreak and imposition of lockdowns, many consumers avoided visiting retail stores. Moreover, the adoption of vegan diets is growing due to rising health awareness, which directly increases the demand for the global plant-based sea food market post-pandemic. According to McKinsey’s survey of 2020, almost 70% of respondents informed that they are going to spend more time and money purchasing safer and eco-friendly products, while almost 60% were more inclined toward healthily eating practices after the pandemic. Furthermore, the growing vegan population during the pandemic is one of the main reasons for the increasing consumption of plant-based seafood. During the pandemic, consumers were more conscious about the type of food they were consuming and were taking the necessary steps to reduce the unnecessary intake of fat and high-calorie food products in their regular diet. Plant-based foods helped to lower the odds of developing moderate to severe COVID-19 infection.

The global plant-based sea food report would provide an access to approximately 53 market data tables, 44 figures and 170 pages