Global Plant-based Fish Market - 2023-2030

Global Plant-based Fish Market - 2023-2030

Global Plant-Based Fish Market reached US$ 1.5 billion in 2022 and is expected to reach US$ 5.9 billion by 2030 and grow with a CAGR of 18.8% during the forecast period 2023-2030. Adopting a healthier lifestyle is considered a preferred choice among consumers driving the growth of plant-based fish market growth.

The depletion of natural seafood resources is a significant factor behind the rise in the importance of plant-based fish markets. Overfishing and exploitation of wild fish stock in oceans led to the extinction of around 90% of the fish species. According to the Food and Agriculture Organization of the United Nations report, in 2020, global capture fisheries production fell by 4.0% compared with the average over the previous three years.

The plant-based fish market is the best option for fish alternatives and seafood substitutes. The growing concern about aquaculture, the growing awareness of TVPs & fish-free products, increased demand for plant-based seafood products, growing health concerns about excessive meat consumption, and other environmental concerns drive the plant-based fish market expansion.

Market Dynamics

The Growing Vegan Population is Estimated to Drive the Plant-Based Fish Market Growth.

Consumers are increasingly embracing the vegan lifestyle and opting for healthy substitutes for conventional protein sources, ultimately increasing the demand for plant-based fish. For instance, in 2020, according to Veganz, 3.6% of the population is vegan in Germany. There is an increased demand for fish-free products, fishless fillets, and other vegan fish food products. According to FAO/WHO, microalgae proteins are considered a sustainable source of proteins suitable for human consumption.

Millennials are central drivers of this worldwide shift away from consuming animal products & normalizing plant-based eating, and leading consumer demand. Everyone from celebrities to athletes to entire companies, including Google, and countries are promoting eating more plant-based foods. These food products are gaining immense traction worldwide due to their health and environmental benefits.

Health Advantages Associated with Plant-Based Fish is Driving the Market Growth.

There is a growing health consciousness in people, and they are now focussing on a healthy diet to improve health and provide a healthy lifestyle. Customers claim to eat more plant-based meals for various reasons, including improved overall health, weight management, and a desire to eat more sustainably. Plant-based fish is rich in protein and omega-3 fatty acids. They are a good source of fiber and don’t load more cholesterol in the body.

Plant-based fish provide good heart health and maintain the overall well-being of a person, making them popular. The feed facilities like algae make algal-based fish famous. The rising internet and social media penetration are critical in educating people about the various benefits of consuming plant-based products. Leading players use these platforms to reach maximum audiences and increase plant-based food market sales.

Increasing Intolerance of Soy and Gluten of Plant-Based Fish Restrains the Plant-Based Fish Market Growth.

Soy and wheat are the primary sources of plant-based fish production. But gluten and soy cause allergies in people. Many people are intolerant to soy and gluten, hindering the plant-based fish market growth. According to the National Institute of Health, the prevalence of soy intolerance is about 0.5% of the world population. Gluten intolerance accounts for up to 6% of the people in the U.S.

In addition, plant-based fish doesn’t have the excellent texture and flavor as animal-based foods. There is restricted availability of seafood types & fish species requirements than needed. The premium prices of plant-based fish burden low-moderate-income consumers, who usually avoid buying them. This hinders the plant-based fish market growth.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global plant-based fish market is segmented based on product, source, and region.

In the Global Plant-Based Fish Market, the Burger Patty Segment Holds the Largest Market Share.

The global plant-based fish market has been segmented by product into a burger patty, fillets, crumbles, and grounds. In the plant-based fish market analysis report, the burger patty segment held the largest plant-based fish market share of 38.8% in 2022. The growth of the target segment is attributed to the increasing demand for healthy plant-based fish products.

Busy lifestyles often drag people to opt for fast food options. Vegan burgers are growing in immense popularity as a healthy alternative. They are a good source of protein, omega-3 fatty acids, and no added cholesterol. In addition, with the online and offline purchase availability of these products, the demand for burger patty is increasing.

Geographical Analysis

The North America Region Held the Largest Share of the Plant-Based Fish Market.

The global plant-based fish market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American plant-based fish market held the largest market share of 38.6% in 2022 in the plant-based fish market analysis. Most people’s health awareness increase is attributed to the growth of this region's plant-based fish market.

North America offers well-known food chains driving the popularity of plant-based fish market expansion in the region. Furthermore, increasing preference for healthy food intake, the growing environmental & animal welfare concerns, increased purchase of seafood alternatives, and growing demand for a vegan lifestyle drive the plant-based fish market growth in this region.

Competitive Landscape

The major global players in the market include MorningStar Farms, Archer Daniels Midland Company, Symrise, Glanbia plc, Roquette Freres S.A., Kellogg’s, Tyson Foods Inc, Sotexpro SA, Crown Soya Protein Group, and Puris Protein LLC.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the food industry. Covid-19 has considerably impacted the global food supply chain phases involving plant-based fish production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food industries as well. The COVID-19 pandemic is upending life, and the food sector is seeing an increase in trends like plant-based fish. The food businesses are launching innovative programs, including plant-based fish, which are readily available and straightforward to consume.

Why Purchase the Report?
• To visualize the global plant-based fish market segmentation based on product, source, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant-based fish market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Plant-Based Fish Market report would provide approximately 53 tables, 47 figures, and 158 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies