USD 42.1 million
Report ID: SQMIG30H2085 | Region: Global | Published Date: July, 2023 | Pages: 242 | Tables: 93 | Figures: 76
Global Plant-Based Seafood Market size was valued at USD 42.1 million in 2021 and is poised to grow from USD 59.95 million in 2022 to USD 1300 million by 2030, growing at a CAGR of 42.3% in the forecast period (2023-2030).
Plant-Based Seafoods are becoming popular since they are healthy alternatives which are safe,Mercury Free native that still provide necessary proteins also lessen the guilt associated with overfishing that comes with eating seafood.
There are many benefits provided by plant based seafoods and the main benefit includes environmental friendliness. It includes alleviating pressures on rapidly depleting fisheries, providing relief to fragile ecosystems of oceans, reducing the impact of fishing Nets on the ocean plastic problem and reducing production related GHG emissions. Due to the busy lifestyle and increasing working population, the individuals are looking for healthy, affordable, non-perishable items that the households can stockpile.Plant based seafoods are the major alternative for this demand, which will help in increasing the growth of the market.
US Plant-Based Seafood Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 42.1 million
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Global Plant-Based Seafood market is segmented on the basis of Product, Source, distribution channel, consumer, and region. By Product, the market is segmented into Fish Products, Prawn and Shrimp Products and Crab Products and others. By source, the market is segmented into soy, wheat, pea, canola, lentil, and others. By distribution channel, the market is segmented into,HoReCA, Supermarkets and Hypermarkets, Convenience Stores, Online and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Distribution channel
By distribution channel, the global market is divided into many segments such as HoReCA, Supermarkets and Hypermarkets, Convenience Stores, Online and Others. HoReCA segment held the largest global Plant-Based Seafood market share due to the wide range of benefits provided by Plant-Based Seafood. Rapid urbanization, rising disposable income, growing penetrations of hotel, restaurant, cafes across the globe and in the developing country is is the main reason for the growth of sector.The online sales segment is expected to grow with highest CAGR in the future time due to the rapid increase in the mobile penetration, improvement in logistics service and easing payment options.
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Globally, Europe is estimated to hold the highest global Plant-Based Seafood market share followed by North America and Asia Pacific. In Europe, the U.K., Germany, and France are the leading revenue generator countries to the Europe market. Main factors during this growth period is the presence of top market players, increasing demand and others.
Above all, North America is expected to grow fastest during the forecast period. The reason for the same is increasing acquisition of Plant-Based Seafood technology in the region of North America. Penetration of mobile internet in the region has doubled in the last few years, leading to the increase in demand for plant based seafood on online portals. In addition, various manufacturers are investing heavily in order to provide products at an affordable price to the consumers, which is likely to boost the demand for Plant-Based Seafood in the region.
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Vegan Culture to Bolster Market Growth
Nutritional Concerns to Hinder Market Growth
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Competition in the global Plant-Based Seafood market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of products compatible with Plant-Based Seafood will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Plant-Based Seafood market analysis, the global market is estimated to have significant growth during the forecast period because of the benefits such as they are healthy alternatives which are safe, mercury Free native that still provide necessary proteins and also lessen the guilt associated with overfishing that comes with eating seafood. The market has so much potential for new players also because of the high expected rate of growth and demand.
|Market size value in 2021||USD 42.1 million|
|Market size value in 2030||USD 59.95 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Plant-Based Seafood Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Plant-Based Seafood Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Plant-Based Seafood Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Plant-Based Seafood Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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