Global Plant-Based Seafood Market

Plant-Based Seafood Market Size, Share, Growth Analysis, By Product(Fish Products, Prawn and Shrimp Products and Crab Products and others), By Distribution channel(HoReCA, Supermarkets and Hypermarkets), By Source(soy, wheat) - Industry Forecast 2024-2031


Report ID: SQMIG30H2085 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 93 | Figures: 76

Plant-Based Seafood Market Insights

Plant-Based Seafood Market size was valued at USD 42.1 million in 2019 and is poised to grow from USD 59.95 million in 2023 to USD 1300 million by 2031, growing at a CAGR of 42.3% in the forecast period (2024-2031).

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.

Market snapshot - 2024-2031

Global Market Size

USD 42.1 million

Largest Segment

HoReCA

Fastest Growth

HoReCA

Growth Rate

42.3% CAGR

Global Plant-Based Seafood Market ($ Bn)
Country Share for Europe Region (%)
Global Plant-Based Seafood Market By Distribution channel ($ Bn)
Global Plant-Based Seafood Market By Distribution channel (%)

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Plant-Based Seafood Market Segmental Analysis

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.

Plant-Based Seafood Market 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.

Global Plant-Based Seafood Market By Distribution channel, 2023 (%)

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Plant-Based Seafood Market Regional Insights

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.

Global Plant-Based Seafood Market By Region, 2024-2031
  • Largest
  • Fastest

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Plant-Based Seafood Market Dynamics

Plant-Based Seafood Market Drivers

Vegan Culture to Bolster Market Growth

  • One of the major factors which is promoting the plant based seafood is the rising popularity of veganism. Majority population across the globe are converting to veganism due to health awareness and upgrade in lifestyle. Many individuals are becoming towards the environment and animal protection, therefore, rising concerns due to the increasing fishing activities in the sea has propelled the plant based seafood market.

Plant-Based Seafood Market Restraints

Nutritional Concerns to Hinder Market Growth

  • The plant based seafood can be deficient in certain vitamins and proteins that the organic and fresh seafood can provide.The seafood contains necessary amino acids for proteins that plant based are incompetent to serve to the consumer. There can possibly be a deficiency in certain vitamins and fibers.Therefore, deficiency in various nutritions and fibers along with the concerns of freshness can impede the growth of the market.

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Plant-Based Seafood Market Competitive Landscape

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.

Plant-Based Seafood Market Top Player’s Company Profiles

  • Beyond Meat
  • Impossible Foods
  • Quorn Foods
  • Gardein
  • Good Catch
  • Sophie's Kitchen
  • Ocean Hugger Foods
  • New Wave Foods
  • Loma Linda
  • Tofurky
  • Alpha Foods
  • Atlantic Natural Foods
  • The Vegetarian Butcher
  • VBites Foods
  • Ahimi
  • Akua
  • Plantible Foods
  • Hooray Foods
  • Kuleana
  • Ocean's Halo

Plant-Based Seafood Market Recent Developments

  • In September 2022, Plant-based seafood brand Good Catch’s North American operations were acquired by Wicked Kitchen in an all-stock deal. Good Catch’s parent company Gathered Foods is now a shareholder of Wicked Kitchen and gains a seat on Wicked Kitchen’s board. The deal does not include Good Catch’s U.K. brand, which remains under Gathered Foods.

Plant-Based Seafood Key Market Trends

  • The major plant based seafood firms across the globe are on the machine to accelerate the proliferation of plant based proteins in food service by creating a positive experience centered around the community while addressing health and environmental concerns. There is a major trend to disrupt the plant based food and seafood industry with products that deliver on the taste and texture like the conventional seafood. The offering brings cutting edge innovations and diversity to the young but fast growing plant based seafood category.

Plant-Based Seafood Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2023 USD 42.1 million
Market size value in 2031 USD 1300 million
Growth Rate 42.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Product
    • Fish Products, Prawn and Shrimp Products and Crab Products and others
  • Distribution channel
    • HoReCA, Supermarkets and Hypermarkets, Convenience Stores, Online and Others
  • Source
    • soy, wheat, pea, canola, lentil, and others
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)
Companies covered
  • Beyond Meat
  • Impossible Foods
  • Quorn Foods
  • Gardein
  • Good Catch
  • Sophie's Kitchen
  • Ocean Hugger Foods
  • New Wave Foods
  • Loma Linda
  • Tofurky
  • Alpha Foods
  • Atlantic Natural Foods
  • The Vegetarian Butcher
  • VBites Foods
  • Ahimi
  • Akua
  • Plantible Foods
  • Hooray Foods
  • Kuleana
  • Ocean's Halo
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Plant-Based Seafood Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Plant-Based Seafood Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 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 Plant-Based Seafood Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

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.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Plant-Based Seafood Market size was valued at USD 42.1 million in 2019 and is poised to grow from USD 59.95 million in 2023 to USD 1300 million by 2031, growing at a CAGR of 42.3% in the forecast period (2024-2031).

Competition in the Plant-Based Seafood market is expected to increase during the forecast period because new players are expected to enter in the 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 market but these numbers will increase in the upcoming years. 'Beyond Meat', 'Impossible Foods', 'Quorn Foods', 'Gardein', 'Good Catch', 'Sophie's Kitchen', 'Ocean Hugger Foods', 'New Wave Foods', 'Loma Linda', 'Tofurky', 'Alpha Foods', 'Atlantic Natural Foods', 'The Vegetarian Butcher', 'VBites Foods', 'Ahimi', 'Akua', 'Plantible Foods', 'Hooray Foods', 'Kuleana', 'Ocean's Halo'

One of the major factors which is promoting the plant based seafood is the rising popularity of veganism. Majority population across the globe are converting to veganism due to health awareness and upgrade in lifestyle. Many individuals are becoming towards the environment and animal protection, therefore, rising concerns due to the increasing fishing activities in the sea has propelled the plant based seafood market.

The major plant based seafood firms across the globe are on the machine to accelerate the proliferation of plant based proteins in food service by creating a positive experience centered around the community while addressing health and environmental concerns. There is a major trend to disrupt the plant based food and seafood industry with products that deliver on the taste and texture like the conventional seafood. The offering brings cutting edge innovations and diversity to the young but fast growing plant based seafood category.

Globally, Europe is estimated to hold the highest 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.

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Global Plant-Based Seafood Market

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