A new report predicts that the vegan seafood market will grow from its modest value in 2021 to become a billion dollar market by 2031.
The Plant-based Seafood Market Report was conducted and released by Allied Market Research. It found that the global plant-based seafood industry generated $42.1 million in 2021, and is anticipated to generate $1.3 billion by 2031. This would represent a jaw-dropping compound annual growth rate of 42.3%.
“The depletion of natural ocean resources, rise in global population, increase in pressure on the global food supply chain, surge in the prevalence of zoonotic diseases among humans, rise in vegan population, and increase in awareness regarding animal welfare and animal cruelty in farms drive the growth of the global plant-based seafood market”, states the report. “However, high prices of plant-based seafood and inability of plant-based seafood to mimic original seafood taste restrict the market growth. Moreover, technological advancements and new product launches present new opportunities in the coming years.”
The report found that the COVID-19 pandemic had a negative impact on the sales of plant-based seafood “owing to the closure of hotels, restaurants, and cafes across the globe.”
Based on product, the fish products segment held the highest market share in 2021, accounting for more than three-fifths of the global plant-based seafood market, and is estimated to maintain its leadership status throughout the forecast period. However, “the crab products segment is projected to manifest the highest CAGR of 43.1% from 2022 to 2031.”
Based on source, “the soy segment accounted for the largest share in 2021, contributing to more than one-third of the global plant-based seafood market, and is projected to maintain its lead position during the forecast period.” However, the wheat segment “is expected to portray the largest CAGR of 43.6% from 2022 to 2031, as wheat protein is used to manufacture various plant-based fish such as tuna, cod, salmon, fish fingers, and baked fish.”
The report found that based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global plant-based seafood market, attributed to the rapid increase in demand for seafood alternatives in UK, Germany, France, and others. However, the North America region is likely to dominate the market during the forecast period and is expected to witness the fastest CAGR of 45.6% from 2022 to 2031.
Below are what the report found to be the leading market players:
- Ingredion GmbH,
- MorningStar Farms,
- 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,
- Sofine foods
The full report can be found by clicking here.