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.”
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