IMARC Group’s latest report, titled “Plant-based Seafood Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global plant-based seafood market exhibited a CAGR of 30% during 2017-2020. Plant-based seafood refers to a vegan alternative that is similar to seafood in texture, appearance and taste. It is produced using a mixture of plant protein isolates, soy, starch, vegetable extracts, edible oils and a variety of seasonings. Various additives and coloring agents are also added to the product to provide a texture similar to fish, shrimp and crabs. In recent years, the demand for plant-based seafood has increased with the rising health-consciousness among consumers. As a result, individuals are becoming inclined toward vegan seafood alternatives, with low calories and high protein content.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Plant-based Seafood Market Trends:
The global plant-based seafood market is primarily driven by the growing trend of veganism. The increasing concerns regarding the protection of aquatic animals have also impelled individuals to replace seafood with plant-based alternatives in their diets. Besides this, the growing prevalence of chronic gastrointestinal disorders due to the presence of mercury and toxic pollutants in seafood is also encouraging consumers to shift to vegan alternatives. Several governmental bodies are also undertaking initiatives to promote the consumption of plant-based seafood products to conserve marine ecosystems. Furthermore, the rising preference for frozen, canned, and ready-to-eat products due to rapid urbanization, hectic lifestyles and the inflating disposable incomes of the masses is escalating the demand for plant-based seafood across the globe. On account of these factors, the market is expected to witness robust growth during the forecast period (2021-2026).
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Key Market Segmentation:
The competitive landscape of the market has been examined in the report, with some of the key players being Ahimsa Foods, Atlantic Natural Foods, Bonsan, Ocean Hugger Foods, Good Catch Foods, Impossible Foods Inc., Sophie’s Kitchen Inc, New Wave Foods, Gardein, Quorn (Monde Nissin Corporation), Qishan Food Limited Company, SoFine Foods, Tofuna Fysh, and Vivera.
Breakup by Product Type:
- Fish Products
- Prawn & Shrimp Products
- Crab Products
Based on the product type, the market has been divided into fish, prawn and shrimp, and crab products.
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, online, and others.
Breakup by Region:
- North America
- United States
- United Kingdom
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
Region-wise, the market has been segmented into North America (the United States and Canada), Europe (the United Kingdom, Germany, Netherlands, France, and others), Asia Pacific (China, Japan, Singapore, and others), Latin America (Brazil, Mexico, and other), Middle East and Africa (South Africa, the UAE, and others).
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