Westford, USA,, April 30, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the plant-based seafood market will attain a value of USD 1007.5 million by 2030, with a CAGR of 42.38% in the forecast period (2022-2030). According to the FAO's, the State of World Fisheries and Aquaculture (SOFIA) 2022 report, the total production of fisheries and aquaculture includes 178 million tonnes of aquatic animals and 36 million tonnes of algae, hit a new high of 214 million tonnes in 2020. The Food and Agriculture Organization of the United Nations reports that the production of worldwide catch fisheries was 90.3 million tonnes in 2020, a decrease of 4.0% from the average over the previous three years. Also, a majority of population will turn to plant-based substitutes, due to the loss of natural food supplies.
According to SkyQuest, the growing acceptance of veganism is one of the leading causes supporting seafood made from plants. Most people on the planet are becoming vegans due to increased health consciousness and lifestyle improvement. In addition, the market for plant-based seafood has grown due to growing worries about the environment and animal protection due to increased fishing activity in the ocean.
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Browse in-depth TOC on "Plant-Based Seafood Market"
- Pages - 242
- Tables - 93
- Figures – 76
Plant-based seafood is growing in popularity as safe, mercury-free alternatives that nonetheless offer essential proteins and decrease the guilt of eating seafood. They also reduce the environmental impact of overfishing. Plant-based seafoods offer several advantages, with environmental friendliness as its primary advantage. It entails easing the pressure on fisheries that are quickly running out of resources, providing support to vulnerable ocean ecosystems, and reducing the effect of fishing nets on the ocean plastic problem, and lowering production-related GHG emissions.
Prominent Players in Plant-Based Seafood Market
- Beyond Meat.
- Impossible Foods Inc.
- U Miami
- Memphis Meats
- ChickP
- Vestkron A/S
- Aspire Food Group
- Aleph Farms
- Ingredion.
- Gushen Biotechnology Group Co., Ltd.
- Roquette Frères.
- Glanbia PLC
- CHS Inc.
- AGRANA Beteiligungs-AG
- Nestlé
- Tyson Foods, Inc.
- Ingredion GmbH
- Symrise
- ADM
HoReCA Segment Maintained the Most Significant Market Share Due to Rapid Urbanization
The HoReCA segment maintained the most significant global market share due to plant-based seafood's numerous advantages. The key factors driving the sector's expansion include increased disposable income and increasing hotel, restaurant, and cafe penetration in developed and developing nations. In addition, due to the quick rise in smartphone penetration, the expansion of logistical services, and the simplification of payment alternatives, the online sales segment is anticipated to develop at the most significant CAGR in the coming years.
North America is anticipated to increase most quickly during the forecast period due to growing adoption of plant-based seafood technologies in North America. The region's mobile internet penetration has risen in the past few years, which has increased demand for seafood made from plants on online shopping sites. Additionally, a number of producers are making significant investments in order to offer consumers products at competitive prices, which is probably going to increase demand for plant-based seafood in the area.
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Fish products segment dominated the market due to the surge in demand for plant-based fish products among consumers
The fish products sector is anticipated to maintain its dominance during the forecast period, depending on the product. 63.7% of the market for plant-based seafood were fish products. The market is expanding quickly due to the enormous demand for various fish products such as burger patties, fillets, cutlets and tenders. Furthermore, the dominance of this market category is due to the simple accessibility of fish goods through HoReCa and supermarkets.
The Asia-Pacific region is anticipated to grow significantly throughout the forecast period due to a sizable youth population, rising employment, rising disposable income, rapid urbanization, changing consumer eating habits and increased product launches, and changes in governmental policies.
A comprehensive analysis of the major players in the Plant-Based Seafood market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Plant-Based Seafood Market
- Wicked Kitchen acquired the North American operations of the plant-based seafood company Good Catch in 2022 in an all-stock transaction. Gathered Foods, the parent business of Good Catch, has become a shareholder in Wicked Kitchen and has been given a board seat. However, the UK brand of Good Catch stays under Gathered Foods and is not a part of the purchase.
- Benzaquen entered in North America, Europe, and Asia and in addition, the company intends to debut an expanded portfolio of plant-based seafood products in retail and food service globally in late 2021.
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Key Questions Answered in Plant-Based Seafood Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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