Selbyville, Delaware, May 31, 2023 (GLOBE NEWSWIRE) --
The plant-based fish market valuation is poised to be worth USD 1.3 billion by 2030, as reported in a research study by Global Market Insights Inc.
With concerns about overfishing and environmental impact becoming more urgent, plant-based fish products have emerged as a sustainable and ethical alternative to traditional seafood.
Consumers are becoming increasingly aware of the environmental implications of their dietary choices, leading to a significant increase in demand for plant-based alternatives to fish. Abandoned, lost, or discarded fishing gear is one of the most hazardous forms of marine plastic waste. According to the WUN Global Research Group, close to 640 thousand tons of fishing equipment get dumped into the ocean each year. Rising awareness of these environmental impacts of traditional fishing practices, concerns about overfishing and depletion of fish stocks, and rising demand for sustainable and ethical food choices will thus expedite market expansion.
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The plant-based fish market from the burger patty product segment is set to witness robust growth from 2023 to 2032. Plant-based burger patties made with ingredients like soy, peas, and algae are now widely available and have gained favor among consumers seeking a convenient and satisfying alternative to traditional fish-based burgers.
Manufacturers are also focusing on improving the taste and texture of their plant-based fish offerings to cater to the diverse preferences of consumers. Innovations in formulation and manufacturing processes have enabled companies to create products that mimic the taste, texture, and nutritional profile of traditional fish patties. Shifting preference toward sustainable alternatives will augment the market demand over the forecast period.
Plant-based fish market share from the online retail segment will record significant remuneration by 2032. E-commerce platforms have made it easier for consumers to access a wide range of plant-based fish products, regardless of their location. The convenience and accessibility offered by online retailers help expand the availability of fish alternatives to a larger consumer base.
Online retailers also offer a wide range of options for consumers, from well-established brands to innovative startups, catering to different dietary preferences and nutritional needs. As more consumers turn to online shopping for their grocery needs, sales of plant-based fish products through online retail distribution channel will continue to grow.
North America plant-based fish market is set to increase at a commendable rate through 2032, driven by factors such as widespread awareness of the benefits of plant-based diets, a strong presence of market players, and favorable regulatory environments. The United States has witnessed a surge in demand for plant-based fish products, with many consumers seeking to incorporate more sustainable and healthy options into their diets.
The North American plant-based fish market is characterized by the presence of both established players and innovative startups, creating a competitive landscape that fosters product innovation and market growth. Furthermore, escalating consumer demand for sustainable food options will create strong prospects for regional industry demand over the foreseeable future.
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Some of the leading companies operating in the plant-based fish market include Beyond Meat, Inc., Archer Daniels Midland Company, Kelloggs, Impossible Foods, Aspire Food Groups, Aleph Farms, CHS Inc, Vestkrom, Glanbia PLC, Nestle SA, Gushen Biotechnology Ltd.
Plant-based fish market news
- In Oct 2021 Nestlé announced an expansion to its plant-based food portfolio with two innovative new products, including Garden Gourmet Vrimp, a plant-based seafood alternative. Made from a combination of peas, konjac root, and seaweed, the vegan fish product was designed to mimic the authentic flavor and texture of shrimp.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Plant-Based Fish Market industry 3600 synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product type trends
2.1.4 Sources trends
2.1.5 Distribution Channel trends
Chapter 3 Plant-Based Fish Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 – 2032
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.3.2.1 Distributors
3.3.3 Profit margin analysis
3.4 Regulatory Landscape
3.5 Pricing analysis
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 The growing awareness regarding veganism in North America
3.6.1.2 Increasing awareness regarding healthy diet
3.6.1.3 The growing use of plant based raw material for various beverages
3.6.2 Industry pitfalls & challenges
3.6.2.1 Higher product cost
3.7 Growth potential analysis, 2022
3.8 Porter’s analysis
3.9 PESTEL analysis
3.10 COVID-19 impact on Plant-Based Fish demand
3.11 Impact of Russia-Ukraine war
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
