Rockville, July 12, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR’s recent industry research, the plant-based fish market is valued at US$ 183.95 million in 2023 and is predicted to reach US$ 2.19 billion by 2033, booming at a CAGR of 28.1% from 2023 to 2033.
Plant-based fish refers to a sort of seafood substitute that is created entirely from plant-based materials instead of actual fish. It is designed to resemble the flavour, texture, and look of real fish while providing a sustainable and cruelty-free alternative for individuals who follow a vegetarian, vegan, or plant-based diet.
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Key Driving Forces Accelerating the Market Growth
- There is a growing awareness among consumers about the health benefits of plant-based diets. Many individuals are adopting plant-based lifestyles to improve their overall health and reduce the risk of chronic diseases. As a result, the demand for plant-based fish alternatives is rising.
- Concerns over the environmental impact of traditional fishing methods, such as overfishing and habitat destruction, are driving consumers to seek sustainable alternatives. Plant-based fish products offer a more eco-friendly option, as they reduce the strain on marine ecosystems and contribute to biodiversity conservation.
- The rising awareness of animal welfare issues associated with traditional fishing practices has led to a shift in consumer preferences. Plant-based fish products provide a cruelty-free alternative, appealing to those who are concerned about the ethical treatment of marine life.
- The market for plant-based fish products in the US is expected to witness to reach Us $ 879.87 Mn by 2033.
- Advancements in food technology have enabled the development of highly realistic plant-based fish products that closely mimic the taste, texture, and appearance of conventional fish. Improved production techniques and innovative ingredients are enhancing the quality and variety of plant-based fish offerings, attracting more consumers.
Vital indicators shaping the future of the industry
- The primary indicator for the future of the plant-based fish market is consumer demand and adoption. As more consumers become aware of plant-based options, their preferences, and buying behaviors will play a crucial role in driving the market growth. The willingness of consumers to incorporate plant-based fish products into their diets will determine the market's success.
- Continuous product innovation and improvement in the quality of plant-based fish alternatives will be vital for the market's future. Advances in food technology, ingredient sourcing, and production techniques will contribute to the development of more realistic and appealing plant-based fish products, ensuring consumer satisfaction and long-term market viability.
- The expansion of plant-based fish offerings in retail stores, supermarkets, and food service establishments will significantly impact market growth. Increased availability and accessibility of plant-based fish products in various food outlets will provide consumers with more choices and opportunities to incorporate these alternatives into their meals.
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Challenges hindering the market growth
Consumers have certain taste and texture expectations when it comes to fish, and replicating those characteristics in plant-based alternatives can be challenging. Achieving the desired flavor, texture, and mouthfeel that closely resembles traditional fish products is a hurdle that plant-based fish manufacturers need to overcome to win over consumers.
Compared to plant-based meat alternatives, the variety of plant-based fish products available in the market is relatively limited. The lack of diverse options and flavors can hinder consumer choice and limit the market's appeal. Expanding the range of plant-based fish offerings to cater to different tastes and preferences is necessary for market growth.
How competition influences the market
Key players in the market are focusing on R&D to continually improve and expand their product offerings. Moreover, they are collaborating with other industry players to establish a strong market share. Besides this, the competition encourages companies to invest in research and development to create innovative and high-quality plant-based fish products. These collaborations have led to the development of new product lines, and co-branding offerings.
- In October 2022, Archer Daniels Midland Company collaborated with Marfrig Global Foods to establish a joint venture named Plant Plus Foods. Moreover, this venture aims to expand its product portfolio and growth in the North America market.
Key Companies Profiled
- Beyond Meat
- Impossible Foods
- Ojah
- Memphis Meats
- ChickP
- Vestkron A/S
- Aspire Food Group
- Aleph Farms
- Ingredion Inc.
- Archer Daniels Midland Company
- Gushen Biotechnology Ltd.
- Roquette Freres
- Glanbia Plc.
- AGRANA Beteiligungs AG
- Nestle SA
- Tyson Foods
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Plant-based Fish Industry Research Segmentation
- By Fish :
- Tuna Products
- Crab Products
- Shrimp Products
- By Product Type :
- Burger Patties
- Fillets
- Crumbles & Grounds
- Chunks & Tips
- Cutlets
- Shreds
- Tenders & Fingers
- Strips
- Meatballs
- By Source :
- Soy-based
- Wheat-based
- Canola-based
- Pea-based
- Fava Bean-based
- Rice-based
- Lentil-based
- Potato-based
- Chia-based
- Flax-based
- Corn-based
- By Distribution Channel :
- Hypermarkets
- Specialty Stores
- Online
- HoReCa
- Convenience Stores
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Check out more related studies published by Fact.MR Research:
Frozen Shrimp Market: Worldwide demand for frozen shrimp is estimated at a market valuation of US$ 25.51 billion in 2023 and is predicted to climb to US$ 57.15 billion by 2033-end. The global frozen shrimp market is projected to exhibit expansion at an impressive 8.4% CAGR from 2023 to 2033, thereby providing an absolute dollar opportunity of US$ 31.64 billion.
Fish Meal Market: Expanding at a CAGR of 7%, the global fish meal market is predicted to increase from a valuation of US$ 5.6 billion in 2023 to US$ 11 billion by the end of 2033.
Meatless Meat Market: The global market for plant-based meat options is likely to cross a valuation of USD 77.8 billion by 2025. The meat substitute market in the USA was estimated at USD 10.11 billion in 2022.
Non-meat Ingredients Market: While the demand for processed meat has up-scaled in the recent past, it has translated into the demand surge of several other associated products that completes this supply chain.
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