Plant-based Seafood Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[226+ Pages Report] According to the report published by Facts & Factors, the global plant-based seafood market size was USD 83.64 million in 2022 and is anticipated to reach USD 1302.65 million by the end of 2030. The plant-based seafood market is likely to grow with a healthy CAGR of 41.69% during the anticipated period.

The market report offers detailed analytical insights into the top companies in the global marketplace. The plant-based seafood industry report is a mix of both deep primary and secondary research dedicated to discovering the upcoming market trends, growth restraining factors, and opportunities.

Plant-based Sea Food Market: Overview

Plant-based seafood are the ones which are designed to replicate the appearance, texture, and taste of seafood with the help of plant-based ingredients. These foods are prepared using soy protein, sea algae, and other plant proteins.

Also, these are combined with other ingredients like flavoring and texturizing agents, which hold the ability to mimic the flavors of lobster, crab, and fish. These foods are prepared with the help of an extrusion process which involves processing and blending of plant ingredients till a desired texture is achieved. Furthermore, these products can be shaped to resemble precisely a specific seafood variety.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based seafood market size is estimated to grow annually at a CAGR of around 41.69% over the forecast period (2023-2030).
• In terms of revenue, the global plant-based seafood market size was valued at around USD 83.64 million in 2022 and is projected to reach USD 1302.65 million by 2030.
• The rising awareness regarding sustainability is likely to drive the growth of the global plant-based seafood market.
• Based on the product, the fish segment swipes the largest share of the global plant-based seafood market.
• Based on the consumer, the omnivore segment accounts for the largest share of the global plant-based seafood market.
• Based on the distribution channel, the online sales channel is expected to dominate the global plant-based seafood market.
• Based on the source, wheat is the fastest-growing segment in the global market.
• Based on region, North America is expected to dominate the market during the forecast period.  

Plant-based Sea Food Market: Growth Drivers

• Rising awareness regarding sustainability is likely to boost the growth of the global market.

There is an increasing awareness among people regarding the impact of traditional seafood production on the environment, which is one of the major factors driving the growth of the global plant-based seafood market. Habitat destruction and overfishing are expected to shift consumer preferences toward the most sustainable meal options. Plant-based seafood is increasingly becoming an attractive choice for people owing to the fact it reduces the pressure on marine ecosystems, thereby maintaining the environmental balance.

A significant shift of consumers towards plant-based diets due to environmental, ethical, and health reasons is fueling the demand for seafood alternatives in different food categories. For instance, Kellogg's broke its product range into cereals, snacks, and other plant-based food businesses in June 2022 to propel its product portfolio.

Plant-based Sea Food Market: Restraints

• Cost and affordability are expected to hamper the growth of the global market.

Plants and seafood are priced a bit higher as compared to their animal-based counterparts. The high price of these alternatives is largely due to the intense research activities, high-quality sourcing ingredients, along with advanced production processes. Therefore, competition with traditional seafood is still a challenge in the plant-based seafood industry.

Plant-based Sea Food Market: Opportunities

• Expanding distribution channels and product innovation is expected to offer lucrative growth opportunities in the global market.

The growing availability of plant-based seafood products in supermarkets, hypermarkets, and online channels is expected to offer lucrative growth opportunities in the global plant-based seafood market. The companies are increasing their market penetration strategies to reach a wider audience and maximize their profits in the global market.

Companies are coming up with exciting products to satisfy the growing taste and preferences of people. Diversifying product portfolios like crabs, scallops, shrimp, fish filets, and more are further attracting customers, which in turn will also foster growth opportunities in the global market.

Plant-based Sea Food Market: Challenges

• Limited product variety and low levels of acceptance are big challenges in the global market.

However, the global plant-based seafood industry is still in its nascent stage. Big companies are boosting their research and development activities to focus on launching attractive alternatives to cater to the unique preferences of a wide range of consumers. But still, there is low availability of product options in the market. Additionally, it is not highly accepted by many people globally. Therefore, such a landscape is expected to create challenges in the global market.

Plant-based Sea Food Market: Segmentation

The global plant-based seafood market can be segmented into product, consumer, distribution channel, source, and region.

By products, the market can be segmented into crab products, prawn & shrimp products, and fish products. The fish segment swipes the largest share of the global market. It is expected to account for 64% of the market share in the forthcoming year.

One of the major reasons for the growth of the segment is the fast-growing demand for fish products like tenders, cutlets, filets, burger patties, and others. Moreover, supermarkets and hypermarkets are further widening the scope of the segment by offering the easy availability of different fish products at affordable prices.

By consumers, the market can be segmented into vegan, vegetarian, flexitarian, and omnivore. The omnivore segment accounts for the largest share of the global plant-based seafood industry due to the fact that most humans require certain nutritional needs that are best satisfied with plant sources and others with animals.

For instance, plant-based foods are the best to meet the human diet needs for vitamin C and magnesium as compared to animal products. The plant-based food products include a higher amount of vitamin E, potassium, thiamin, manganese, and folate.

However, the vegan segment is expected to grow steadily in the forthcoming years due to the surge in awareness among people regarding zoonotic diseases. Moreover, the health benefits of a vegan diet are further encouraging omnivores to shift towards plant-based foods. Also, the growing risk of gastrointestinal cancer due to the high consumption of fish and other animal diets is further likely to foster developments in the segment.

By distribution channel, the market can be segmented into online sales, convenience stores, specialty stores, supermarkets, and hypermarkets. The online sales channel is expected to dominate the global plant-based seafood industry due to the increasing trend of shopping online. The online platform is found to be the largest medium for buying packaged food products, which also includes plant-based seafood.

Also, the other factors contributing to the growth of the online shopping trend are the facility of home delivery, the wide availability of products, the presence of cheaper alternatives, and time-saving opportunities. However, one of the major factors allowing the online platform to swipe the largest share is the presence of a large pool of brands which is not easily available in local stores.

By source, the market can be segmented into lentils, canola peas, soy, and others. Wheat is the fastest-growing segment in the global market. Manufacturers widely used wheat protein to prepare different plant-based fish like baked fish, fish finger, salmon, cod, and tuna.

However, these products are more neutral in taste, so different ingredients are added for flavoring. Also, the increase in population is disturbing the food supply chain because of the depleting fish stocks, which in turn is further fostering developments in the segment.

Report Scope

Plant-based Sea Food Market: Regional Analysis

• North America to witness considerable growth during the forecast period

North America is expected to witness a significant surge in the global plant-based seafood market share in the forthcoming years. Different brands and startups are coming up with a wide range of plant-based seafood alternatives to deliver food according to the unique preference of people.

There are various factors contributing to the growth of the regional market, like animal welfare considerations, environmental concerns, and health consciousness. Consumers are actively looking forward to planting seafood due to the increasing depletion of marine resources. Ocean pollution is another crucial factor slowing down the demand for seafood.

Also, the presence of strong market players is further strengthening the growth of the regional market. Big companies are coming up with innovative seafood options with improved taste and appearance, which will also support the growth trajectory.

Asia Pacific is expected to see steady growth due to the presence of immense potential in the region. The region is rich in the culinary tradition of seafood consumption, which is a major factor propelling the growth of the regional market in the forthcoming years. Leading countries like South Korea, Japan, and China exhibit a strong seafood culture, thereby showcasing the ideal market for seafood alternatives.

The big companies in the region are innovating with their products to meet the taste and preferences of consumers in the region. The high awareness among people in the region regarding the environmental impact of seafood practice is further encouraging people to look for plant-based seafood alternatives for better sustainability.

Europe is also anticipated to witness huge growth in the forthcoming years due to favorable environmental conditions in the region. The European Union is shifting its attention to the promotion of plant-based diets and sustainability, which is developing the regional market significantly during the predicted period.

Plant-based Sea Food Market: Competitive Analysis

• Tofuna Fysh 
• Ocean Hugger Foods 
• Sotexpro 
• Impossible Foods Inc. 
• Tyson Foods Inc. 
• MorningStar Farms 
• Ahimsa Foods 
• good catch foods 
• New Wave Foods 
• Glanbia Plc 
• Sophie's Kitchen Inc. 
• Ingredion GmbH 
• Sofine foods 
• PURIS

The global plant-based seafood market is segmented as follows:

By Product Segment Analysis

• Crab Products
• Prawn & Shrimp Products
• Fish Products

By Consumer Segment Analysis

• Vegan
• Vegetarian
• Flexitarian
• Omnivore

By Distribution Channel Segment Analysis

• Online Sales
• Convenience Stores
• Specialty Stores
• Supermarkets
• Hypermarkets

By Source Segment Analysis

• Lentils
• Canola
• Peas
• Soy
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America