Plant-based Fish Market

Plant-based Fish Market Outlook (2023 to 2033)

As per Fact.MR’s latest industry research, the global plant-based fish market is valued at US$ 183.95 million in 2023 and is projected 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 type of seafood alternative that is made entirely from plant-based ingredients instead of actual fish. It is designed to mimic the taste, texture, and appearance of real fish while providing a sustainable and cruelty-free alternative for those who follow a vegetarian, vegan, or plant-based diet.

It's worth noting that the development of plant-based fish is a growing field, and the available products vary in terms of taste, texture, and overall quality. As the industry continues to innovate, the range of plant-based fish options is expected to expand, providing more diverse and improved alternatives to conventional seafood. Burger patties, fillets, crumbles & grounds, chunks & tips, cutlets, shreds, tenders & fingers, strips, and meatballs are some of the types of plant-based fish products available in the market.

• Demand for plant-based fish burger patties is predicted to rise at a robust CAGR of 29.8% over the forecast period.

Plant-based fish burger patties are often lower in saturated fats and cholesterol compared to their animal-based counterparts. They are considered a healthier option for individuals looking to reduce their intake of animal meat products and incorporate more plant-based foods into their diet.

The plant-based food industry has made significant advancements in recent years, improving the taste, texture, and overall quality of plant-based seafood products. As a result, more consumers are willing to try these alternatives, being confident that they can provide a satisfying culinary experience.

Plant-based fish burger patties and other seafood alternatives are becoming more widely available in grocery stores, restaurants, and online platforms. The high marketing and promotion activities of these products have created greater awareness and accessibility, making it easier for consumers to try and incorporate them into their diets.

• Sophie's Kitchen, a plant-based seafood company, offers a wide range of plant-based fish products including burger patties. Their burgers are made from a combination of pea protein, konjac powder, and other plant-based ingredients. Sophie's Kitchen focuses on creating seafood alternatives that are free from animal ingredients, gluten, and GMOs.

Report Attributes	Details
Plant-based Fish Market Size (2023E)	US$ 183.95 Million
Forecasted Market Value (2033F)	US$ 2.19 Billion
Global Market Growth Rate (2023 to 2033)	28.1% CAGR
United Kingdom Market Value (2033)	US$ 337.06 Million
United States Market Value (2033)	US$ 879.87 Million
South Korea Market Growth Rate (2023 to 2033)	25.3% CAGR
Japan Market Growth Rate (2023 to 2033)	24.5% CAGR
China Market Growth Rate (2023 to 2033)	25.2% CAGR
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

Why are Sales of Plant-based Fish Products Experiencing Significant Growth?

“Vegan Revolution: Boon to Public Health, Environment, & Economy”

Veganism has become more mainstream leading to an expansion in plant-based product offerings. This includes plant-based fish options such as fish burger patties, fish fillets, fish sticks, and more. The availability of diverse and appetizing plant-based fish products attracts both vegans and individuals interested in exploring meatless alternatives.

Continuous advancements in plant-based food technologies have greatly improved the taste, texture, and overall quality of plant-based fish products. As a result, they have become more appealing to a broader range of consumers, including those who may not follow a strict vegan diet but are open to trying plant-based options. The ability to replicate the flavor and texture of fish makes plant-based alternatives more enticing and encourages repeat purchases.

Veganism is no longer a niche dietary choice. It has gained widespread attention and acceptance with more people embracing plant-based lifestyles. Vegan food products are now available in grocery stores, restaurants, and online platforms, making it easier for consumers to incorporate them into their meals.

Traditional fishing practices contribute to overfishing, habitat destruction, and bycatch, all of which have detrimental effects on marine ecosystems. By choosing plant-based fish products, vegans are actively supporting sustainable alternatives that alleviate pressure on the fish population and reduce the environmental impact of fishing.

• According to a 2016 study conducted by the University of Oxford, transitioning to a vegan diet worldwide could have several significant benefits. It is estimated that going vegan could save approximately 8 million human lives, reduce greenhouse gas emissions from agriculture by two-thirds, and result in substantial healthcare-related savings by 2050. Additionally, the study suggested that the shift to veganism could help avoid climate damage amounting to approximately US$ 1.5 trillion. These findings highlight potential positive impacts that the global adoption of veganism could have on public health, the environment, and the economy.

Which Aspects are Restraining the Sales of Plant-based Fish Products?

“High Production Cost Hampering Small-scale Manufacturer’s Revenue Growth”

The production of plant-based fish is a complex undertaking, necessitating substantial investments in sophisticated manufacturing equipment to ensure a seamless production cycle. This process can be costly, causing small-scale producers and manufacturers to restrict their operations, resulting in limited output. Additionally, in some regions, there is insufficient awareness about the benefits of consuming plant-based meat, which further restrains market growth.

“High Cost of Plant-based Products and Strict Product Regulations”

Plant-based fish products are also predominantly found at higher price points, making them inaccessible to consumers with lower or moderate incomes. The need to comply with extensive regulations and obtain multiple certifications often causes delays in product launches, thereby limiting the market’s growth.

What are the Strategies Adopted by Start-ups to Gain Higher Profits?

“Launching Affordable Plant-based Fish Products Accessible to All”

Start-ups are offering competitive pricing strategies to make their plant-based fish products more accessible. By optimizing their production processes, sourcing cost-effective ingredients, and finding innovative ways to reduce costs, they are offering affordable options to price-sensitive consumers.

New market entrants are investing in research and development initiatives to continuously improve the taste and texture of their plant-based fish products. Conducting consumer taste tests, gathering feedback, and incorporating insights into product development help in bridging the gap between consumer expectations and experiences.

“Newcomers Aiming to Build Trust & Transparency in Plant-based Fish Products”

By adhering to clear and accurate labeling practices, newcomers are building trust and establishing credibility with consumers. Going above and beyond the minimum regulatory requirements and adopting transparent labeling practices differentiate their products from competitors and create a positive perception among consumers.

Country-wise Analysis

Why is the United States a Key Market for Plant-based Fish Product Manufacturers?

“Plant-based Fish Products Emerging as Nutritious Alternative for Fitness Enthusiasts”

• The market for plant-based fish products is forecasted to reach US$ 879.87 million by 2033.

Surge in the sales of plant-based fish products in the United States is attributed to several key factors. Firstly, there has been a significant increase in consumer awareness and concern about the environmental impact of traditional fishing practices. People are becoming more conscious of overfishing and the depletion of marine resources, leading them to seek sustainable alternatives.

Health consciousness is playing a vital role in the rising sales of plant-based fish products. Consumers are increasingly adopting plant-based diets for various reasons, including reducing their consumption of animal products, managing allergies, and improving their overall well-being. Plant-based fish products provide a healthier option by offering lower levels of saturated fats and cholesterol compared to their animal-based counterparts. Thus, several health-conscious individuals are shifting their diets to plant-based protein products.

What is Driving the Growth of the United Kingdom Plant-based Fish Market?

“Celebrity Endorsements Increasing Popularity of Plant-Based Fish Products”

• Sales of plant-based fish products in the United Kingdom are forecasted to evolve at a CAGR of 27.7% from 2023 to 2033.

Growing concerns about animal cruelty are driving the attention of several non-vegan consumers toward plant-based alternatives in the United Kingdom. The environmental impact on the fishing industry and concerns about personal health and animal welfare are also contributing to the adoption of flexitarian diets, where individuals are reducing their meat and fish consumption while incorporating more plant-based alternatives into their meals.

Introduction of innovative plant-based seafood brands and the endorsement by renowned chefs and celebrities are also significantly boosting consumers’ interest and confidence in plant-based fish products.

How is Plant-based Fish Products Transforming Korean Seafood Cuisine?

“Cultural Factors Influencing Sales of Plant-based Seafood in South Korea”

• The South Korean market for plant-based fish products is projected to reach US$ 72.2 billion by 2033.

Plant-based fish products serve as a suitable substitute, allowing individuals to maintain their dietary preferences while still enjoying flavors reminiscent of traditional Korean seafood dishes. Cultural and religious factors are also propelling sales of plant-based fish products. South Korea has a significant Buddhist population that adheres to vegetarian or vegan diets.

• Pulmuone, a South Korean food company, recently launched a diverse range of over 20 vegan food products through its subsidiary, Plantspired. These offerings include a variety of substitutes that are not only rich in protein but also low in calories.
• Demand for plant-based food alternatives has experienced tremendous growth in the past decade. In 2018, the Korea Vegetarian Union reported a significant shift in the population toward veganism with approximately 1.5 million people adopting a vegan diet.

Category-wise Analysis

Which is the Most Profitable Distribution Channel for Plant-based Fish Products?

“HoReCa Segment Accounts for High Plant-based Fish Product Sales”

• Demand for plant-based fish products from the HoReCa segment is expected to increase at a CAGR of 30.3% over the next 10 years.

The HoReCa (Hotel, Restaurant, and Catering) is emerging as a beacon of opportunity for producers of plant-based fish products. As an ever-growing distribution channel, driven by the bustling lifestyles of individuals seeking convenience, this niche holds immense growth opportunities for plant-based food manufacturers. With an expanding global population opting for outdoor dining experiences, demand for plant-based alternatives is anticipated to rise across various settings, including cafeterias, restaurants, and fast-food joints.

The versatility and adaptability of plant-based fish products make them an attractive menu option in HoReCa establishments. These products can seamlessly integrate into diverse culinary creations, allowing chefs and food service professionals to cater to a wide range of customer preferences.

Competitive Landscape

Key players in the plant-based fish market are investing heavily in research and development activities to continually improve and expand their product offerings. They are also collaborating with other industry stakeholders such as food service providers, culinary experts, and ingredient suppliers. These collaborations lead to the development of new product lines, co-branded offerings, and promotional campaigns that leverage the strengths of involved companies. By joining forces, they can expand their reach, tap into new markets, and drive their revenue growth.

• In October 2022, Archer Daniels Midland Company, a prominent food processing firm, and Marfrig Global Foods collaborated to establish a groundbreaking joint venture named PlantPlus Foods. This new venture aims to expand its product portfolio and foster growth in the thriving North American market. By combining their expertise and resources, the companies sought to enhance their presence and capture new opportunities in the dynamic food industry.

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