Latest Value Market Research data suggests global demand for plant-based seafood is on the rise, with the market expected to reach nearly USD 860 million by 2032, up from USD 81.4 million in 2023, growing 29.5% annually.
Plant-based seafood refers to food products mimicing taste, texture, and appearance of ocean based seafood but are made entirely from plant-based ingredients. The popularity of plant-based seafood products, says the report, is due to their sustainablity and being ethical alternatives to traditional seafood which addresses environmental and health concerns associated with marine animal consumption.
Source: nhpr.org
Several key factors are driving this market growth. Increasing consumer awareness about environmental sustainability and animal welfare is leading more individuals to adopt plant-based diets.
Plant-based seafood offers a solution to overfishing and depletion of marine resources, making it an attractive option for environmentally conscious consumers.
Technological advancements and product innovation have significantly improved the quality and variety of plant-based seafood. Companies are investing in research and development to replicate the authentic taste and texture of seafood, using ingredients like soy, wheat, pea protein, and algae. This has led to the creation of products closely mimicking traditional seafood in flavour and nutritional profile.
Source: Wanda Fish 'toro' tuna filet
Moreover, the increased availability of these products in supermarkets, hypermarkets, convenience stores, and online platforms has made it easier for consumers to incorporate plant-based seafood into their diets. The presence of a well-established food service industry infrastructure in regions like North America has also supported market growth.
See our recent story about Boldly Foods push into the US with their range of fish products and Wanda Fish's 'toro tuna filet' launch.
The competitive landscape also includes major players also includes New Wave Foods, Garden Gourmet (Nestle), Good Catch Foods, and Sophie’s Kitchen, who are continuously expanding their product portfolios to cater to diverse consumer preferences. Recent product launches, like Good Catch’s plant-based salmon burgers, highlight the ongoing innovation in this sector.
Source: Good Catch Foods- Salmon Burgers
This is heartening news for the plant-based seafood market looking forward to substantial growth, driven by environmental, ethical, and health considerations, along with technological advancements and increased product accessibility.
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