The Plant-based Fish Market is expected to increase at a 5.8% CAGR from 2023 to 2033, from USD 804.6 million in 2023 to USD 1,271.2 million by 2033.
Growing Vegan Consumers Throughout the World are Fueling the Expansion of the Plant-based Fish Market
Probiotics are beneficial microscopic organisms that are essential for vertebrate system germination. If ingested correctly, they provide several health benefits.
The increasing need for substitute fish fodder copulated is the primary factor driving the plant-based fish feed industry. Furthermore, growing concern about aquaculture's reliance on seafood meal and fish lubricant and oil has shifted focus to plant-based commodities, which are projected to support the expansion of the plant-based fish feed industry.
The restricted availability of seafood types and fish species in comparison to the need for supplies with poor environmental footstep restrains the plant-based fish feed industry, while loss frequency outnumbers fish creation rate, posing a hurdle to market expansion. Furthermore, advancements in omega-3 levels, protein content, and digestibility generate numerous prospects for the plant-based fish feed business.
| Report Attribute | Details |
|---|---|
| The Plant-based Fish Market Value (2023) | USD 804.6 million |
| The Plant-based Fish Market Anticipated Value (2033) | USD 1,271.2 million |
| The Plant-based Fish Market Growth Rate (2023 to 2033) | 5.8% CAGR |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The plant-based fish market was accounted for worth USD 767.0 million in 2022, expanding at a 4.9% CAGR from 2018 to 2022. Global market absolute dollar growth is USD 466.7 million from 2023 to 2033.
Plant-based seafood is a vegan substitute for seafood that has a comparable color, texture, look, and flavor. Plant protein isolates, soy, starch, vegetable extracts, edible oils, and other seasonings, are typically combined to make it. These basic ingredients are then treated with chemicals and coloring agents to give them the flavor and texture of fish, shrimp, crabs, and so on.
Plant-based fish products are ecologically sustainable since they help to reduce rising seafood consumption, relieving pressures on the world's diminishing fisheries. However, constraints such as the relatively high price range of meat replacements, significant customer preference for animal-based products, and consumer preference for soy and gluten-free products are likely to significantly impede the growth of this market.
| Historical CAGR (2018 to 2022) | 4.9% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5.8% |
Short Term (2023 to 2026): The short-term growth prospects for the market look flourishing. As meat and dairy replacements could account for 5% and 10% of their respective worldwide market shares.
Medium Term (2026 to 2029): The market may rise slightly during this time. Big restaurants that provide burgers, sausage, and milk substitutes might push consumers to switch to plant-based foods. It is anticipates that faux chicken is going to be especially popular during the coming year.
Long Term (2029 to 2033): According to FMI's analysis, the market is likely to embark on a bullish growth trajectory during this period. The growing variety of plant-based product possibilities contributes to plant alternatives being a long-term option for customers worldwide.
As per the FMI analysts, a valuation of USD 1,271.2 million by 2033 end is estimated for the market.
| Year | Market Valuation |
|---|---|
| 2016 | USD 535.10 million |
| 2021 | USD 716.09 million |
| 2022 | USD 767.0 million |
| 2023 | USD 804.6 million |
| 2033 | USD 1,271.2 million |
The demand for plant-based protein supplements has skyrocketed in recent years. With an increase in consumers worldwide adopting a vegan lifestyle, the global plant-based fish market is expected to grow significantly. As health concerns about excessive meat consumption grow, consumers are turning to a variety of meat substitutes. This venture is primarily benefiting sales of plant-based fish products.
Environmental concerns, the rapid depletion of global fish stocks, and the exacerbated health issues associated with excessive meat consumption have proven to be key growth accelerators for the sales of plant-based fish products. Intense research and development initiatives led by the leading food and beverage companies are bringing plant-based fish to the forefront of the culinary world. Aside from the presence of established players, the global landscape is dotted with a slew of vegan start-ups.
Principal Consultant
Although the global plant-based fish market base is growing but is being constrained by rising health problems like diabetes and being overweight. However, to address these issues, many key firms have developed a variety of remedies, including low-calorie, sugar-free food items.
Plant-based fish products are typically sold at premium prices, making them out of reach for consumers with low to moderate incomes. Furthermore, extensive regulatory compliance as a result of obtaining multiple certifications frequently causes product launches to be delayed, resulting in limited availability for consumers across regions.
| Country | United States |
|---|---|
| CAGR (2017 to 2022) | 3.0% |
| Valuation (2023 to 2033) | USD 286.03 million |
| Country | United Kingdom |
|---|---|
| CAGR (2017 to 2022) | 5.0% |
| Valuation (2023 to 2033) | USD 76.27 million |
| Country | China |
|---|---|
| CAGR (2017 to 2022) | 3.8% |
| Valuation (2023 to 2033) | USD 202.13 million |
| Country | Germany |
|---|---|
| CAGR (2017 to 2022) | 5.9% |
| Valuation (2023 to 2033) | USD 101.70 million |
| Country | Spain |
|---|---|
| CAGR (2017 to 2022) | 4.2% |
| Valuation (2023 to 2033) | USD 43.22 million |
North America is predicted to grow significantly during the forecast period. The cause for this is the increased purchase of plant-based seafood technology in the North American region. Mobile internet use in the region has more than doubled in recent years, leading to a spike in demand for plant-based fish in online marketplaces.
Numerous producers are spending substantially in order to supply products at a low cost to consumers, which is expected to increase demand for plant-based seafood in the region. North America is predicted to have a great CAGR due to the region's fish-based home and commercial products, as well as expanding urbanization.
With back-to-back product introductions by start-ups, Europe controls the plant-based fish market. The presence of several well-known food chains offering plant-based fish items on their menus may promote the growth of the region's plant-based seafood market throughout the projection period.
The United Kingdom, Germany, and France are some leading income generators in the Europe market. The existence of key market players, rising demand, and other factors are important during this time of expansion.
The rise in plant-based fish products is expected to drive significant growth in the plant-based seafood market. Furthermore, increasing environmental concerns are expected to fuel the expansion of the region's plant-based seafood market in the future years.
It is anticipated to maintain its supremacy during the projection period due to the growing demand for fish oils in this region.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
As per the plant-based fish market survey report, the burger patty segment is the most valuable section by product type, and it is likely to maintain its dominance during the projection period.
Burger patties are typically round and flattened servings of fish and other veg/non-veg products. Burger patties are popular for their wide range of applications, ranging from healthy salad to cheeseburger pasta. Burger patties have emerged as a key product in the market for plant-based fish due to their versatility.
The worldwide market for plant-based fish is increasing at a more prominent rate than any other distribution channel type segment due to the abundance of market prospects.
As a result of changing lifestyles, hypermarkets and supermarkets have become popular distribution channels among consumers. Because plant-based fish products are widely distributed and sold in hypermarkets around the world, they are currently dominating all other distribution channels.
As competition heats up, companies in the plant-based fish market are focusing on product launches to gain a competitive advantage. The presence of a plethora of manufacturers in the global plant-based fish market makes the landscape highly competitive. Key manufacturers are actively pursuing a variety of expansion strategies, such as new product launches, acquisitions, partnerships, and other capacity expansion strategies.
The sudden emergence of the COVID-19 pandemic has resulted in a shift in consumer preference away from traditional brick-and-mortar distribution channels and toward online retail platforms for the purchase of plant-based seafood items. Additionally, the desire for plant-based fish suppliers to grow their clientele in the worldwide marketplace has risen due to the broad accessibility of distribution channels, including internet retailing and digital platforms.
Companies that operate in the market for plant-based fish are concentrating on new releases to strengthen their competitive position as the competition heats up. For instance, to draw in new customers, MorningStar Farms has introduced a wide variety of plant-based fish products, including burgers, hot dogs, customized breakfast items, Meal StartersTM, VeggitizersTM, and many others, along with a unique collection of recipes.
Aside from launching a slew of new product lines, these players are aggressively pursuing marketing and sales promotion campaigns, allowing them to reach a broad target audience. As animal sensitization trends dictate consumer food preferences, forays are expected to increase across emerging economies.
Several businesses are anticipated to introduce fish substitutes as customers' preferences for plant-based fish grow. For example, the Swedish business Hooked asserts that it is creating the world's first shredded fish made from plants.
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 804.6 million |
| Market Size Value at End of Forecast (2033) | USD 1,271.2 million |
| Market Analysis | USD million for Value |
| Key Region Covered | North America; Latin America; Europe; The Middle East and Africa; East Asia; South Asia; Oceania |
| Key Segments | By Product Type, By Source, By Distribution Channel, By Region |
| Key Companies Profiled | Gardein by Conagra Brands; MorningStar Farms; Archer Daniels Midland Company; Symrise; Roquette Frères S.A.; Kellogg’s; Tyson Foods, Inc.; Sotexpro SA; Crown Soya Protein Group; Puris Proteins, LLC; Ingredion GmbH; Glanbia plc; Fuji Oil Co., Ltd. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market in 2023 is valued at USD 804.6 million.
By 2033, the market will expand at a 5.8% CAGR.
By 2033, the market will reach USD 1,271.2 million.
From 2018 to 2022, the global market exhibited a 4.9% CAGR.
Kellogg’s, Tyson Foods, Inc., Sotexpro SA are the key market players.
1. Executive Summary | Plant-Based Fish Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Fish Burger Patties 5.2. Fish Fillets 5.3. Fish Crumbles & Grounds 5.4. Fish Chunks & Tips 5.5. Fish Cutlets 5.6. Fish Shreds 5.7. Fish Tenders & Fingers 5.8. Fish Strips 5.9. Fish Meatballs 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 6.1. Soy-based Fish Products 6.2. Wheat-based Fish Products 6.3. Canola-based Fish Products 6.4. Pea-based Fish Products 6.5. Fava Bean-based Fish Products 6.6. Rice-based Fish Products 6.7. Lentil-based Fish Products 6.8. Potato-based Fish Products 6.9. Chia-based Fish Products 6.10. Flax-based Fish Products 6.11. Corn-based Fish Products 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Hypermarkets 7.2. Specialty Stores 7.3. Online Retail 7.4. Food Service Sector 7.5. Convenience Stores 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Beyond Meat 16.2. Impossible Foods 16.3. Ojah 16.4. Memphis Meats 16.5. ChickP 16.6. Vestkron A/S 16.7. Aspire Food Group 16.8. Aleph Farms 16.9. Ingredion Inc. 16.10. Archer Daniels Midland Company 16.11. Gushen Biotechnology Ltd. 16.12. Roquette Freres 16.13. Glanbia Plc. 16.14. CHS Inc. 16.15. AGRANA Beteiligungs AG 16.16. Nestle SA 16.17. Tyson Foods 17. Assumptions & Acronyms Used 18. Research Methodology
Explore Food and Beverage Insights
View Reports
Plant-Based Fish Market
