The plant-based shrimp market is estimated to secure a valuation of US$ 1.2 Billion in 2023 and is estimated to rise to US$ 2.7 Billion by 2033. The market is anticipated at a CAGR of 8.5% during the forecast period. the factor accelerating the demand for plant-based shrimp are as follows-
Plant-based shrimp is a vegan substitute with a similar texture, appearance, and flavor. One of the factors driving the market expansion is the rising consumer base preferring plant-based food options. The popularity of vegan eating habits on a global scale is encouraging the plant-based shrimp market.
Regionally North America accounts for the largest share of the plant-based shrimp market owing to the growing concern regarding animal cruelty among consumers encouraging the leading player to heavily invest in the plant-based shrimp market. Increased environmental concerns are anticipated to propel the growth plant-based shrimp market in Europe. The United Kingdom is expected to emerge as the largest market due to the shifting consumer base towards the vegan diet.
Asia Pacific is expected to be the lucrative market for plant baes shrimp mainly due to the increasing awareness regarding health and eating habits. The trend has been further propelled by rising disposable income and improved quality of products available in the market.
The global plant-based shrimp market is interspersed with the presence of a plethora of manufacturers rendering the landscape highly competitive in nature. The manufacturer operating in the market leveraging a host of expansion strategies including new product launches, acquisitions, partnerships, and other expansion capacity measures.
Some of the market players operating plant-based shrimp include Beyond Meat, Gathered Foods Corp, Mapple Leaf Foods Inc, Finless Foods, Ocean Hunger Foods, The vegetarian Butche, The Kraft Heinz Co., Moving Mountains Foods, Monde Nissin Corp. Tyson Foods Inc., Impossible Food Inc., Van Cleave Seafood, Good Catch, The Tofurky Co.Inc., among others.
For instance, in October 2022- Beyond meats Inc, announced the launch of beyond steak TM., an innovation designed to deliver a juicy, tender, and delicious bite of seared steak tips with added nutrition and environmental benefits of plant-based meat.
The future of the plant-based shrimp market looks promising as the market is expected to continue growing in the future. The factors providing opportunities for the market growth include increasing e-commerce sales, a rise in the global population and a rise in the vegan population, and increased awareness regarding animal welfare and animal cruelty in farms. As the demand for plant-based shrimp increases so does the competition. Some of the new players entering the market with a wide range of products with innovative food products.
For instance, founded in 2015 New Wave foods- is the developer of plant-based seafood and algae. Its foods are sustainable and plant-based shrimp alternatives made from sustainably sourced seaweed, soy protein, and natural flavors which contain an amino acid that is found in meals.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | US$ 1.2 Billion |
| Projected Market Value in 2033 | US$ 2.7 Billion |
| Growth Rate (2023 to 2033) | CAGR of 8.5% |
Plant-based shrimp are made with sustainably sourced seaweed, plant protein, and natural flavors. Plant-based shrimp is remarkably versatile as it is 100% plant-based, contains zero cholesterol, sustainable, no shellfish allergens, low calories, environmentally friendly, and vegetarian. The plant-based shrimp is on an upward trend as food products that do not contain ingredients derived from genetically modified sources has become fashionable.
Increasing health-related concerns regarding animal products or byproducts are a major driver for manufacturers of plant shrimp market. Moreover, eating seafood is accompanied by worrisome health risks, as seafood can accumulate high levels of mercury and carcinogens.
The regions like Asia-Pacific and the Middle East are anticipated to have a lucrative demand for the plant-based shrimp owing to the increasing per capita disposable income of the consumers and increasing trend for sustainability and environmentally friendly products.
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Increased focus on detrimental health impacts and raising awareness of ethical issues linked to seafood consumption is the biggest reason driving the rise of plant-based diets in the Asia Pacific region. According to the report, 14% of Australians are making concerted efforts to avoid red meat, whereas 34% to 39% of urban Thais and Indonesians have reduced consumption of animal-based proteins over the past two years.
Globally, due to changing lifestyle patterns and hectic schedules people are in the habit of substituting fibrous and healthy diets with convenient food options. This is a major reason for increasing health problems such as diabetes, obesity, and high blood pressure. Consumers are increasingly becoming aware of healthier food options, and are more inclined towards the ingredients in food.
Key participants (or players) in the global plant based shrimp market are
Tyson had invested in New Wave Foods, a San Francisco-based start-up who launched plant-based shrimp known as New Wave Shrimp which is a sustainable plant based shrimp alternative made from seaweed and other natural ingredients.
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Considering the importance of environmental emphasis in food production and the added health perceptions when pitching to consumers, the potential of plant-based seafood alternatives is clear. The manufacturers most of the effort in the plant-based shrimp market is focused on products that are emulating a seafood product.
But as the market matures, there will be growth beyond this and an opportunity to develop new formats, inspired by the appearance, taste, and texture of plants. As plant-based options continue to flourish, demand for plant protein will continue to grow.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
By doing so, the research report serves as a repository of analysis and information for every facet of the plant-based shrimp market, including but not limited to: regional markets, source, product type, segment, end-use and distribution channel.
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The plant-based shrimp market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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Plant-Based Shrimp Market
