Global Plant-based Seafood Market By Product Form (Fish, Shrimp, Crab, Scallops), By Source (Soy, Wheat, Pea, Konjac, Seaweed, Lentils, Legumes), By Distribution Channel ( Supermarkets/Hypermarkets, Convenience Stores, HoReCa, and Online Retail), By End-User (Residential and Commercial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global Plant-Based Seafood Market was valued at USD 58.3 million and is expected to reach USD 758.4 Million in 2032. Between 2023 and 2032, this market is estimated to register 30.1%.

Plant-based seafood is a type of food that replicates traditional seafood’s taste, texture, and appearance but is entirely made from plant-based ingredients. These products are made using different plant-based protein sources such as peas, algae, soy, wheat gluten, seaweed, legumes, grains, etc.

These products impersonate the flavors of real seafood, including fish, sea shells, shrimp, crab, lobster, and scallops. The products come in different forms, such as fish fillets, fish sticks, crab cakes, and more.

Additionally, these plant-based alternatives are enriched with some essential vitamins and minerals to make sure that they offer a nutritionally balanced option comparable to animal-based seafood.

Actual Numbers Might Vary in the Final Report

Key Takeaways

• Market Growth: The global plant-based proteins market is on a significant growth trajectory. In 2022, it was valued at USD 12.1 billion, and it is projected to reach USD 24.1 billion by 2032, demonstrating a robust Compound Annual Growth Rate (CAGR) of 7.3%.
• Health-Conscious Shift: A growing health consciousness and awareness of nutritional value are driving the adoption of plant-based proteins. People are increasingly choosing plant-based options due to their perceived health benefits.
• Heart Health: Studies suggest that individuals consuming plant-based foods are less likely to develop heart-related diseases. This health benefit is a major factor behind the shift towards plant-based proteins.
• Obesity Management: Plant-based proteins are gaining popularity for their potential role in obesity management. With obesity being a global health concern, the market is benefiting from this trend.
• NGO Promotion: Non-governmental organizations (NGOs) advocating for animal welfare and animal rights are promoting plant-based proteins as a more ethical and sustainable choice, further fueling market growth.
• Allergies as a Restraining Factor: While plant-based proteins offer many benefits, some individuals may develop allergies to certain sources, such as soybeans. This factor is limiting the market’s growth.
• Soybean Dominance: Soybean is the leading source for plant-based proteins, owing to its amino acid richness and heart-healthy properties. It is widely used in the production of plant-based protein products.
• Isolates Lead: Among the types of plant-based proteins, isolates are the most popular. They are used in functional and nutritional foods and are especially favored for infant nutrition.
• Conventional vs. Organic: Conventional plant-based proteins are more widely available and cost-effective, while the trend toward organic foods is expected to drive the growth of organic plant-based proteins.
• Key Applications: Plant-based proteins find applications in various sectors, with nutrition and health supplements leading the market. The demand for these proteins in animal feed is also on the rise.
• Emerging Opportunity: Aquatic plant-based proteins are gaining attention as an emerging opportunity in the market. These proteins are rich in nutrients and have the potential to further drive market growth.
• Regional Leadership: North America is a dominant market for plant-based proteins, with 36.4% of global market revenue. The Asia-Pacific region is expected to exhibit the fastest growth rate, driven by a large population and increasing demand for plant proteins.
• Key Players: Major companies in the plant-based proteins market include Cargill Incorporated, Glanbia, Archer Daniels Midland Company, Kerry Group plc, Axiom Foods Inc, and others. These companies are expanding through collaboration, acquisitions, and partnerships.

Market Scope

Product Form Analysis

The Fish Segment Held the Largest Market Share in 2022 Due to its Wide Consumption, Demand for Sustainable Alternatives, and Appealing Taste and Texture Mimicking Real Fish.

Based on product form, the plant-based seafood market is segmented into Fish, Shrimp, Crab, Scallops, and Other Product Forms. Among these product forms, the fish segment was the most lucrative in the global plant-based seafood market, with a market share of 65.3% in 2022. This is because fish is one of the most widely consumed seafood globally, and there is significant demand for sustainable and ethical alternatives.

Plant-based fish products offer consumers a guilt-free option that mimics the taste and texture of real fish, making them appealing to those who prefer vegan options and environmentally friendly choices. Plant-based seafood comes in different forms, such as fish fillets, fish sticks, fish burger patties, etc.

Shrimp is the fastest-growing segment due to the raised alarm bells regarding the ecological impact of deforestation associated with traditional shrimp farming, habitat destruction, and excessive water usage. Plant-based shrimp products offer more sustainable options, reducing the strain on ecosystems and promoting a reduced carbon footprint, resonating strongly with eco-conscious consumers.

Source Analysis

The Soy Segment Held the Largest Market Share in 2022 Due to its Robust Nutritional Profile, Alignment with Balanced Diets, and Familiarity with its Use in Various Plant-based Products.

Based on source, the plant-based seafood market is segmented into Soy, Wheat, Pea, Konjac, Seaweed, Lentils, Legumes, and Other Sources. Among these sources, soy was the most lucrative in the global plant-based seafood market, with a market share of 37.2% in 2022. This can be attributed to the fact that soy has a robust nutritional profile, encompassing protein content and essential amino acids, aligning with consumers’ pursuit of balanced diets and healthier lifestyles.

Additionally, soy’s familiarity in the plant-based food landscape, owing to its widespread use in products such as tofu and tempeh, has granted it a sense of trust and reliability among consumers. Moreover, soy’s low saturated fat content, absence of cholesterol, and rich fiber contribute to digestive health and aid in controlling blood sugar levels. Followed by soy, the pea segment accounted for the largest market share in 2022.

The dominance can be attributed to the factor that pea offers a wealth of health benefits, like high protein, dietary fiber, vitamins A, C, and K, as well as minerals like iron, potassium, and magnesium. These nutrients collectively contribute to bolstering immune function, supporting bone health, and aiding cardiovascular well-being.

Distribution Channel Analysis

The Online Retail Segment is Dominant in the Plant-based Seafood Market Due to its Convenience, Accessibility, and Ability to Provide Detailed Product Information.

Based on distribution channels, the plant-based seafood market is segmented into supermarkets/hypermarkets, convenience stores, HoReCa, and online retail. Among these distribution channels, online retail is expected to be the most lucrative in the global plant-based seafood market. It is expected to dominate the market with a CAGR of 45.2%.

The convenience offered by online retail provides consumers with a better option, enabling them to explore and purchase plant-based seafood products from the comfort of their homes, regardless of geographical constraints. Moreover, the diverse range of plant-based seafood products can be efficiently showcased and categorized on online platforms, enabling consumers to make informed choices based on their dietary preferences and needs.

The ability to provide detailed product descriptions, ingredient lists, and nutritional information further fosters consumer trust and encourages exploration.

The supermarkets/hypermarkets segment accounted for the largest market share in 2022, followed by online retail. Supermarkets/Hypermarkets offer a tangible shopping experience, allowing consumers to physically browse and select plant-based seafood alternatives, fostering a sense of control and immediacy in purchasing decisions. The convenience of one-stop shopping plays a pivotal role in segment dominance.

End-User Analysis

The Residential Segment is Dominant in the Plant-based Seafood Market Due to the Influential Role of Environmentally-Consciousa Residential Consumers Seeking Sustainable Diets.

Based on end-user, the plant-based seafood market is segmented into residential and commercial. Among them, the residential segment stands out as a dominant segment. The surge in consumer awareness surrounding the environmental impact of animal agriculture has spurred interest in plant-based alternatives, making residential consumers pivotal advocates for change.

The growing interest in sustainable diets propels segment dominance, the flexibility and convenience of preparing meals at home, and the intrinsic desire to make positive dietary choices that align with personal values and global sustainability goals.

The commercial segment is the fastest growing segment due to the surge in demand for plant-based seafood alternatives in commercial settings, where businesses in the hospitality, food service, and catering industries increasingly recognize the value of offering diverse and ethical menu options.

Key Market Segments

Based on the Product Form

• Fish
• Shrimps
• Crabs
• Scallops
• Other Product Forms

Based on Source

• Soy
• Wheat
• Pea
• Konjac
• Seaweed
• Lentils
• Legumes
• Other Sources

Based on the Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• HoReCa
• Online Retail

Based on End-User

• Residential
• Commercial

Drivers

Ethical and Environmental Concerns Reshape Consumption

The global plant-based seafood market is significantly propelled by a growing shift in consumer values toward ethical and environmental considerations. Concerns about overfishing, bycatch, and the broader impact of traditional seafood production on marine ecosystems have prompted consumers to seek more sustainable alternatives.

Plant-based seafood offers a guilt-free choice that addresses these ethical concerns while providing a comparable culinary experience. Moreover, plant-based seafood offers a compelling option due to its lower saturated fats and cholesterol levels.

Restraints

Price Disparity with Conventional Seafood

A significant restraint in the global plant-based seafood market is the potential price disparity between plant-based seafood alternatives and conventional seafood. While plant-based options offer numerous benefits, including sustainability and ethical considerations, they can sometimes be priced higher due to the cost of specialized ingredients and production processes.

This pricing difference could deter price-sensitive consumers, particularly in regions with more affordable traditional seafood. Manufacturers and the industry as a whole must strive to achieve economies of scale, optimize production processes, and develop cost-effective sourcing strategies to narrow the price gap and make plant-based seafood a more accessible and attractive choice for a wider range of consumers.

Opportunity

Innovating Convenience and Ready-to-Eat Solutions

Innovative, convenient, and ready-to-eat plant-based seafood solutions are an emerging opportunity in the global plant-based seafood market. As busy lifestyles become the norm, consumers seek convenient meal options that do not compromise health or sustainability. Developing a range of plant-based seafood products that are pre-cooked, pre-seasoned, and easily reheated or assembled can cater to this demand for hassle-free dining.

By dining with plant-based seafood alternatives that save preparation time without sacrificing taste or quality, manufacturers can attract a broader audience, including working professionals, families, and those with limited culinary skills. This innovative approach aligns with evolving consumer behaviors and preferences, positioning plant-based seafood as a convenient, ethical, and wholesome choice for modern lifestyles.

Trends

Fusion of Global Cuisines and Cross-Cultural Flavors

A prominent trend in the global plant-based seafood market is the fusion of global cuisines and the exploration of cross-cultural flavors. As plant-based seafood gains traction, chefs, manufacturers, and home cooks are integrating a wide array of culinary influences, techniques, and ingredients into their products and dishes. This trend enables the creation of innovative plant-based seafood alternatives that celebrate diverse culinary traditions worldwide.

From Asian-inspired plant-based sushi to Mediterranean-style seafood stews, the intersection of flavors and techniques offers consumers a rich and enticing variety of choices. This culinary fusion appeals to adventurous eaters seeking novel experiences and drives the market’s growth by expanding its appeal to culturally diverse and intentionally curious consumers, making plant-based seafood a truly global culinary phenomenon.

Regional Analysis

Europe is the Dominant Region in the Global Plant-based Seafood Market in 2022.

In 2022, Europe held the leading position in the global market with a significant market share of 38.5%. The region’s remarkable market share can be largely attributed to a long-standing tradition of embracing diverse and sustainable dietary choices, fostering a receptive environment for plant-based alternatives.

Stringent regulations and policies promoting sustainability and animal welfare align with consumer values, encouraging the adoption of plant-based seafood options. Europe’s rich culinary heritage and diverse gastronomic scene offer opportunities for seamlessly integrating plant-based seafood into traditional dishes, making them more acceptable to a wider audience.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Key players in the market include Garden Protein International, Inc., Good Catch, New Wave Foods, Sophie’s Kitchen, Ocean Hugger Foods, etc. These companies are at the forefront of developing cutting-edge technologies to create plant-based seafood products that closely mimic the taste a traditional seafood.

By utilizing sustainable ingredients and production methods, they align with the growing demand for ethical and environmentally friendly alternatives. Additionally, partnerships and collaborations within the food industry amplify their reach and product distribution.

Market Key Players

• Garden Protein International, Inc.
• Good Catch
• New Wave Foods
• Sophie’s Kitchen
• Ocean Hugger Foods
• Ocean’s Halo
• SoFine Foods BV
• Quorn Foods
• PURIS Foods
• Plant Based Seafood Co.
• Good2Go Veggie
• Loma Linda
• OmniFoods
• Hungry Planet Inc.
• Other Key Players

Recent Developments

April 2023 – The ISH Company Launched Salmonish Burgers, New Plant-Based Seafood Alternative.

May 2023 – Mind Blown by The Plant-Based Seafood Co. (“Mind Blown”), the leading brand in plant-based seafood announced the launch of their new shelf-stable seafood product, Mind Blown Shelf-Stable Sea Scallops.

June 2023 – Philippines, has expanded into the plant-based seafood category with new frozen microalgae-based products enriched with Omega-3.

Report Scope