The report offers actionable and valuable insights on the Plant-based Fish market. The latest report by Fact.MR provides details on the present scenario of the Plant-based Fish market across various regions along with the historic data and forecast of the Plant-based Fish market. The report also includes information on the sales and demand of Plant-based Fish across various industries and regions. Market dynamics including latest trends, challenges, growth opportunities, and drivers for is also provided in the Plant-based Fish market report.
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As environmental concerns associated with meat and seafood consumption heighten, consumers are turning towards more nature-friendly alternatives, prompting a slew of start-up companies to offer a broad range of plant-based product offerings. Sales of plant-based food products have witnessed unprecedented gains in recent years, with the global food & beverage market experiencing extensive marketing and promotion campaigns for the same.
According to the U.S. Department of Agriculture, the average quantity of per capita canned tuna consumption declined by over 41% between 1986 and 2016, from 3.6 pounds to 2.1 pounds. Strong odor, combined with high mercury concentrations, were attributed as some of the primary reasons for this.
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Moreover, as per the 2018 Summer Food & Drink Trends report, one-third of all Americans, and 37% of millennials, planned to purchase more plant-based products by 2019. The sector expanded by nearly a fifth, reaching over US$ 3.7 billion. As such, the scope for plant-based fish products is only expected to widen over the coming years, with the market projected to surge ahead at an astonishing CAGR of 28% through 2031.
Key Takeaways from Market Study
- By product, burger patties to hold dominance, fillets to catch up swiftly
- By source, soy-based proteins to remain dominant, popularity of wheat-proteins to soar
- HoReCa (Food Service Sector) to remain dominant distribution channel, online sales catching up
- Plant-based shrimp to emerge as most consumed type over coming years
- The U.S. to emerge as the dominant market for plant-based fish in North America, amid high presence of major F&B corporations
- Growing animal sensitization trends driving sales across the U.K., which incidentally is likely to become the world’s largest market
“Growing tilt towards healthier food alternatives as well as rapidly depleting global fish stocks are prompting consumers to opt for plant-based alternatives to key seafood varieties, providing traction to the sales of plant-based fish products,” comments a Fact.MR analyst.
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The global plant-based fish market is highly competitive and fragmented in nature, characterized by the presence of a wide range of established and fledgling manufacturers. Primary expansion strategies of key manufacturers involve new product launches, strategic partnerships & acquisitions, as well as aggressive marketing campaigns.
- In August 2022, for instance, food & beverage giant Nestle launched a plant-based alternative to tuna; its first move into the ever-expanding plant-based seafood alternatives market. This alternative can be used in a wide range of dishes, including salads, sandwiches, and pizzas. The product involves a combination of six plant ingredients, including pea protein.
Collaborations with universities to accelerate research are also becoming popular in this market space.
- For instance, in September 2022, Givaudan, one of the world’s leading flavor and fragrance company, unveiled its research in collaboration with the University of California, Berkeley’s Product Development Program, to investigate the possibilities for manufacturers in the plant-based fish products domain.
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The Plant-based Fish Market research answers important questions, including the following:
- Why Plant-based Fish Market players are focusing on the business expansion in region?
- Which regulatory authorities have granted approval to the application of Plant-based Fish Market
- What are the pros and cons of the Plant-based Fish Market the environment?
- Why players are targeting the production of segment?
- What are the strategies implemented by emerging players in the global Plant-based Fish Market?
The Plant-based Fish Market report serves the readers with the following data:
- In-depth analysis of supply-side and demand-side trends.
- Direct and indirect impacts of the growth of relevant markets on the Plant-based Fish
- Importance of segment in various regions.
- Accurate Y-o-Y growth of the global Plant-based Fish
- Consumption trends among individuals across the globe.
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