Plant-Based Fish Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Plant-Based Fish Market is segmented By Product (Burger Patty, Fillets, Crumbles and Grounds), By Source (Soy-based Protein, Wheat-based Protein), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Plant-Based Fish Market Size

Global Plant-Based Fish Market reached US$ 1.5 billion in 2022 and is expected to reach US$ 5.9 billion by 2030 and grow with a CAGR of 18.8% during the forecast period 2023-2030. The emerging trend of veganism and the growing demand for plant-based seafood products, as they are ecologically sustainable, is primarily driving the global plant-based fish market.

Various developments in food technology enable companies to create more natural plant-based seafood products that mimic real fish's texture, taste, and nutritional value. This has positively affected the plant-based fish market size. For instance, in August 2022, unMEAT, a plant-based protein brand, launched new fishy-free tuna in the form of sunflower oil, water, and tuna got & spicy through supermarkets and online retail in the United States.

The primary need for seafood substitutes and fish alternatives drives the plant-based fish market growth. The plant-based fish products are gaining immense traction worldwide due to their health and environmental benefits. The market’s demand will rise due to rising flexitarians and vegan populations and increasing interest in animal welfare. New products are emerging from different brands. For instance, Fishless Fillets by Gardein also contributes to market expansion.

Plant-Based Fish Market Scope

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Plant-Based Fish Market Dynamics

The Increasing Vegan Population is Driving the Growth of the Global Plant-Based Fish Market.

There is an increase in the vegan population worldwide as consumers are growing health concerns about excessive meat consumption. Health-conscious people are shifting to vegan foods to maintain good health, increasing the vegan fish market growth. According to the Vegan Society, if the world went vegan, it could save up to 8 million human lives by 2050, reduce greenhouse gas emissions from agriculture by two-thirds, promote enhanced healthcare savings, and avoid climate damage of US$ 1.5 trillion. 

According to recent studies from Veganz Nutrition Study 2022, 30% of Americans are not only leaving meat off their plates but also seeking plant-based alternatives. Consumers are projected to become selective in food habits to prevent severe health issues. Furthermore, growth in per-capita health expenditure, an increasing number of working women, and rapid urbanisation enable consumers to buy healthy fish-free products such as plant-based fish products.

Health Advantages Associated with Plant-Based Fish are Driving Market Growth.

The ingredient list on much plant-based fish often includes pea protein isolate, seaweed, soy, wheat, and others. They provide our body with good protein, omega 3 fatty acids, good fiber content, and no cholesterol. Some recipes also incorporate algae oil for a dose of omega 3 fatty acids. Well-known plant-based brands like Gardein and Loma Linda, plus faux fish-focused ones including Sophie’s Kitchen and Caviart, have all cast their hooks into plant-based seafood and plant-based fish.

The growing prevalence of cardiovascular diseases worldwide will positively influence plant-based food sales. According to the National Institutes of Health, the plant-based diet provides various health benefits, such as it regulates hypertension and stress levels, lowering the risk of heart attack controlling diabetes, helping in weight loss, and reducing the risk of cancer and many others. All these factors contribute to the rise in the plant-based fish market size.

The High Cost of Plant-Based Fish is Restraining the Plant-Based Fish Market Growth.

Plant-based fish production is a complicated process. The production has to undergo several methods to get a final product that resembles the original foods. In algal-based fish, a few algae are used as sources of pigments in fish feeds which need to be taken good care of. It requires investments in advanced manufacturing equipment for the overall betterment of the procedure of product production. Manufacturers must invest mainly in the process, causing more production costs. 

As production costs increase, the manufacturers also limit the outlet and expand the product's price. Microalgae protein and TVPs s also used, which adds cost. Thus, the premium price of plant-based seafood is raising the cost of plant-based fish, due to which middle-class consumers may need help to buy plant-based fish, which hampers the global plant-based fish market growth. 

Plant-Based Fish Market Segmentation Analysis

The global plant-based fish market is segmented based on product, source, and region.

In the Global Plant-Based Fish Market, the Burger Patty Segment Holds the Largest Market Share. 

The global plant-based fish market has been segmented by type into burger patty, fillets, crumbles, and grounds. The burger patty segment held the largest plant-based fish market share of 38.8% in 2022 in the plant-based fish market analysis report. The demand for burger patty is increasing at a higher rate in developed countries due to the growing number of vegan and health-conscious consumers.

The large market share of the burger patty segment is attributed to factors such as increased awareness of the health benefits of plant-based seafood alternatives and the growing trend of vegan burgers. Burgers are always the best fast food option. The availability of these supermarkets and online stores is attracting more people towards them. 

Global Plant-Based Fish Market Geographical Share

The North America Held the Largest Share of the Plant-Based Fish Market.

The global plant-based fish market is segmented into five parts based on geography: North America, South America, Europe, Asia Pacific, the Middle East, and Africa. The North American plant-based fish market held the largest market share of 38.6% in 2022 in the plant-based fish market analysis. The region's demand for plant-based fish is driven by consumer awareness regarding the consumption of plant-based seafood. 

The increase in consumer demand for seafood alternatives drives the largest share of North America in a plant-based fish market. In addition, the increased demand for online market purchases, well-known food chain offerings, and improved health & environmental concerns drive the market in this region. 

Plant-Based Fish Companies

The major global players in the market include MorningStar Farms, Archer Daniels Midland Company, Symrise, Glanbia plc, Roquette Freres S.A., Kellogg’s, Tyson Foods Inc, Sotexpro SA, Crown Soya Protein Group, and Puris Protein LLC.

COVID-19 Impact on Plant-Based Fish Market

The unprecedented COVID-19 pandemic in 2020 profoundly affected the plant-based fish industry. Covid-19 has considerably impacted the global food supply chain phases involving plant-based fish production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments. 

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food industries as well. The COVID-19 pandemic is upending life, and the food sector is seeing increased trends like plant-based fish. The food businesses are launching innovative programs, including plant-based fish, which are readily available and straightforward to consume. 

Key Developments

• In January 2021, Beyond Meat Inc. announced a three-year strategic global agreement with McDonald's Corporation. As per this agreement, Beyond Meat will be the fast-food chain's preferred supplier of parties in the McPlant plant-based burger being tested in select McDonald's chains globally. The company will also explore co-developing other plant-based menu items, including pork, chicken, and eggs, besides fish.
• In April 2021, Impossible Foods initiated its first national mainstream, mass-market advertising campaign, "We are Meat", to build its awareness of Impossible Burger after experiencing a year of triumphant product launches and sales. Currently, Impossible Burger is available at nearly 20,000 grocery stores across the U.S. This campaign will bolster sales prospects for the company, including for plant-based fish.
• In October 2022, a food processing firm, Archer Daniels Midland Company, joined Marfig Global Foods to establish a joint venture in the US, PlantPlus Foods. With this, the company propelled its market position in North America and completed its product portfolio.

Why Purchase the Report?

• To visualize the global plant-based fish market segmentation based on product, source, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of plant-based fish market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Plant-Based Fish Market report would provide approximately 53 tables, 47 figures and 158 Pages

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies