Plant-based Shrimp Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Plant-based Shrimp Market is segmented By Source (Seaweed, Legume Protein, Plant based Omega3, Soy protein, Pea Protein, Others), By Storage (Frozen, Refrigerated, Shelf Stable), By Distribution Channel (Online, Offline), and By Region (North America, Europe, South America, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Market Size

Global Plant-based Shrimp Market reached USD 1.2 billion in 2022 and is expected to reach USD 2.2 billion by 2031 growing with a CAGR of 8.1% during the forecast period 2024-2031. Increase in the vegan population globally helps to boost demand of the plant based shrimp market. Meatless shrimp or plant-based shrimp are usually a combination of plant proteins such as soy, wheat, and pea proteins, as well as other ingredients that help achieve the desired texture and flavor.

Seafood Analogues, including vegetarian shrimp, play an important role in promoting sustainable seafood practices and the lowers environmental impact on traditional seafood production.

Sustainable seafood refers to seafood that is sourced and produced in a way that minimizes negative impacts on the environment and supports the long-term health of ecosystems. Textured Vegetable Protein with vegetarian shrimp provides a delicious, sustainable seafood alternative to traditional seafood. Konjac powder is use in the plant based shrimp which help to enhance texture of the plant based shrimp dishes.

Market Scope

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Market Dynamics

Increase in Health Consciousness Among Consumers to Encourage the Demand for Vegan Food.

With the growing consumer awareness of the health advantages of veganism, the market for plant-based meat has increased across the world during the past several years. There is an increasing desire for vegetarian foods that are low in processed saturated fats, and high in fiber, vitamin C and iron. Additionally, it is anticipated that the plant-based meat market might expand as a result of manufacturers' nonstop efforts to produce a product with a longer shelf life, better texture and aroma, and improved nutritional profiles.

The popularity of many plant-based meat alternatives is increasing, which broadens and diversifies the plant-based meat market. In addition to plant-based beef, there is a growing demand for plant-based hog, poultry, and shrimp. Over the plant-based shrimp forecast years of 2023–2030, the exponential expansion of frozen plant-based shrimp is likely to continue. It indicates a change in the plant-based industry's merchandising tactics as well as product innovation.

Rise in the Popularity of Veganism Drives the Market Growth of Plant based Shrimp Market

Veganism is the process of avoiding the use of animal products in the diet. Vegan people eat food which is made from plants. Veganism has some health benefits like it helps to minimize the side effects linked to the antibiotics and hormones used in modern animal agriculture and also helps to lose unwanted weight. According to the research pubslished by Medicine, a vegan diet is expected to reduce the risk of prostate cancer by 35%. 

According to the vegan statistics, in September 2021, there were around estimated 79 million vegans globally which is around 1% of the Global population. In the United States 2% of the people are vegan. There are over 53,000 products registered with The Vegan Society. Lonon alone has over 200 vegan restaurants. In 2020, vegan food sales grew twice as fast as general food sales. 

High Cost of the Plant based Shrimp Hampers Market Growth

Producing plant-based shrimp that equals the taste, texture and appearance of real shrimp requires significant investment in research and development. This includes finding the right combination of plant-based ingredients and to achieve the desired result. Costs associated with R&D efforts may increase the price of plant-based shrimp.

Seafood with vegetarian options, including shrimp, is still very unusual compared to traditional seafood. Plant-derived shrimp are generally in limited quantities, resulting in high production costs. As the market matures and production increases, economies of scale can help to reduce costs in the future. Plant based shrimp require special ingredients, so that it is more expensive than traditional shrimp. 

Market Segmentation Analysis

The global plant-based shrimp market is segmented based on source, storage, distribution channel and region.

Increase in the Consumers Demand for the Frozen Plant based Shrimp

The global plant-based shrimp market by type has been segmented by frozen, refrigerated, and shelf stable plant-based shrimp. 

Frozen plant-based shrimp is a vegan alternative to traditional shrimp. They are made with plant-based ingredients and offer a seafood-like experience in taste, and texture. Vegetarian frozen shrimp are usually found in the frozen foods section of grocery stores and can be used in common dishes and recipes that contain shrimp, e.g stir fries, pasta dishes, salads, etc. The availability of frozen plant- based shrimp allows customers to conveniently add it to their meals and enjoy a cruelty-free alternative to sustainable construction in place of traditional shrimp.

Vegetarian frozen shrimp provide a convenient and easy alternative to adding vegetarian seafood to a meal. It eliminates the need for fresh ingredients and extends their shelf life, allowing consumers to keep them on hand and use them whenever they want. Frozen plant-based shrimp can be stored for long periods of time without losing quality and flavor. It retains its texture and flavor when properly refrigerated, ensuring that it is always available for use when needed.

Market Geographical Share

Increasing Consumers Demand for Different Flavors of the Plant-based Shrimp in North America

The plant-based shrimp market is emerging in North America and has been gaining momentum in recent years. Consumers are increasingly looking for plant-based alternatives to seafood that helps to boost demand for the plant-based shrimp. While the market is currently small compared to other plant-based protein components, more companies are entering the space. Increase in the consumer awareness and acceptance of plant-based shrimp is expected to increase the demand of North America shrimp market.

Furthermore, increase in the investments by major key players in the North Ameriaca helps to boost regional growth over the forecast period. For instance, in September 2021, Tyson Foods, a processing company invest in the New Wave Foods for the production of plant-based shrimp. The companies plant based shrimp is made from the soy protein seaweed, and natural flavors. Major key players in the region launched new products in the market that also helps to boost regional growth of the market.

Market Companies

The major global players include New Wave Foods, Beyond Meat, Gathered Foods Corp, Maple Leaf Foods, Finless Foods, Ocean Hunger Foods, The Vegetarian Butche, Kraft Heinz, Moving Mountains Foods, and Monde Nissin.

COVID-19 Impact on Plant-based Shrimp Market

COVID-19 Impact 

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 purchasing plant-based shrimp food items. Additionally, the desire for plant-based fish food suppliers to grow their clientele worldwide has risen due to the broad accessibility of distribution channels, including internet retailing and digital platforms. 

Consumers stocked up on foods that would keep for months in preparation for lengthy quarantines, as evidenced by shopping patterns throughout the pandemic. Four out of ten respondents said they were buying more shelf-stable pantry foods and more groceries every time they went shopping, according to the COVID-19 survey by the International Food Information Council (IFIC) Foundation. The survey asked respondents how their food shopping habits had changed between early March and early April. 42 percent of respondents said they had increased their regular monthly consumption of packaged goods. That helps to boost sales of packages shrimp products.

By Source

• Seaweed
• Legume Protein
• Plant-based Omega3
• Soy protein
• Pea Protein
• Others 

By Storage 

• Frozen 
• Refrigerated 
• Shelf Stable 

By Distribution Channel

• Food Service 
• Retail 

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On July 16, 2023, Thai Union, a Thailand based food producer company launched plant-based shrimp dumplings in the market. The company also plans to launch branded plant-based offerings in Europe.
• On March 30, 2023, New Wave Foods signed a strategic distribution agreement to launch plant based shrimp with Dot Foods, redistributer of the foodservice industry in the U.S. The new launched plant based shrimp food is made from the seaweed and plant proteins.
• On October 07, 2021, Nestle, multinational food and beverage company launched Plant-based shrimp and eggs in the market. It is made from the omega-3 fatty acids and soy protein. Plant based shrimp is known as Vrimp.

Why Purchase the Report?

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

The global  plant-based shrimp market report would provide approximately 61 tables, 59  figures and 122 Pages.

Target Audience 2024

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

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