Plant-Based Fish Market Size & Share 2023-2032
Market Size by Product (Burger Patty, Fillets, Crumbles & Grounds), by Source (Soy-based Protein, Wheat-based Protein, Canola-based Protein, Pea-based Protein, Rice-based Protein), Distribution Channel & Global Forecast.
Report ID: GMI5658
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Published Date: May 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Plant-Based Fish Market Size
Plant-Based Fish Market size was valued at over USD 800 million in 2022 and is projected to progress at a 5.5% CAGR from 2023 to 2032.
Plant-Based Fish Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The growing use of plants based ingredients for various beverages is fueling the market growth. Moreover, favorable regulations and guidelines for the use of plant-based protein are boosting product adoption. For instance, the Food Safety and Standards Authority of India (FSSAI) issued vegan food regulations under sub-section (1) of Section 92 of the Food Safety and Standards Act, 2006, setting out the requirements that plant-based products must cater to and how they can be labeled.
High prices of products will negatively impact the plant-based fish market outlook. As a result of the lack of infrastructure, high manufacturing costs and increased subsidies on animal products have increased the overall product prices, which are likely to restrain product adoption. Nonetheless, supportive efforts by celebrities in plant-based start-ups will be beneficial for the industry landscape.
COVID-19 Impact
The COVID-19 pandemic had a positive impact on the plant-based fish market revenue due to increased interest in plant-based foods in line with growing health consciousness and awareness regarding meat consumption in the environment. However, the rising demand for sustainable and healthy alternatives to traditional fish and seafood products and escalating water pollution concerns are expected to augment industry demand.
Plant-Based Fish Market Trends
Developments in food technology are enabling companies to create more realistic plant-based seafood products that mimic the texture, taste, and nutritional value of real fish. This has positively affected the market size. For instance, in August 2022, unMEAT, a plant-based protein brand, launched new fish-free tuna in the form of sunflower oil, water, and tuna hot & spicy through select supermarkets and online retail in the United States.
Plant-Based Fish Market Analysis
The soy-based fish market will grow at a 5% CAGR between 2023 and 2032, as it helps reduce cholesterol, has low saturated fat, and contains all eight essential amino acids including threonine, isoleucine, valine, phenylalanine, methionine, lysine, leucine, and tryptophan. It can be a significant source of iron, calcium, fiber, zinc, and vitamin B, which is driving the market value.
The plant-based fish market size from convenience stores segment was reached USD 312 million in 2022, propelled by their accessibility, compactness, efficiency, and simplicity. The rising popularity of C-stores due to easy selection and benefits for local businesses is supporting segment growth. In a recent instance, Hangry Planet, a California-based plant-based mart opened a 100% plant-based convenience store in North America.
Europe plant-based fish market accounted for USD 176 million revenue in 2022, attributed to shifting preference toward a vegan diet and growing concerns regarding animal cruelty. Moreover, a strong presence of companies in developed cities is foreseen to benefit the market scenario.
Plant-Based Fish Market Share
Some of the key players profiled in the plant-based fish market include:
These firms focus on improving their product portfolios and expanding their customer reach to stay ahead in the competitive landscape.
Plant-Based Fish Industry News
This plant-based fish market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Product
Market, By Source
Market, By Distribution Channel
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →