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Plant-Based Fish 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, 2023 – 2032

  • Report ID: GMI5658
  • Published Date: May 2023
  • Report Format: PDF

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

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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.
 

 Plant Based Food Market,

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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.
 

 Plant-Based Fish Market Revenue Share, By Distribution Channel,

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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 Size,

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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:

  • MorningStar Farms
  • Symrise
  • Kellogg’s
  • Impossible Foods
  • Ojah
  • Aspire Food Groups
  • Aleph Farms
  • CHS Inc
  • Vestkrom
  • Gushen Biotechnology Ltd
  • Archer Daniels Midland Company
  • Glanbia PLC
  • Nestle SA,
  • Beyond Meat Inc.
     

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

  • In October 2022, Archer Daniels Midland Company, a food processing firm, joined hands with Marfig Global Foods to establish a new joint venture, PlantPlus Foods, in the U.S. With this, the company aimed to boost its product offerings and grow in the North American market.
     
  • In June 2022, food processing giant Kellogg’s split its snack, cereals, and plant-based food businesses. The plant-based business was set to be anchored by MorningStar Farms to help the company propel its market position in North America and complete its product portfolio.
     

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

  • Burger Patty
  • Fillets
  • Crumbles & Grounds
  • Others

Market, By Source

  • Soy-based Protein
  • Wheat-based Protein
  • Canola Based
  • Pea Based
  • Rice Based
  • Others

Market, By Distribution Channel

  • Supermarket
  • Convenience Stores
  • Speciality Food Stores
  • Online Retail

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Spain
    • Poland
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Thailand
    • Indonesia
  • Latin America
    • Brazil
    • Argentina
  • Middle East & Africa
    • GCC
    • South Africa

 

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of plant-based fish was surpassed USD 800 million in 2022 and will grow at a 5.5% CAGR from 2023 to 2032, propelled by favorable regulations and guidelines for the use of plant-based protein.
The soy-based protein segment will witness over 5% CAGR during 2023 to 2032, as they help reduce cholesterol, have low saturated fat, and includes all eight essential amino acids.
The plant-based fish industry size from the convenience stores segment reached USD 312 million in 2022, owing to their accessibility, compactness, efficiency, and simplicity.
The Europe market was worth USD 176 million in 2022, as a result of shifting preference toward a vegan diet and growing concerns regarding animal cruelty in the region.

Plant-Based Fish Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 258
  • Countries covered: 21
  • Pages: 300
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