The rising demand for vegetarian or flexitarian diet coupled with the increasing concerns regarding the environment is driving the plant-based fish market.
According to Future Market Insights (FMI), the global plant-based fish market is anticipated to rise at 28.0% CAGR during the forecast period from the year 2020 to 2030.
As the manufacturing industry has become more advanced providing larger shelf-lives to plant-based fish products suitable for prolonged consumption, the global plant-based fish market growth is accelerating steadily.
Due to the increase in vegan population across the world, the demand for plant-based protein sources is skyrocketing. Besides this, the well-developed healthcare and fitness centers are catering to the further market expansion during the current years.
Rising prevalence of food sensitivities such as sea-food allergies, lactose intolerance, and others are making more people inclined to the plant-based fish products to meet their requirements.
Though COVID-19 outbreak has restricted overall growth of the market to an extent, it is likely to recover especially with people moving away from meat consumption to healthier plant based alternatives, including plant-based fish.
FMI offers an exhaustive overview of the global market. It covers various growth drivers and restraints.
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Some of the key takeaways from the report are highlighted below-
- The ‘new normal’ of going vegan is aiding in the rapid expansion of plant-based fish market growth rapidly
- Europe currently dominates the plant based fish market. In the coming years East Asia too will emerge as an attractive market
- Burger patty is most popular among product segments. With leading food chains launching plant based fish burgers in their menu, growth witnessed in the segment is likely to accelerate
- Demand for soy based fish products will surge considerably in coming years especially with consumers seeking out alternative for meat protein
- Sales through hypermarkets will remain high, although online channels too will witness a proliferation of brands selling plant based fish products
“Rapidly increasing demand for sea-food alternatives are propelling the global plant-based fish market growth substantially. Furthermore, increased environmental concerns and significant rise in vegan population is boosting the market demand worldwide,” says an FMI analyst.
COVID-19 Impact Analysis
Due to the recent COVID-19 pandemic, the global plant-based fish market has faced several hurdles such as closing down of manufacturing units during the lock down period, decreased manpower, scarcity of raw materials and ingredients, affected logistics sectors, and others.
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As a result the global plant-based fish market has been impacted heavily. End users such as vegan restaurants, food supply chain, and others have been non-operational for quite a long time in this year, as a result of which the market growth has slowed down.
In the upside, the novel coronavirus outbreak has made people more conscious about their health resulting increased inclination towards healthy food supplements including proteins which has worked in the favor of plant-based fish market.
According to FMI, the global plant-based fish market is expected to gain back its position by the first quarter of 2021, paving new paths to the key market players.
Who is Winning
As the global plant-based fish market growth is accelerating rapidly, the key market players such as Gardein by Conagra Brands, MorningStar Farms, Symrise, Beneo GmbH, Crown Soya Protein Group, and others are approaching strategic ways along with heavy investment to leverage the market potential.
For instance, Crown Soya Protein Group has launched their textured soya protein soytex which can be used in diverse range of applications such as minced fish fillings, burgers, fishballs, patties, sausages, and others.
Symrise has brought their sustainable and authentic range of plant-based proteins such as taste solutions for typically meaty to aromatic veggie taste solutions, customized plant-based fish solutions for flexitarians, and others to target broad range of end users.
Gardein by Conagra brands has come up with their extensive range of plant-based fish products such as soups, noodles, and others which are produced from 100% vegan ingredients. As the global plant-based fish market is forecast to grow further, the key market players are expected to witness tough competition during the forecast period.
More Valuable Insights on Plant-Based Fish Market
In the latest report by Future Market Insights, we offer a detailed unbiased analysis of the global Plant-based fish market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of Product Type (Burger Patty, Fillets, Crumbles & Grounds, Chunks & Tips, Shreds, Cutlet, Strips, Tenders, & Fingers, and Meatballs (Meatless)), Source(Soy-based Protein, Wheat-based Protein, Pea-based Protein, Canola-based Protein, Fava Bean-based Protein, Potato-based Protein, Rice-based Protein, Lentil-based Protein, Flax-based Protein, Chia-based Protein, and Corn-based Protein), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Food Stores, Online Retail, and HoReCa (Food Service Sector)), By Fish Type (Tuna, Crab, Shrimp, Others), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).