Market Overview
Plant-based fish are safe and mercury-free alternatives with a source of necessary nutrition. Start-ups and large corporations are diverting their focus toward plant-based fish. This fish is 100% vegan, allergen free, sale for the lactose tolerant and has no side effects. Various international organizations are working to spread awareness about the benefits associated with plant-based fish. It is considered ideal to fulfill the protein requirement in vegetarian diets. Moreover, with an increasing number of consumers worldwide adopting a vegan lifestyle and growing environmental consciousness, combined with healthy eating trends, the global plant-based fish market is expected to grow rapidly.
The global plant-based fish market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 6.12% during the forecast period (2022-2029).
Market Dynamics: Growing plant-based fish market with a great focus on veganism
As health concerns about excessive meat consumption increase, consumers depend on multiple meat alternatives. This charge is primarily helping plant-based fish product sales. According to Waitrose & Partners, since FY 2019-20, over a third of the global population has been cut down on meat consumption, with 3% of the U.K. population identified as vegan (2 million people). Furthermore, 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. Attributed to these troubling statistics, consumers are voluntarily transitioning towards a completely vegetarian diet, acting as a catalyst for plant-based fish consumption increase. Further, over the past several years, there has been a 114% increase in mentions of vegan food and cooking worldwide. 60% of vegans and 40% of vegetarians have adopted this lifestyle for the past seven years. The future of plant-based foods is expected to remain extremely bright, positively impacting plant-based fish demand.
However, in key nations complying with stringent regulations and varying standards worldwide, growing competition and inflation are estimated to remain above the upper band during the short term. Its fluctuating raw material prices are some plant-based fish market restraints over the forecast period.
Market Segmentation: Growing plant-based fish market due to the increasing demand in the burger patty segment
Burger patties are typically round and flattened servings of fish and other veg/non-veg products. Burger patties are popular for their wide range of applications, from healthy salad to cheeseburger pasta. Burger patties have emerged as a key product in the market for plant-based fish due to their versatility. Plant-based fish burger patties are expected to enjoy an astronomically high growth trajectory amid increasing preference for vegan burgers amongst the global population. Furthermore, increasing consumption of burgers as a preferred fast food option is also providing major tailwinds to plant-based fish burger patty sales.
Further, fillets are gaining popularity, likely to account for a third of the global revenue share. Prominent food manufacturer Gardein offers a range of vegan fish fillets comprising 9 grams of protein, including Omega 3s, with no added cholesterol, offering an extremely healthy alternative to conventional fish fillets. For instance, on 22 July 2022, Tata Consumer Products entered the plant-based meat segment, and four delicious plant-based meat variants were launched - Nuggets, Burger Patty, Awadhi Seekh Kebab, and Spicy Fingers. Tata Consumer Products (TCP), the consumer products company uniting the principal food and beverage interests of the Tata Group under one umbrella, announced its entry into the plant-based meat products category under a new brand, ’Tata Simply Better.’ It aligns with the company’s focus on accelerating innovation and expanding its total addressable market. With this new brand, the company is extending its product portfolio into a new category, targeting consumers looking to incorporate more plant-based ingredients for health, environmental or other considerations without compromising on taste.
Geographical Penetration: North America the dominating region during the forecast period
Due to the penetration of the production and distribution sectors, North America has the highest potential for expansion. It is, therefore, the most lucrative region for the global plant-based fish market. In the upcoming years, the market for fish products made from plants is anticipated to expand dramatically in the US. As more people become conscious of the environmental situation in numerous countries, like the United States, Canada, and Mexico, where vegan food is becoming more and more popular, they are selecting vegan meals without compromising nutritional value. For instance, on February 2, 2022, Actual Veggies, which makes vegetable-only burger patties, announced a distribution partnership with Plum Market. Its products are being merchandised next to meat items to tempt meat-eaters away from conventional burgers. Actual Veggies does not attempt to recreate meat flavors or textures. Its burgers are a clean-label alternative to animal products, not a substitution. For instance, on October 11, 2021, Mediterranean plant-based meat company Heura launched in Mexico, offering its 100% plant-based products in Walmart, City Market, Fresko, and La Comer. Founded in 2017 by food activists Marc Coloma and Bernat Aaos, Heura’s expansion to Mexico is poised to accelerate the protein transition in the country’s rapidly growing plant-based protein market. Heura offers a range of four unique SKUs and is committed to providing healthier, more sustainable options that allow the people of Mexico to celebrate their favorite recipes and traditions in new and elevated ways. Here are plant-based chicken bites and strips, burgers, and meatballs (exclusive to City Market Group) that will be available throughout the country, offering all of the benefits of animal meat without the extensive health, climate, and animal concerns.
Additionally, the inclusion of plant-based fish products on the menus of several well-known restaurant chains would support the expansion of the region’s market for plant-based seafood throughout the period of forecasting. On the other hand, East Asia has become one of the largest markets, supported by demand from developing nations like China, Japan, North Korea, and others. As a result, the market for fish products made from plants is expanding quickly.
Competitive Landscape:
The presence of many manufacturers in the global plant-based fish market makes the landscape highly competitive. Key manufacturers actively pursue expansion strategies, such as new product launches, acquisitions, partnerships, and other capacity expansion strategies. Some of the players are idland CompanySymrise, Roquette Fr?res S.A., Kellogg’s, Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group and Puris Proteins, LLC. As competition heats up, plant-based fish market companies focus on product launches to gain a competitive advantage. For instance, on 5 April 2022, Kellogg’s declared MorningStar Farms Products were Made With "Sustainable" Soy and 100% Renewable Energy. Kellogg’s announced plans to improve its MorningStar Farms products’ sustainability over 2022, stating that its fish meat alternatives will be made with 100% renewable energy by the end of the year.
COVID-19 Impact: Positive impact on the global plant-based fish market
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 fish 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.
The global plant-based fish market report would provide access to approximately 77 market data tables, 74 figures and 170 pages