The plant-based fish market will grow at a stellar CAGR of 28% during the assessment period, 2020-2030. As per Future Market Insights (FMI) the growth can be primarily attributed to increasing demand for flexitarian or vegetarian diet together with the growing concerns with regards to the environment.
“Swiftly growing demand for sea-food substitutes are encouraging the plant-based fish market growth significantly. Additionally, growing environmental concerns and notable growth in vegan population is furthering the market demand globally.” concludes the FMI analyst.
Plant Based Fish Market – Key Highlights
Europe emerges as a leading region due to increasing product launches by start-ups and the presence of various celebrated food chains providing plant based fish products.
Burger patty will continue to lead the product type category across the forecast period.
Soy based protein is expected to lead by source category in the global market.
Hypermarkets will remain key beneficiary throughout the assessment period.
Plant Based Fish Market – Drivers
Surge number of consumers worldwide adopting vegan lifestyle have propelled the market growth
Rising environmental concerns together with the growing instance of food sensitivities related to the sea-foods has pushed a growing number of individuals towards plant-based substitutes, hence boosting market growth.
Growing cases of food sensitivity propelling expansion of the plant based fish market.
Plant Based Fish Market – Restraints
Lack of awareness regarding appropriate production, packaging and distribution can impact the market growth.
Non-operational restaurants and food outlets as a result of COVID-19 outbreak has impact market growth adversely.
COVID-19 Impact on the Market
The plant based fish market has encountered several hurdles on the onset of the COVID-19 pandemic. However, asper FMI’s recent market research, the market is anticipated to regain its position by the 1st quarter of 2021. This is mainly due to growing health awareness among consumers has ensued in increased preference towards healthy food supplements comprising proteins that has benefited the plant-based fish market.
Key market players operating in the plant-based fish market are Gardein by Conagra Brands, Archer Daniels Midland Company, MorningStar Farms, Roquette Frères S.A., Symrise, Tyson Foods, Inc., Kellogg’s, Crown Soya Protein Group, Sotexpro SA, Ingredion GmbH, Puris Proteins, LLC, Fuji Oil Co., Ltd. and Glanbia plc.
About the Study
The study offers readers a comprehensive assessment of the plant-based fish market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights according to 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 key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).