According to a new report by Future Market Insights, the global vegan sashimi market will be worth $218.8 million by 2033, growing with a CAGR of 8.5% over this period.
As consumers become increasingly concerned about the environment, animal welfare, and health, demand for plant-based seafood products is growing rapidly. At the same time, interest in Japanese dishes such as sushi and sashimi is also increasing. These factors will lead to a rise in demand for vegan sashimi.
Over the forecast period, government initiatives supporting the development of plant-based foods are expected to help the industry expand, while new technologies will make it possible to produce better quality, more realistic products. Expanding economies in Asian countries, the increasing trend towards fusion cuisine, and rising demand for convenience foods could also boost growth.
However, market expansion may be restricted by limited availability in some regions, along with high production costs. Additionally, many consumers are not aware of vegan sashimi.
Increasing competition
In the coming years, the UK, the US, India, and China are all expected to emerge as key producers of vegan sashimi. As the market is currently relatively new, there is considerable space for new startups to enter and become established. However, competition will increase over the forecast period, especially as existing plant-based seafood companies begin to expand into sashimi.
Currently, one of the most significant market players is online marketplace GTFO It’s Vegan, which announced in 2021 that it was offering the US’s most extensive vegan sashimi range. Soon afterward, the retailer gained national distribution deals for the products.
Other vegan sashimi producers include the Netherlands’ Vegan ZeaStar and Australia-based Boldly.
“With the fishing industry fraught with public health issues (mercury contamination, overuse of antibiotics in factory fishing, etc) and threatening the future of marine biodiversity, consumers are increasingly realising the simple fact that there is nothing sustainable about fish farming,” Boldly founder Allen Zelden told vegconomist. “The planet is now at a crucial tipping point where the future will either be filled with fishless fish or fishless oceans.”
