A market report from Value Market Research published just this month projects the global plant-based seafood market to increase with a CAGR of 43.5% from 2024 to 2032. A similar report released by Fact MR in June of last year predicted growth at a rate of 28.1% for the period 2023 to 2033 to reach a valuation $2.19 billion.
Market Dynamics
Plant-based seafood refers to products designed to replicate the taste, texture, and appearance of traditional seafood using plant-based ingredients. The market’s growth is driven by several factors, including increasing consumer demand, environmental concerns, health considerations, market availability, and changing food culture.
Increasing awareness of animal welfare, health benefits, and environmental sustainability is prompting more individuals to implement more plant-based foods into their diets. These products offer a viable alternative for those seeking to enjoy seafood flavors without consuming animal products.
Overfishing and the depletion of marine resources present significant challenges to the fishing industry. Plant-based seafood provides a sustainable option that helps mitigate these issues, reducing reliance on marine ecosystems. Additionally, plant-based seafood is generally lower in saturated fat, cholesterol, and mercury, appealing to health-conscious consumers.
Conventional seafood vs. plant-based
Sources, such as US News, compare plant-based seafood to traditional seafood, highlighting the nutritional benefits of conventional seafood, including omega-3 fatty acids, selenium, zinc, vitamin D, B vitamins, and protein. However, they often fail to address the health risks associated with conventional seafood, such as mercury contamination and the presence of microplastics, which pose significant long-term health risks.
Also frequently mentioned is the lower omega-3 content and higher sodium levels in plant-based seafood compared to traditional options. However, many plant-based seafood products are now fortified with nutrients like omega-3s derived from algal oil, providing similar health benefits. Consumers can also supplement their diet with plant-based sources of omega-3s, such as flaxseeds, chia seeds, and walnuts.
Regional analysis
North America currently holds the largest market share in plant-based seafood. However, Europe has also seen a surge in plant-based seafood with the market projected to reach US$ 439.7M by 2032, according to IMARC. Countries like Germany have seen a whopping 623% increase in the value of plant-based fish sales in just two years based on a report from ProVeg and consumers cited increased interest in availability of products like plant-based fish sticks and smoked salmon.
In Asia, where seafood is deeply embedded into the historical regional food culture, plant-based seafood options are growing. However, according to a GFI analysis, 21% of Asian consumers say they have never seen plant-based seafood in their grocery store. As the demand for seafood continues to outgrow the existing supply in Asia, there is huge potential for plant-based alternatives to meet the supply gap.
Key Industry Players
In the alternative seafood space, plant-based companies are leading the charge. OmniFoods, The Plant Based Seafood Co., Gardein, and Good Catch offer alternatives to popular seafood options like white fish, tuna, salmon, scallops, and more. These companies utilize ingredients like peas, chickpeas, and algae to mimic the taste and texture of fish.
The plant-based seafood market is not the only player in the alternative seafood space. Companies like BlueNalu, Finless Foods, and BLUU Seafood are exploring cellular agriculture, cultivating fish from real cells to produce seafood that closely resembles traditional products.
Fermentation technology, used by companies like Aqua Cultured Foods, is another emerging method, creating fish-like proteins through microbial processes. Traditional seafood companies, including Nestlé and Thai Union, are also entering the market with their own plant-based alternatives, recognizing the growing consumer demand and potential for alternative proteins.
