According to a new report published by Allied Market Research, titled, “Plant-based Seafood Market," The plant-based seafood market size was valued at $42.10 million in 2021, and is estimated to reach $1.3 billion by 2031, growing at a CAGR of 42.3% from 2022 to 2031.

Plant-based seafood is made using plant-based protein sources such as wheat, soy, pea, seaweed, algae, fruits, vegetables, and legumes. The rise in focus of consumers toward replacing animal protein with plant-based protein in their regular diet is expected to drive the plant-based seafood market demand during the forecast period. Global plant-based seafood is witnessing significant and rapid growth in sales and consumption in developed economies such as Germany, France, the UK, Italy, the U.S., Australia, Canada, and Japan. In the U.S., by November 2018, the shipments of plant-based protein from distributors to food service operators rose by 20%.

As per plant-based seafood market analysis, the market is segmented on the basis of product, source, distribution channel, consumer, and region. On the basis of product, the market is divided into fish products, prawn and shrimp products, and crab products. The fish products segment is further bifurcated into burger patty, fillets, chunks and tips, cutlet, tenders and fingers, and others. By source, it is categorized into soy, wheat, pea, canola, lentil, and others. Depending on the distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, HoReCa, convenience stores, and online sales. On the basis of consumer, it is divided into omnivore, flexitarian, vegetarian, and vegan. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

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According to the plant-based seafood market opportunity, depending on the distribution channel, online sales is expected to witness the highest CAGR of 44.7% during the forecast period. This is attributed to easy availability and the benefits such as information about the attributes of the products, time-saving features, and the facility of home delivery provided by the online platform. According to the United Nations Conference on Trade and Development (UNCTAD), the e-commerce sector's proportion of total retail sales increased from 16% to 19% in 2020. Furthermore, online sales are expected to grow notably shortly, due to the rapid increase in mobile users.

Region-wise, Europe was the largest plant-based seafood market, owing to the rapidly rising demand for plant-based food in major European economies. According to the European Union (Europa.eu), there has been a huge growth in sales of plant-based meat and fish in Europe in the past two years, with the largest growth being recorded in Germany which grew by 226%, followed by Austria with a growth of 82%. Romania plant-based meat and fish sales grew by 154% while sales in France grew by 100% in the past two years.

The major players operating in the global plant-based seafood industry include Puris, Ingredion GmbH, Morning Star Farms, Sotexpro, Tyson Food, Inc., Glanbia Plc, Ocean Hugger Foods, Good Catch Foods, Impossible Foods, Inc., New Wave Foods, Sophie's Kitchen, Inc., Gardein, Quorn (Monde Nissin Corporation) SoFine Foods, and Tofuna Fysh.

Key findings of the study
The plant-based seafood market size was valued at $42.1 million in 2021, and is estimated to reach $1,333.5 million by 2031, growing at a CAGR of 42.3% during the forecast period.
By product, the crab products segment is estimated to witness the fastest growth, registering a CAGR of 43.1% during the forecast period.
In 2021, depending on source, the soy segment was valued at $15.3 million, accounting for 36.3% of the global market share.
In 2021, the U.S. was the most prominent market in North America, and is projected to reach $341.9 million by 2031, growing at a CAGR of 45.3% during the forecast period.