The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Plant-based Fish Products. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Plant-based Fish Products Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Plant-based Fish Products market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Plant-based Fish Products
This newly published and insightful report sheds light on Market Insights of Plant-based Fish Products, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Plant-based Fish Products Market.
As environmental concerns associated with meat and seafood consumption heighten, consumers are turning towards more nature-friendly alternatives, prompting a slew of start-up companies to offer a broad range of plant-based product offerings. Sales of plant-based food products have witnessed unprecedented gains in recent years, with the global food & beverage market experiencing extensive marketing and promotion campaigns for the same.
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Key Market Segments Covered
- Fish
- Plant-based Tuna Products
- Plant-based Crab Products
- Plant-based Shrimp Products
- Product
- Plant-based Fish Burger Patties
- Plant-based Fish Fillets
- Plant-based Fish Crumbles & Grounds
- Plant-based Fish Chunks & Tips
- Plant-based Fish Cutlets
- Plant-based Fish Shreds
- Plant-based Fish Tenders & Fingers
- Plant-based Fish Strips
- Plant-based Fish Meatballs
- Source
- Soy-based Fish Products
- Wheat-based Fish Products
- Canola-based Fish Products
- Pea-based Fish Products
- Fava Bean-based Fish Products
- Rice-based Fish Products
- Lentil-based Fish Products
- Potato-based Fish Products
- Chia-based Fish Products
- Flax-based Fish Products
- Corn-based Fish Products
- Distribution Channel
- Hypermarkets
- Specialty Stores
- Online Retail
- HoReCa (Food Service Sector)
- Convenience Stores
- Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia-Pacific excluding Japan
- Japan
- Middle East & Africa
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According to the U.S. Department of Agriculture, the average quantity of per capita canned tuna consumption declined by over 41% between 1986 and 2016, from 3.6 pounds to 2.1 pounds. Strong odor, combined with high mercury concentrations, were attributed as some of the primary reasons for this. Moreover, as per the 2018 Summer Food & Drink Trends report, one-third of all Americans, and 37% of millennials, planned to purchase more plant-based products by 2019. The sector expanded by nearly a fifth, reaching over US$ 3.7 billion. As such, the scope for plant-based fish products is only expected to widen over the coming years, with the market projected to surge ahead at an astonishing CAGR of 28% through 2031.
Key Takeaways from Market Study
- By product, burger patties to hold dominance, fillets to catch up swiftly
- By source, soy-based proteins to remain dominant, popularity of wheat-proteins to soar
- HoReCa (Food Service Sector) to remain dominant distribution channel, online sales catching up
- Plant-based shrimp to emerge as most consumed type over coming years
- The U.S. to emerge as the dominant market for plant-based fish in North America, amid high presence of major F&B corporations
- Growing animal sensitization trends driving sales across the U.K., which incidentally is likely to become the world’s largest market
“Growing tilt towards healthier food alternatives as well as rapidly depleting global fish stocks are prompting consumers to opt for plant-based alternatives to key seafood varieties, providing traction to the sales of plant-based fish products,”
comments a Fact.MR analyst.
Competitive Landscape
The global plant-based fish market is highly competitive and fragmented in nature, characterized by the presence of a wide range of established and fledgling manufacturers. Primary expansion strategies of key manufacturers involve new product launches, strategic partnerships & acquisitions, as well as aggressive marketing campaigns.
- In August 2020, for instance, food & beverage giant Nestle launched a plant-based alternative to tuna; its first move into the ever-expanding plant-based seafood alternatives market. This alternative can be used in a wide range of dishes, including salads, sandwiches, and pizzas. The product involves a combination of six plant ingredients, including pea protein.
Collaborations with universities to accelerate research are also becoming popular in this market space.
- For instance, in September 2020, Givaudan, one of the world’s leading flavor and fragrance company, unveiled its research in collaboration with the University of California, Berkeley’s Product Development Program, to investigate the possibilities for manufacturers in the plant-based fish products domain.
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