Plant-Based Fish Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[207+ Pages Report] According to Facts & Factors, the global plant-based fish market size was valued at USD 818.2 million in 2023 and is predicted to surpass USD 1,370.70 million by the end of 2032. The plant-based fish industry is expected to grow by a CAGR of 5.90% between 2024 and 2032.

Market Overview

Plant-based fish food refers to alternative products manufactured with the help of plant-based ingredients to mimic the texture, taste, and nutritional value of traditional animal-based products. These products are ideal for consumers looking forward to ethical, sustainable, and allergen-free alternatives to conventional fish and seafood products. The common ingredients used in these products include lentils, pea soy, wheat, and potato.

Sometimes, algae and seaweed are included in the products to offer oceanic flavor. These products are nutritionally dense food with omega-3 fatty acids, vitamin B12, iodine, and many other minerals and vitamins. These are better options than traditional seafood products because they are free from microplastics, mercury, and other contaminants that are possibly present in traditional seafood products.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based fish market size is estimated to grow annually at a CAGR of around 5.90% over the forecast period (2024-2032).
• In terms of revenue, the global plant-based fish market size was valued at around USD 818.2 million in 2023 and is projected to reach USD 1,370.70 million by 2032.
• Rising focus on sustainability is driving the growth of the global plant-based fish market.
• Based on product types, the burger patties segment is growing at a high rate and is projected to dominate the global market.
• Based on sources, the soy-based segment is anticipated to grow with the highest CAGR in the global market.
• Based on distribution channels, the hypermarkets segment is projected to swipe the largest market share.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Rising focus on sustainability is driving the growth of the global market.

Climate change, depletion of marine life, and overfishing are some of the rising concerns among people globally, which are driving the growth of the global plant-based fish market. Plant-based products like fish are known to have a lower ecological impact, and, therefore, they are an ideal alternative to traditional seafood production.

Also, the increasing ocean population is raising issues regarding the inclusion of heavy metals, microplastics, and other pollutants in seafood products, which is further pushing consumers towards plant-based alternatives like fish.

Additionally, the increasing awareness among people regarding animal welfare is also driving the demand for cruelty-free alternatives. The younger generation demographics and Millennials are also adopting environmentally friendly food options, which is further expected to support the growth of the industry. Government policies also promote sustainable food production and consumption, which is another major factor positively impacting the growth of the industry.

For instance, unMEAT came up with all new and unique fish-free tuna in 2022 through online outlets and supermarkets in the US.

Restraints

• Taste and texture challenges are expected to hinder the growth of the global market.

Replicating the taste, texture, and appearance of traditional fish products is a complex task. Moreover, traditional seafood lovers find them less appealing because of the differences in mouthfeel and overall flavor.

Therefore, these are likely to hinder the growth of the plant-based fish industry in the coming years. Limited awareness and education among people regarding the availability of plant-based alternatives are further expected to slow down the growth of the industry.

Opportunities

• Advancements in food technologies are expected to foster growth opportunities in the global market.

Advancements in food technology and innovations are some of the major factors likely to open new growth opportunities in the global plant-based fish market. The development in sensory qualities of plant-based fish products is attracting a large consumer base. Increasing the usage of algae and seaweed-based ingredients to mimic the seafood flavor is also expected to positively impact the growth of the industry.

Technological advancements are further likely to lower production costs and make these products more accessible to consumers. The fast expansion of distribution channels is another major factor that positively impacts the growth of the industry. Hypermarkets and supermarkets are dedicating individual shelf space to plant-based alternative food like fish.

Also, fast food chains and restaurants are including an increasing number of plant-based fish products in their menus, which is expected to propel the growth of the market manifolds in the coming years. The increasing population of flexitarian consumers who are trying to adopt alternative plant-based options is also anticipated to revolutionize the market in the coming years.

Challenges

• Strong culture and regional preferences are a big challenge in the global market.

There are many regions across the world where seafood like fish is a staple and cultural food. Therefore, consumers in these regions resist plant-based alternatives. Perceived lack of nutritional value of these products compared to traditional seafood further restricts people to adopting plant-based fish products.

Report Scope

Segmentation Analysis

The global plant-based fish market can be segmented into product types, sources, distribution channels, and regions.

On the basis of product types, the market can be segmented into crumbles & grounds, fillets, burger patties, and others. The burger patties segment accounts for the largest share of the plant-based fish industry during the forecast period. Plant-based fish patties are quite versatile in nature. They can be used in popular menus like fish burgers in fast food chains.

Also, the growing interest of people in sustainable and healthy fast food alternatives is further expected to propel the growth of the segment manifolds in the coming years. Rising awareness among people regarding mercury contamination and overfishing is also likely to positively impact the growth of the segment. Ongoing partnerships with fast food chains and restaurants are further anticipated to boost the popularity of the fish patties.

Additionally, the marketing campaigns and strong branding, sustainability concerns, and ethical sourcing are also playing an important role in boosting the growth of the segment. Product innovations and the use of advanced food technologies are also likely to improve the consumer acceptance of plant-based products like a burger patty. Therefore, all these factors are expected to support the growth of the segment in the coming years.

On the basis of sources, the market can be segmented into wheat-based and soy-based protein. Soy-based protein is the fastest-growing segment in the global plant-based fish market during the forecast period. Soy-based protein is rich in essential amino acids, thereby making it a wholesome protein source. Additionally, it is a good source of calcium, iron, and other essential nutrients.

Also, soy protein is a more cost-effective plant-based protein source alternative, which further makes it more appealing to customers. Soy protein is a more versatile ingredient as its texture is ideal for mimicking the consistency of traditional fish, thereby helping to align with the mouthfeel and texture of fish fillets, patties, and other seafood products. Its easy accessibility and availability help scale up production. Soy protein is a common alternative because of high consumer preference and nutritional value. The soy-based formulation also finds easy applications in crabcakes, shrimp, and other seafood substitutes.

On the basis of distribution channels, the market can be segmented into specialty food stores, convenience stores, supermarkets, hypermarkets, and others. The hypermarket segment accounts for the largest share of the plant-based fish industry during the forecast period. Hypermarkets hold a wide variety of products like burger patties, seafood alternatives, and many others, which can cater to diverse consumers. A hypermarket is a one-stop shop that offers all the choices for regular specialty items, such as plant-based fish products. Hypermarkets offer competitive pricing, discounts, and promotions, thereby contributing towards higher revenue.

Hypermarkets also have strong supply chain and distribution networks, which positively impact the growth of the segment. Product demonstrations, testing, and store promotions also increase consumer awareness in the market. Brand collaborations with hypermarkets are also likely to improve overall sales and product visibility. Hypermarket's layouts and structure promote impulse purchases, which is another major factor boosting the sales of plant-based fish products.

Regional Analysis

• North America to dominate the global market.

North America will account for the largest share of the global plant-based fish market during the forecast period. One of the major factors contributing toward the growth of the regional market is the rising awareness among people regarding climate change, overfishing, ocean pollution, and many others.

Moreover, the growing awareness among people regarding the health benefits of consuming plant-based diets is further expected to divert them towards plant-based fish products. The US is the leading market in the region because of the increasing investments in alternate protein start-ups.

Countries like San Francisco, New York, and Los Angeles are witnessing a surge in the adoption of plant-based foods, which is further anticipated to propel the growth of the regional market. Canada is also a growing market because of expanding retail chains like Sobeys and Loblaws, which offer diverse plant-based products in the region. Vancouver and Toronto are witnessing an increasing vegan population, which is another major factor contributing toward the growth of the regional market.

Asia Pacific is another major region likely to witness significant growth in the coming years. Countries like South Korea, Japan, and China are witnessing an increasing demand for seafood alternatives, which is a major factor driving the growth of the regional market. The presence of a strong vegan and flexitarian population in APAC is also a crucial reason for the high growth rate of the regional market. China is a leading market because of the growing focus of people on plant-based fish alternatives.

Also, Japan is anticipated to contribute to higher revenue in the regional market because of the growing interest of people in sustainable and culturally aligned food diets. India is also a major region likely to propel the growth of the market because of the growing popularity of soy and pea protein-based fish products. For instance, Kellogg is taking the initiative to expand its market in North America by helping MorningStar Farms in the plant-based product line in 2022.

Competitive Analysis

The key players in the global plant-based fish market include:

• Fuji Oil Co. Ltd.
• Glanbia plc
• Ingredion GmbH
• Puris Proteins LLC
• Crown Soya Protein Group
• Sotexpro SA
• Tyson Foods Inc.
• Roquette Frères S.A.
• Symrise
• Archer Daniels Midland Company
• MorningStar Farms
• Gardein by Conagra Brands

For instance, Archer Daniels Midland Company partnered with Marfrig Global Foods in 2022 to come up with PlantPlus Foods in the US. The company is likely to expand its product offerings in the North American market.

The global plant-based fish market is segmented as follows:

By Product Types Segment Analysis

• Crumbles & Grounds
• Fillets
• Burger Patties
• Others

By Sources Segment Analysis

• Wheat-Based
• Soy-Based Protein

By Distribution Channels Segment Analysis

• Specialty Food Stores
• Convenience Stores
• Supermarkets
• Hypermarkets
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America