The depletion of natural ocean resources, rise in vegan population, increase in pressure on the global food supply chain, and increase in awareness regarding animal welfare and animal cruelty in farms drive the growth of the global plant-based seafood market.
PORTLAND, Ore., Nov. 11, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Plant-based Seafood Market by Product (Fish Products, Prawn and Shrimp Products, Crab Products), by Source (Soy, Wheat, Pea, Canola, Lentil, Others), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, HoReCa, Convenience Stores, Online Sales) , by Consumer (Omnivore, Flexitarian, Vegetarian, Vegan): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global plant-based seafood industry generated $42.1 million in 2021, and is anticipated to generate $1.3 billion by 2031, witnessing a CAGR of 42.3% from 2022 to 2031.
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Prime determinants of growth
The depletion of natural ocean resources, rise in global population, increase in pressure on the global food supply chain, surge in the prevalence of zoonotic diseases among humans, rise in vegan population, and increase in awareness regarding animal welfare and animal cruelty in farms drive the growth of the global plant-based seafood market. However, high prices of plant-based seafood and inability of plant-based seafood to mimic original seafood taste restrict the market growth. Moreover, technological advancements and new product launches present new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a negative impact on the global plant-based seafood market, owing to implementation of global lockdown, travel restrictions, and social distancing norms which led to temporary closure of sneaker hotels, restaurants, and cafes across the globe.
- Not only the sale but also the production was hampered due to closure of manufacturing facilities, unavailability of tuna, cod, salmon, shrimps, and crabs on time, and lack of labor force across the world, especially in the initial period of the pandemic.
- However, the plant-based seafood industry is going to recover soon in the post-pandemic.
The HoReCa segment to maintain its leadership status throughout the forecast period