Download Sample, Rising Seafood Demand Globally Fuel Innovations in Alternative Seafood Sector Providing Sustainable Options
The escalating depletion of natural seafood resources, driven by overfishing and unsustainable practices is a main factor for the growth of the plant-based seafood market. The world produces around 200 million tons of fish and seafood every year including both wild fish catch and fish farming. Overfishing has devastated marine biodiversity, with 90% of global fish species now depleted and nearly 90% of fish stocks fully exploited or overexploited, according to New Security Beat. Experts advise that unchecked exploitation could lead to a global seafood shortage within three decades.
The impact is already evident with global capture fisheries production reaching 90.3 million tons in 2020 which indicates a 4.0% decline from the preceding three-year average as per the Food and Agriculture Organization. This stark reality is reshaping consumer preferences, particularly as environmental awareness grows. With plant-based seafood providing a sustainable alternative, consumers increasingly recognize its potential to address looming resource scarcity while reducing ecological harm. This shift highlights the role of innovative, plant-based solutions in sustaining seafood demand without compromising ocean ecosystems, fueling the market.
There is increasing interest in alternative protein in the food industry with consumers seeking healthier and more sustainable substitutes for conventional meat choices. The demand for seafood has grown by more than 122% since 1990, according to the Food and Agricultural Organization of the United Nations, as seafood covers 17% of animal protein consumed globally. Additionally, the global seafood demand is set to increase by 30% over the next decade and the alternative seafood sector has an essential role in meeting this demand sustainably. Health-conscious buyers value its safety and nutrient profile, free from contaminants like mercury and zoonotic diseases.
Particularly in Asia, where seafood is a staple, plant-based options offering omega-3s gain traction as clean, nutritious alternatives. For this reason, the plant-based seafood category saw a 40% increase in pound sales in 2022 with advancements in food technology, such as precision fermentation to enhance product quality and mimic the traditional seafood flavors, textures, and nutritional profiles.
The alternative seafood sector has transformative growth, driven by its potential to address crucial environmental challenges and meet escalating global seafood demand. The growth of the market is owing to continuous innovation in four key areas taste, affordability, accessibility, and clear sustainability messaging. Localized offerings tailored to regional culinary traditions, such as fish and chips in Europe or fish curries in Asia, resonate deeply with local consumers, creating stronger market connections. This customization enhances adoption while showcasing the versatility of plant-based seafood. Consumers increasingly recognize the overfishing and plastic pollution on marine ecosystems and personal health. By choosing plant-based alternatives, they actively contribute to marine conservation, potentially preventing the extinction of vulnerable species. Moreover, these products eliminate concerns about mercury or microplastic contamination, offering a cleaner, safer dietary option.
The impact is already evident with global capture fisheries production reaching 90.3 million tons in 2020 which indicates a 4.0% decline from the preceding three-year average as per the Food and Agriculture Organization. This stark reality is reshaping consumer preferences, particularly as environmental awareness grows. With plant-based seafood providing a sustainable alternative, consumers increasingly recognize its potential to address looming resource scarcity while reducing ecological harm. This shift highlights the role of innovative, plant-based solutions in sustaining seafood demand without compromising ocean ecosystems, fueling the market.
There is increasing interest in alternative protein in the food industry with consumers seeking healthier and more sustainable substitutes for conventional meat choices. The demand for seafood has grown by more than 122% since 1990, according to the Food and Agricultural Organization of the United Nations, as seafood covers 17% of animal protein consumed globally. Additionally, the global seafood demand is set to increase by 30% over the next decade and the alternative seafood sector has an essential role in meeting this demand sustainably. Health-conscious buyers value its safety and nutrient profile, free from contaminants like mercury and zoonotic diseases.
Particularly in Asia, where seafood is a staple, plant-based options offering omega-3s gain traction as clean, nutritious alternatives. For this reason, the plant-based seafood category saw a 40% increase in pound sales in 2022 with advancements in food technology, such as precision fermentation to enhance product quality and mimic the traditional seafood flavors, textures, and nutritional profiles.
The alternative seafood sector has transformative growth, driven by its potential to address crucial environmental challenges and meet escalating global seafood demand. The growth of the market is owing to continuous innovation in four key areas taste, affordability, accessibility, and clear sustainability messaging. Localized offerings tailored to regional culinary traditions, such as fish and chips in Europe or fish curries in Asia, resonate deeply with local consumers, creating stronger market connections. This customization enhances adoption while showcasing the versatility of plant-based seafood. Consumers increasingly recognize the overfishing and plastic pollution on marine ecosystems and personal health. By choosing plant-based alternatives, they actively contribute to marine conservation, potentially preventing the extinction of vulnerable species. Moreover, these products eliminate concerns about mercury or microplastic contamination, offering a cleaner, safer dietary option.
The Demographic Trend Towards Veganism is Accelerating the Expansion of Plant-based Seafood Products in the Food Industry
The rising trend of the vegan population demands plant-based proteins as consumers are increasingly concerned about their health and are looking for alternatives to animal proteins. For this reason, pea protein, soy protein, and other plant-based protein sources are therefore experiencing exceptional growth in the vegan seafood market. There were about 88 million vegan population around the world in 2023 which contribute to 1.1% of the world's population. The growth of the global vegan population is boosted by a combination of social, environmental, economic, and cultural factors. Rising awareness of animal welfare allows people to choose veganism to stop animal cruelty and such growing popularity of vegan and vegetarian food has caused a shift in the food industry.
Millennials, the largest group of self-identified vegans and vegetarians, are at the forefront of the plant-based food shift, with 3.5% of them adopting a vegan diet. However, Gen Z is quickly catching up, showing a stronger inclination toward plant-based choices. Additionally, the rise of online shopping further amplifies this trend. Millennials and Gen Z, highly engaged with digital platforms, are driving plant-based seafood sales. The ease of access and convenience of online shopping make these demographics a significant force in expanding the market. As these groups continue to embrace sustainability, the plant-based seafood sector stands to benefit from increased revenue and digital brand loyalty.
The increasing consumer demand propels the expansion of the vegan food sector in restaurants, grocery stores, and food production. Restaurants are broadening their vegan selections with numerous offerings providing plant-based burgers and meals to appeal to vegan consumers. In restaurants, options for plant-based seafood such as vegan fish fillets, plant-based shrimp, and crab cakes are gaining popularity. Companies like Good Catch Foods and Atlantic Natural Foods have launched creative plant-based options including their TUNO, a tuna substitute made from soy and yeast, as well as vegan shrimp.
Grocery stores are taking advantage of this trend by providing a variety of vegan seafood products in both frozen and fresh areas, while plant-based seafood options are also becoming popular in the frozen food aisle, with high demand for vegan fish fingers, tenders, and crab cakes. Food producers are also innovating by developing substitutes for meat and seafood including plant-based tuna and fish items while investigating sustainable ingredients like peas, soy, and lentils to appeal to environmentally aware consumers. To satisfy the demand, producers are investing in advanced machinery and automating their processes, while prioritizing taste, since flavor is the main factor driving consumers to select plant-based items. This growing sector carries significant opportunities for advancement and expansion in the plant-based industry.
Millennials, the largest group of self-identified vegans and vegetarians, are at the forefront of the plant-based food shift, with 3.5% of them adopting a vegan diet. However, Gen Z is quickly catching up, showing a stronger inclination toward plant-based choices. Additionally, the rise of online shopping further amplifies this trend. Millennials and Gen Z, highly engaged with digital platforms, are driving plant-based seafood sales. The ease of access and convenience of online shopping make these demographics a significant force in expanding the market. As these groups continue to embrace sustainability, the plant-based seafood sector stands to benefit from increased revenue and digital brand loyalty.
The increasing consumer demand propels the expansion of the vegan food sector in restaurants, grocery stores, and food production. Restaurants are broadening their vegan selections with numerous offerings providing plant-based burgers and meals to appeal to vegan consumers. In restaurants, options for plant-based seafood such as vegan fish fillets, plant-based shrimp, and crab cakes are gaining popularity. Companies like Good Catch Foods and Atlantic Natural Foods have launched creative plant-based options including their TUNO, a tuna substitute made from soy and yeast, as well as vegan shrimp.
Grocery stores are taking advantage of this trend by providing a variety of vegan seafood products in both frozen and fresh areas, while plant-based seafood options are also becoming popular in the frozen food aisle, with high demand for vegan fish fingers, tenders, and crab cakes. Food producers are also innovating by developing substitutes for meat and seafood including plant-based tuna and fish items while investigating sustainable ingredients like peas, soy, and lentils to appeal to environmentally aware consumers. To satisfy the demand, producers are investing in advanced machinery and automating their processes, while prioritizing taste, since flavor is the main factor driving consumers to select plant-based items. This growing sector carries significant opportunities for advancement and expansion in the plant-based industry.
Recent Trends in the Plant-based Seafood Industry:
- Increased interest in plant-based alternatives driven by sustainability and health-conscious consumers seeking seafood substitutes
- Advancements in technology enhance the texture, flavor, and nutritional content of plant-based seafood options
- Plant-based seafood products are increasingly available in grocery stores and mainstream restaurant menus
- Consumers gravitate towards plant-based seafood for its lower cholesterol, calories, and healthier profiles
- Governments support plant-based food innovations with incentives, promoting healthier diets and sustainable practices
- Rising awareness about the health and environmental benefits of plant-based seafood fuels market growth
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Stringent Regulations and Premium Pricing are Key Barriers to the Adoption of Plant-based Alternatives by Both Manufacturers and Consumer
The plant-based seafoods are considered as premium products and are sold at higher prices than traditional seafoods which hampers buying of these products by consumers with low or moderate incomes. Raised inflation contributed to higher product prices of all plant-based meat and seafood with these products costing 2x-4x more than their conventional counterparts with alternative seafood remaining about 77% more expensive than conventional options. The inflation across the food and beverage squeezed consumer budgets and limited their willingness to purchase premium-priced products.
High production costs significantly restrain the growth of the plant-based seafood market, as the intricate manufacturing processes demand both technological sophistication and expert knowledge. The production of plant-based seafood involves advanced techniques such as extrusion and fermentation to replicate the texture and taste of conventional fish. These technologies require substantial investments in cutting-edge equipment and skilled labor, which inflate initial and operational costs.
For small-scale producers, limited access to capital further constrains their ability to scale operations, forcing reliance on contract manufacturers who often operate with high margins. This reliance exacerbates costs and creates blocks in production capacity. Moreover, sourcing specialized plant-based ingredients, such as algal oils and pea protein isolates, adds another layer of expense, especially as supply chains for these raw materials remain underdeveloped. Scaling up production while maintaining quality and consumer acceptance poses another challenge. With high production costs directly impacting pricing, plant-based seafood remains less competitive against traditional seafood options, restricting its appeal to cost-sensitive consumers and limiting market penetration.
The plant-based seafood market faces regulatory challenges due to the complexity of compliance with stringent global standards. Regulatory bodies like the Food Safety and Standards Authority of India (FSSAI), the European Union (EU), and the United States Food and Drug Administration (FDA) mandate detailed labeling to ensure transparency, including precise definitions for terms like ‘vegan’ and stringent ingredient declarations.
Manufacturers must emphasize the exclusion of animal-derived components and address potential cross-contamination through permissible thresholds and facility guidelines. Certification programs, often requiring third-party validation, demand adherence to vegan standards which adds procedural and financial burdens. Varying regulations across regions further complicate global market entry and require strategies to align with diverse standards while maintaining consistency and consumer trust.
High production costs significantly restrain the growth of the plant-based seafood market, as the intricate manufacturing processes demand both technological sophistication and expert knowledge. The production of plant-based seafood involves advanced techniques such as extrusion and fermentation to replicate the texture and taste of conventional fish. These technologies require substantial investments in cutting-edge equipment and skilled labor, which inflate initial and operational costs.
For small-scale producers, limited access to capital further constrains their ability to scale operations, forcing reliance on contract manufacturers who often operate with high margins. This reliance exacerbates costs and creates blocks in production capacity. Moreover, sourcing specialized plant-based ingredients, such as algal oils and pea protein isolates, adds another layer of expense, especially as supply chains for these raw materials remain underdeveloped. Scaling up production while maintaining quality and consumer acceptance poses another challenge. With high production costs directly impacting pricing, plant-based seafood remains less competitive against traditional seafood options, restricting its appeal to cost-sensitive consumers and limiting market penetration.
The plant-based seafood market faces regulatory challenges due to the complexity of compliance with stringent global standards. Regulatory bodies like the Food Safety and Standards Authority of India (FSSAI), the European Union (EU), and the United States Food and Drug Administration (FDA) mandate detailed labeling to ensure transparency, including precise definitions for terms like ‘vegan’ and stringent ingredient declarations.
Manufacturers must emphasize the exclusion of animal-derived components and address potential cross-contamination through permissible thresholds and facility guidelines. Certification programs, often requiring third-party validation, demand adherence to vegan standards which adds procedural and financial burdens. Varying regulations across regions further complicate global market entry and require strategies to align with diverse standards while maintaining consistency and consumer trust.
Innovative Plant-Based Seafood Products Cater to the Growing Demand for Sustainable and Vegan Options
With the growing popularity of veganism, manufacturers are emphasizing innovation and the development of plant-based alternative food products that are similar to the animal equivalent in texture, taste, and ingredients. For instance, in February 2024, The Vegetarian Butcher, a Unilever subsidiary, launched its first 100% plant-based fish fillets namely, ‘Krosse Flosse’ in Germany which is made from rice and wheat protein with omega-3 that replicates the taste and texture of fish. With the massive growth of plant-based seafood in recent years, grocers and consumers place a higher importance on buying sustainable items. Konscious Foods has launched its plant-based sushi line nationwide with its first-ever plant-based frozen ‘raw’ seafood in Whole Foods in July 2023. This product includes nigiri and poke bowls, made with clean ingredients such as konjac plant, pea fiber, Jasberry rice, and organic red quinoa, as well as organic fruits and vegetables.
The popularity of seafood substitutes made from plants is increasing, fueled by various significant advancements in the sector. Boldly, located in Vancouver, unveiled a vegan seafood range in the summer of 2023, offering items such as salmon, tuna sashimi, calamari, shrimp, crab sticks, and whitefish filets. This growth corresponds with the worldwide shift towards plant-derived foods. In January 2023, Kikka Sushi, located in Los Angeles, announced its latest vegan sushi offerings, featuring salmon and tuna substitutes created from konjac root and red algae. Offered at certain Whole Foods Markets, this line is part of a five-year initiative to remove non-vegan components such as white sugar. Meanwhile, The ISH Food Company secured over US$ 5 million in seed funding in January 2023 to enhance its plant-based seafood range, with plans to expand in Europe and Asia. This follows a strategic partnership with Thai Union and Chicken of the Sea to co-develop plant-based seafood.
Plant-based seafood is gaining attraction in both the retail and restaurant sectors with growing consumer demand for sustainable and health-conscious alternatives. These products cater to flexitarian and environmentally-conscious consumers who offer familiar seafood experiences with plant-based ingredients and expand choices in food service and retail. For instance, in January 2023, Boldly, a new plant-based food brand unveiled a 100% vegan seafood line this summer including calamari, salmon, tuna sashimi, shrimp, crab sticks, and white fish filets. Using konjac root as a core ingredient Boldly aims to disrupt the US$ 600-billion global seafood industry with plant-based options. The brand will debut through U.S. restaurant partnerships and showcase its products at the SEED Food & Wine Festival in Miami.
The popularity of seafood substitutes made from plants is increasing, fueled by various significant advancements in the sector. Boldly, located in Vancouver, unveiled a vegan seafood range in the summer of 2023, offering items such as salmon, tuna sashimi, calamari, shrimp, crab sticks, and whitefish filets. This growth corresponds with the worldwide shift towards plant-derived foods. In January 2023, Kikka Sushi, located in Los Angeles, announced its latest vegan sushi offerings, featuring salmon and tuna substitutes created from konjac root and red algae. Offered at certain Whole Foods Markets, this line is part of a five-year initiative to remove non-vegan components such as white sugar. Meanwhile, The ISH Food Company secured over US$ 5 million in seed funding in January 2023 to enhance its plant-based seafood range, with plans to expand in Europe and Asia. This follows a strategic partnership with Thai Union and Chicken of the Sea to co-develop plant-based seafood.
Plant-based seafood is gaining attraction in both the retail and restaurant sectors with growing consumer demand for sustainable and health-conscious alternatives. These products cater to flexitarian and environmentally-conscious consumers who offer familiar seafood experiences with plant-based ingredients and expand choices in food service and retail. For instance, in January 2023, Boldly, a new plant-based food brand unveiled a 100% vegan seafood line this summer including calamari, salmon, tuna sashimi, shrimp, crab sticks, and white fish filets. Using konjac root as a core ingredient Boldly aims to disrupt the US$ 600-billion global seafood industry with plant-based options. The brand will debut through U.S. restaurant partnerships and showcase its products at the SEED Food & Wine Festival in Miami.
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North America and Europe Observe Rapid Growth in Plant-Based Seafood Due to Health and Environmental Awareness
North America, particularly the United States and Canada are a key driver of the plant-based seafood market owing to a significant rise in consumer demand for plant-based proteins due to concerns over health, sustainability, and the environmental impact of traditional fishing practices. According to the World Animal Foundation, the average American consumption of fresh and frozen seafood was 16.6 pounds per person in 2023. In the USA about 46% awareness regarding animal cruelty with over 3.7 trillion fish killed, and over 43.1 trillion shellfish killed per day for food in the USA alone. Such factors led to a rise in the vegan population in this region with 2% of North Americans reporting themselves as vegan. For this reason, there is a rising demand for vegan seafood in North America’s market. For instance, in August 2023, Konscious Foods, a Canadian company specializing in realistic plant-based seafood alternatives, raised US$26 million in seed funding. The company offers products like plant-based tuna and salmon in premium stores like Whole Foods. The funds will expand retail presence and marketing efforts across North America.
The market for plant-based seafood in Europe is growing quickly, particularly in the UK, Germany, the Netherlands, and Scandinavia attributed to increased environmental consciousness, EU sustainability initiatives, and robust government backing for plant-based foods. Nations such as the UK, known for its developed vegan culture, are especially open to these innovations. The 2023 Smart Protein Project survey reveals that 42% of European consumers find plant-based seafood attractive, and 43% would think about buying it. Consequently, prominent manufacturers concentrate on creating innovative plant-derived seafood substitutes in this area.
For example, in October 2023, Nestlé introduced three new plant-based fish alternatives including crispy filets, fingers, and nuggets in Europe, covering Germany, Spain, Italy, Austria, Poland, the Czech Republic, and Slovakia, under its Garden Gourmet brand. This action is aimed at addressing the increasing demand for healthier, plant-derived seafood alternatives.
The market for plant-based seafood in Europe is growing quickly, particularly in the UK, Germany, the Netherlands, and Scandinavia attributed to increased environmental consciousness, EU sustainability initiatives, and robust government backing for plant-based foods. Nations such as the UK, known for its developed vegan culture, are especially open to these innovations. The 2023 Smart Protein Project survey reveals that 42% of European consumers find plant-based seafood attractive, and 43% would think about buying it. Consequently, prominent manufacturers concentrate on creating innovative plant-derived seafood substitutes in this area.
For example, in October 2023, Nestlé introduced three new plant-based fish alternatives including crispy filets, fingers, and nuggets in Europe, covering Germany, Spain, Italy, Austria, Poland, the Czech Republic, and Slovakia, under its Garden Gourmet brand. This action is aimed at addressing the increasing demand for healthier, plant-derived seafood alternatives.
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The report provides a detailed overview of the plant-based seafood market insights in regions including North America, Latin America, Europe, Asia-Pacific and the Middle East and Africa. The country-specific assessment for plant-based seafood market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the plant-based seafood market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the plant-based seafood market. Some key country and region included in the plant-based seafood market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Plant-based Seafood Market Research Report Covers In-depth Analysis on:
- Plant-based seafood market detailed segments and segment-wise market breakdown
- Plant-based seafood market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in plant-based seafood industry)
- Current, historical and forthcoming 10 years market valuation in terms of plant-based seafood market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Plant-based seafood market demand analysis
- Plant-based seafood market pricing analysis over forecast period (by key segment and by region)
- Plant-based seafood market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in plant-based seafood market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in plant-based seafood market
- Plant-based seafood market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on plant-based seafood market forecast by countries
- Mergers and acquisitions in plant-based seafood market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key drivers of growth in the plant-based seafood market?
The growth of the plant-based seafood market is driven by increasing consumer demand for healthier, sustainable, and environmentally-friendly alternatives to traditional seafood, as well as rising awareness of plant-based diets.
How does the plant-based seafood market compare to traditional seafood in terms of taste and texture?
Plant-based seafood products have made significant advancements in mimicking the taste and texture of traditional seafood, appealing to consumers seeking plant-based alternatives without compromising on sensory experiences.
What are the challenges faced by the plant-based seafood market?
The main challenges include supply chain limitations, the high cost of production, consumer acceptance, and the need for continuous innovation to improve taste, texture, and nutritional profiles of plant-based seafood alternatives.
