Global Plant-based Shrimp Market to Observe Strong Development during the Forecast Period 2021 to 2025

The global plant-based shrimp market size is expected to reach noteworthy value by 2025, growing with a CAGR of 5.8% over the forecasted period of 2021 to 2025. Plant-based shrimp is in great demand amongst consumer owing to its low price and nutritional properties. Plant-based shrimp contains various health benefits such as brain health, improved bone and weight management. Plant-based shrimp has anti-inflammatory and anti-aging properties which helps in reducing the risk of health infirmities. It is extremely beneficial for the overall health of the consumer owing to its highly nutritious properties. Moreover, it also provides relief from eye fatigue and menstrual pain. Plant-based shrimp are widely preferred by hotels, restaurants and the pharmaceutical industry. Moreover, plant-based shrimp is a great source of protein, minerals, protein and it also contains low calorie.

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Moreover, the revenue of plant-based shrimp be increased by adopting marketing strategies like segmentation and diversification. Furthermore, raising demand for plant-based shrimp owing to increasing consumption of vegetarians, flexitarians, and vegan products has further boosted the growth of the plant-based shrimp market. Shift in consumer preference and increase in awareness about healthier food products has driven the market growth of the plant-based shrimp market. However, increase in consumption of seafood is the major factor restraining the global market.

Increase in the commercialization and development of scalable plant based and cell-based shrimp food product has created a great taste, accessibility, and nutritional quality. Moreover, in last couple of years the plant-based shrimp has seen great shift in product innovation and consumer demand for plant-based shrimp food products. These latest trends are expected to create forthcoming transformation with the global food industry. Moreover, plant-based shrimp is produced and supplied through the private sector, the growing technologies and their path toward commercialization will provide lucrative opportunity for the global plant-based shrimp market. Furthermore, raising disposable income, growing population, raising trend of eating health food and others is further projected to boost the plant-based shrimp market.

Thai Union which is one of the world greatest producer of seafood has launched plant-based shrimp as a tempura style product in the year 2021. Recently, Thai Union has introduced its first plant-based products, including dim sum, crabcakes in the food service sector. The company has taken initiative to move towards plant-based shrimp products owing to raising consumer demand. Moreover, Thai Union will link with other major companies that are moving towards plant-based shrimp products. Dutch brand Vegan ZeaStar is planning to introduce a plant-based type of cod fish, Supermarket Trader Joe’s is cuurently working on to increase its product line by adding plant-based shrimp products and global brand Nestle introduced vegan tuna in Switzerland with having plans to expand their product globally. In addition, seafood brand Bumble Bee Foods has done partnership with vegan seafood startup Good Catch Foods to increase its sales, logistics expertise and distribution.

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Geographical Coverage

Europe market holds the major share in the year 2019 and it expected to retain its dominant during the forecast period. Europe is a matured market. Europe has seen drastic increase in demand of flexitarians, vegetarians, and vegans products has further boosted the growth of the plant-based shrimp market. Raising purchasing power in this region is the prime factor which contributes towards the growth of the plant-based shrimp market.

Key Companies Profiled

The global plant-based shrimp market is characterized by the presence of various small and big players. The major market player includes Zhanjiang Guolian, Nekkanti Sea Foods, ProExpo, Royal Greenland A/S, The Liberty Group, Devi Fisheries, Thai Union, Omarsa, Pescanova, Quoc Viet. As the market is competitive in nature, the players are indulged in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.

Market Insights:

Application Insights

By application analysis, the plant-based shrimp market is segmented into food, cosmetics & personal care industry, pharmaceuticals, and others. The food segment holds the major market share and it is expected to retain its dominance during the forecast period. Plant-based shrimp are contains high nutrients such protein, vitamin, iron and other owing to which its demand among health consumer people is raising and thereby raising its sales in North America region.

Nature

On the basis of nature, the plant-based shrimp market is organic and conventional. The organic segment holds the major share and is expected to retain its dominance during the forecast period.

Distribution Channel

By distribution channel, the plant-based shrimp market is segmented into direct distribution and retail distribution. Retail distribution is expected to dominate the market during the forecast period. Retail distribution includes hypermarkets/supermarket, specialty stores, convenience store, online sales channel and others. Retail distribution is the process where the producer sales its product and service to the retailer and then retailer sales it to the consumer. Moreover, raising government expenditure on retail channels along with pricing concession in products has further boosting the growth of the plant-based shrimp market.

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This release was published on openPR.