How is Growing Veganism Trend Fueling Plant-based Fish Product Sales

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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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

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• 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

Key Market Segments Covered

• Fish
o Plant-based Tuna Products
o Plant-based Crab Products
o Plant-based Shrimp Products

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• Product
o Plant-based Fish Burger Patties
o Plant-based Fish Fillets
o Plant-based Fish Crumbles & Grounds
o Plant-based Fish Chunks & Tips
o Plant-based Fish Cutlets

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.

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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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This release was published on openPR.