Plant-Based Fish Market Is Forecasted To Grow At A CAGR Of 28.1% From 2023 To 2033

According to Fact.MR's most recent industry study, the global plant-based fish market is valued at US$ 183.95 million in 2023 and is expected to reach US$ 2.19 billion by 2033, growing at a CAGR of 28.1% between 2023 and 2033.

Plant-based fish is a sort of seafood substitute produced completely of plant-based materials rather than genuine fish. It is intended to resemble the taste, texture, and look of genuine fish while also providing a sustainable and cruelty-free option for vegetarians, vegans, and plant-based eaters.

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It's worth noting that the creation of plant-based fish is still in its early stages, and the goods on the market differ in terms of taste, texture, and general quality. The spectrum of plant-based fish options is projected to expand as the industry continues to innovate, delivering more diversified and improved alternatives to conventional seafood. Plant-based fish goods on the market include burger patties, fillets, crumbles & grounds, chunks & tips, cutlets, shreds, tenders & fingers, strips, and meatballs.

Competitive Landscape:

Key participants in the plant-based fish market are investing extensively in R&D to continuously improve and expand their product offerings. They are also working with other industry stakeholders such as food service providers, chefs, and ingredient suppliers. These collaborations result in the creation of new product lines, co-branded offerings, and promotional activities that capitalize on the strengths of the companies involved. They may expand their presence, enter new areas, and drive revenue growth by joining forces.

Archer Daniels Midland Company, a well-known food processing company, and Marfrig Global Foods joined forces in October 2022 to form PlantPlus Foods, a ground-breaking joint venture. This new business intends to broaden its product offering and stimulate growth in the burgeoning North American market.

Key Players:
• Beyond Meat
• Impossible Foods
• Ojah
• Memphis Meats
• ChickP
• Vestkron A/S
• Aspire Food Group
• Aleph Farms
• Ingredion Inc.
• Archer Daniels Midland Company
• Gushen Biotechnology Ltd.
• Roquette Freres
• Glanbia Plc.
• AGRANA Beteiligungs AG
• Nestle SA
• Tyson Foods

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Regional Analysis:

Several important variables are responsible for the increase in sales of plant-based fish products in the United States. For starters, public awareness and concern about the environmental impact of traditional fishing practices has grown significantly. People are becoming more aware of overfishing and the loss of marine resources, which is prompting them to seek out more sustainable options.

The growing popularity of plant-based fish products can be attributed to increased health consciousness. Plant-based diets are becoming more popular among consumers for a variety of reasons, including reducing their use of animal products, managing allergies, and enhancing their overall well-being. Plant-based fish products are healthier than animal-based fish products because they contain less saturated fat and cholesterol. As a result, many health-conscious people are changing their diets to

Key Segments of Industry:

• By Fish :
o Tuna Products
o Crab Products
o Shrimp Products
• By Product Type :
o Burger Patties
o Fillets
o Crumbles & Grounds
o Chunks & Tips
o Cutlets
o Shreds
o Tenders & Fingers
o Strips
o Meatballs
• By Source :
o Soy-based
o Wheat-based
o Canola-based
o Pea-based
o Fava Bean-based
o Rice-based
o Lentil-based
o Potato-based
o Chia-based
o Flax-based
o Corn-based
• By Distribution Channel :
o Hypermarkets
o Specialty Stores
o Online
o HoReCa
o Convenience Stores

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This release was published on openPR.