Press release
Alternative Seafood Market Current Scenario with Future Trends Analysis to 2031
The Global Alternative Seafood Market is expected to grow with a CAGR of 38.9% during the forecast period of 2024-2031.
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The alternative seafood market represents a rapidly emerging sector dedicated to offering sustainable and innovative substitutes for conventional seafood. With global seafood consumption increasing due to growing health consciousness and environmental concerns, alternative seafood presents practical and ethical solutions to these challenges. This sector encompasses a range of product types, including plant-based seafood-formulated from ingredients such as legumes, soy, seaweed, and mycoproteins-designed to mimic the taste and texture of traditional seafood for consumers seeking to reduce animal-based protein intake. Additionally, fermentation-derived seafood leverages microbial fermentation processes, often involving algae or fungi, to produce nutrient-rich alternatives.
List of Prominent Players in the Alternative Seafood Market:
• Bluu Seafood
• New Wave Foods
• Wildtype
• Finless Foods
• Shiok Meats
• Avant Meats
• Ocean Hugger Foods
Market Dynamics:
Drivers-
The challenges of overfishing and bycatch pose significant sustainability risks to global marine ecosystems, prompting a growing demand for alternative seafood solutions. These products offer a more environmentally responsible option by alleviating pressure on wild fisheries while delivering nutritional benefits, such as omega-3 fatty acids, without the harmful contaminants like mercury commonly found in conventional seafood. In Japan, alternative seafood is gaining popularity due to its lower cholesterol content.
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Challenges:
Despite its potential, the alternative seafood industry faces several obstacles. High production costs continue to hinder the ability to reach price parity with conventional seafood, limiting broader consumer adoption. Accurately replicating the distinctive taste and texture of seafood remains a technical challenge, with current offerings often falling short, necessitating further investment in research and development.
Regional Trends:
The Asia-Pacific region is poised to lead the global alternative seafood market, supported by strong investments and technological advancements in countries such as Singapore, Japan, and Hong Kong. Achieving cost competitiveness with traditional seafood, coupled with a skilled workforce and robust research infrastructure, is expected to accelerate regional growth. Favorable regulatory environments and heightened consumer awareness are also playing a pivotal role. In particular, plant-based seafood products are already available in the market, fermentation-based alternatives are gaining momentum in China, and cell-cultured seafood is approaching commercialization.
Recent Developments:
• In Jan 2023, San Francisco-based Wildtype, which raised an impressive $100 million in Series B funding last year with backing from investors like Leonardo DiCaprio, plans to launch its cultivated sushi-grade salmon in restaurants later this year.
• In March 2024, UMAMI Bioworks acquired cultivated meat and seafood company Shiok Meats, gaining control over Shiok Meats' research on developing cell-based crustacean products, including lobster and shrimp.
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Segmentation of Alternative Seafood Market-
By Product Type:
• Plant-Based Seafood
• Cell-Cultured Seafood
• Fermentation-Derived Seafood
By Distribution Channel:
• Supermarkets & Hypermarkets
• Online Retail
• Specialty Stores
• Foodservice Providers
By Species:
• Tuna
• Salmon
• Shrimp
• Crab
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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