A report by Data Bridge Market Research has predicted that the plant-based seafood market will grow with a considerable CAGR of 28.5% through to 2029.
Growth will be driven by the rising popularity of veganism, along with environmental, health, and animal welfare issues. Increased prevalence of gastrointestinal disorders, which can be caused by pollutants such as mercury in conventional seafood, may also drive demand. However, a lack of consumer awareness of seafood alternatives could impede growth.
Europe is currently dominating the plant-based seafood market, due to numerous new product launches and the availability of alt seafood options at some major restaurant chains. The East Asian market is also projected to see significant growth over the forecast period, as the number of plant-based seafood products available considerably increases.
An appealing option
The new figures support the results of previous research, with a report from October finding that alt seafood is a significant driver of the plant-based food market as a whole.
In 2021, a market report forecast an impressive CAGR of 28% for the alt seafood market between 2021 and 2031, echoing the recently published findings. The report predicted that the market would top a valuation of $1.3 billion by 2031, with plant-based shrimp emerging as the most consumed type of seafood alternative.
“Vegan fish alternatives are gaining traction as an appealing option for consumers who want great taste and texture, without compromising their sustainability values,” nutrition and health company DSM told vegconomist. “At the same time, plant-based seafood also presents an opportunity for eco-conscious consumers and the food and beverage industry alike to play a role in protecting the planet’s limited fish resources – figures show that 33% of fish stocks are currently overfished.”