Plant-based fish market to surge this decade
A Fact.MR study has found the plant-based fish market is expected to grow by more than 13 times its current state over the next 10 years.
While the segment for plant-based food has grown exponentially in recent years, the subclassification of plant-based fish is still in its infancy.
It remains highly competitive and fragmented in nature, characterised by a wide range of established and fledgling manufacturers. Primary expansion strategies of key manufacturers involve new product launches, strategic partnerships and acquisitions, as well as aggressive marketing campaigns.
However, as environmental concerns associated with meat and seafood consumption heighten, consumers have turned towards alternatives, prompting a slew of start-up companies to enter the market.
“A growing tilt towards healthier food alternatives, as well as rapidly depleting global fish stocks, are prompting consumers to opt for plant-based alternatives to key seafood varieties, providing traction to the sales of plant-based fish products,” said an analyst on the study.
The scope for plant-based fish products is only expected to widen over the coming years, with the market projected to surge ahead at a CAGR of 28% through 2031.
By product, it is predicted burger patties will continue to hold dominance, although fillets are likely to quickly catch up. It is also likely that plant-based prawns/shrimp will emerge as the most consumed plant-based food type over the coming years.
These products are likely to be sourced from soy-based and wheat proteins.
Further insights can be attained in the market study.
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