Plant-based meat alternatives such as burgers, sausages, and more are already well established in the mainstream market, but plant-based fish? The less familiar alternative is expected to soar this decade.
The plant-based fish market is expected to expand up to 13 times its present-day position over the next 10 years, according to a Fact.MR study. Although plant-based meat alternatives have become increasingly more popular, the sub-category of plant-based fish is still in its beginnings.
An increase of start-up companies in the market has been stimulated as societies and younger generations become more aware and troubled by the environmental and health effects of meat and seafood consumption, adopting vegetarian and vegan diets and, have therefore begun to look into and purchase alternatives.
However, this still relatively new market is very uneven and extremely competitive, made so by the wide variety of young, and already expert companies. Tactical acquisitions and partnerships, intense marketing campaigns and consistently presenting new products are just some of the expansion and growth strategies used by companies.
“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.
At a Compound Annual Growth Rate (CAGR) of 28%, the market for plant-based fish alternative products is anticipated to broaden over the next decade. It is also projected that meat alternative burgers will stay as most consumed in the market, but fillets are expected to rapidly reach the same level. The study also shows that plant-based shrimp or prawns will be the most purchased plant-based food over the next few years.
Wheat and soy based proteins such as seitan, tofu and tempeh are the most likely ingredients to be the base for these fish and seafood alternatives.