Global Plant-Based Seafood Market To Hit $1.3 Billion In Next Decade, Says Report The report listed environmental concerns as one of the key drivers of the market's growth - Media Credit: Instagram / Loma Linda

Global Plant-Based Seafood Market To Hit $1.3 Billion In Next Decade, Says Report

Key drivers for the growth include environmental concerns and increased awareness of health problems linked to excessive meat consumption

By

2 Minutes Read

The global plant-based seafood market is predicted to hit a staggering $1.3 billion by 2031.

According to a new report by Fact. Mrthe industry is projected to soar at a CAGR of around 28 percent over the next decade. 

Global plant-based seafood market

Key drivers for the growth include environmental concerns, the ‘rapid depletion of global fish stocks’ and increased awareness of health problems linked to excessive meat consumption. 

“With the veganism trend on the rise, plant-based fish products have been steadily acquiring substantial gains over the past few years,” the report states.

“From 2016 – 2020, the market was already experiencing staggering double-digit growth and is further anticipated to aggrandize over the coming years. 

“Growing sensitization towards the environment combined with healthy eating trends are driving growth substantially.”

The report does cite a ‘moderate blip’ in the market’s growth due to the COVID-19 pandemic. 

However, it adds: “As the months passed and restrictions eased, growth prospects were gradually restored. In fact, registered more gains in the latter half of the years.”

Seaspiracy

Anti commercial fishing documentary Seaspiracy may also be boosting the market.

According to Google Trends, worldwide searches for the term ‘vegan seafood’ have soared over the last 12 months. There was also a significant increase in the week Seaspiracy debuted on Netflix. 

The United States has shown the most interest in vegan seafood – with a 100 percent increase over the last year. Australia follows second with an 83 percent surge – and the UK with a 45 percent increase.

Searches for ‘plant-based seafood’ have also soared in the last 12 months: by 100 percent in Singapore, 65 percent in the US, 42 percent in Australia and Canada, and 41 percent in the UK. 

Millions around the world trust Plant Based News for content about navigating our changing planet & our role in it.

Our independent team of journalists and experts are committed to making an impact through a wide range of content—and you can help by supporting our work today.

heading/author

The Author

Liam Gilliver

Liam is the former Deputy Editor of Plant Based News. He has written for The Independent, Huffington Post, Attitude Magazine, and more. He is also the author of 'We're Worried About Him'.

More by Liam Gilliver iconography/arrow-right

heading/comments

Leave a Comment

Plant Based News Comment Policy

In short:- If you act with maturity and consideration for other users, you should have no problems. Please read our Comment policy before commenting.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
buttons/scroll-to-top/scroll-to-top-small-active