The global plant-based seafood market is predicted to hit a staggering $1.3 billion by 2031.
According to a new report by Fact. Mr, the 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.”
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.