Global Plant-based Shrimp Market - 2023-2030

Market Overview

Global Plant-based Shrimp Market reached US$ 1.2 billion in 2022 and is expected to reach US$ 2.2 billion by 2030 growing with a CAGR of 8.1% during the forecast period 2023-2030.

Increase in the consumers demand for the cruelty-free and sustainable alternatives like plant based shrimp which helps to boost market growth over the forecast period. Rise in the consumers shift towards healthier eating habit and adoption of the vegan and meatless shrimp diet further helps to boost market growth.

The combination of plant-based protein, seafood alternatives, and plant-based shrimp offers consumers a diverse range of sustainable and nutritious options. Seafood analogues helps to reduce the environmental impact associated with traditional seafood production. Textured vegetable protein is ingredient used in the production of plant based shrimp.

Market Dynamics

Rise in the Popularity of Veganism Drives the Market Growth of Plant based Shrimp Market

According to new data released by SPINS, plant-based food sales in the US reached $7 billion, growing 27% in 2021 at a rate two times higher than the overall food market. Between 2018 and 2020, plant-based product sales grew by 43%, almost 2.5 times higher than the food industry's 17% increase. A recent study found that vegan and vegetarian diets have 1% lower risk of heart disease, but 0.3% lower risk of stroke linked to B12 deficiency. Nonvegetarian diet leads to an increased risk of cardiovascular disease and diabetes. Also, the availability of multiple plant-based seafood options is expected to drive the market growth.

Increase in the Innovative Product Launches Helps to Boost Market Growth of the Plant-based Shrimp Market

The increasing introduction of new products in the plant-based shrimp market is contributing to its growth by increasing demand for sustainable seafood and cruelty-free seafood options like plant based shrimp. These plant based shrimp products are made from the various sources like Seaweed, Legume Protein, Plant based Omega3, Soy protein, Pea Protein and others. Also, increase in the research and development by key players also helps to boost market growth of the plant based shrimp market.

Increase in the innovative product launches by major key players helps to boost segment growth over the forecast period. For instance, on January, 27, 2023, Boldly, a vegan seafood company launched various plant based seafood in the market such as calamari, shrimp, salmon and tuna sashimi which is derived from the konjac root vegetable. Also, on March 30,2021, Tyson, a food company launched its seaweed based shrimp in the United States of America.

Stringent Government Regulations for the Plant-based Shrimp Hampers Market Growth

Government regulations require clear and accurate labeling of plant based shrimp, including ingredients, nutritional information, and potential allergens. Compliance with this regulation require that additional costs and administrative efforts are incurred for developers. Governments has establish certification requirements or standards for plant based seafood, including shrimp, to ensure consumer safety and product quality.

Regulatory agencies may impose restrictions on specific ingredients for plant-based shrimp, requiring producers to carefully select and substitute ingredients to comply with regulatory guidelines. International trade in plant based shrimp may be subject to various import and export regulations, including inspection procedures, documentation requirements, and taxation Such regulations this can increase costs and complexity for manufacturers and can restrict market expansion.

COVID-19 Impact

The Covid pandemic created a demand for plant-based shrimp products due to increasing e-commerce platforms and an increasing number of online food delivery services. Due to the COVID-19 outbreak and imposition of lockdowns, many consumers avoided visiting retail stores. Moreover, the adoption of vegan diets is growing due to rising health awareness, which directly increases the demand for the global plant-based shrimp food market post-pandemic.

According to McKinsey's survey of 2020, almost 70% of respondents informed that they are going to spend more time and money purchasing safer and eco-friendly products, while almost 60% were more inclined toward healthily eating practices after the pandemic. Furthermore, the growing vegan population during the pandemic is one of the main reasons for the increasing consumption of plant-based shrimp. During the pandemic, consumers were more conscious about the type of food they were consuming and were taking the necessary steps to reduce the unnecessary intake of fat and high-calorie food products in their regular diet.

Segment Analysis

The global plant-based shrimp market is segmented based on source, storage, distribution channel and region.

Increase in the Consumers Demand for the Frozen Plant-based Shrimp

The global plant-based shrimp market by type has been segmented by frozen, refrigerated, and shelf stable plant-based shrimp.

Frozen plant-based shrimp help extend its shelf life and reducing the risk of spoilage and food waste. Vegetarian frozen shrimp can be used in a variety of dishes, such as stir fry, pasta, salads, and appetizers, providing culinary versatility.Frozen vegetarian shrimp can be purchased chilled and enjoyed year-round. Vegetarian shrimp can be frozen to enhance texture, creating an authentic and satisfying dining experience similar to real shrimp.

Increase in the product launches by major key players helps to boost segment growth over the forecast period. Producers and manufacturers are expanding their range to include frozen vegetarian shrimp, offering consumers a wider variety of options, including a variety of flavors, coatings for the manufacture of food products. The increase in consumer demand for plant-based frozen shrimp reflects the demand for sustainable cruelty-free chemical alternatives to traditional seafood, making it an important segment in the plant based seafood market

Geographical Analysis

Increasing Consumers Demand for Plant-based Shrimp in the United States

United States and Canada are the dominating countries in the region due to the increasing in the consumers disposable income. Due to the penetration of the production and distribution sectors, North America has the highest potential for expansion. It is, therefore, the most lucrative region for the global plant-based shrimp market. In the upcoming years, the market for shrimp products made from plants is anticipated to expand dramatically in the US.

Increase in the vegan population in the North America helps to boost regional growth over the forecast period. According to the data given by Vegan Bits in 2023, about 5% of the Americans consider themselves vegetarians, and 3% consider themselves vegans. Increase in the trend of veganism in North America helps to boost growth of the plant-based shrimp market. Major key players in the region launched new products in the market to expand their business.

Competitive Landscape

The major global players include: New Wave Foods, Beyond Meat, Gathered Foods Corp, Maple Leaf Foods, Finless Foods, Ocean Hunger Foods, The Vegetarian Butche, Kraft Heinz, Moving Mountains Foods, and Monde Nissin.

Why Purchase the Report?

• To visualize the global plant based shrimp market segmentation based on source, storage, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant based shrimp market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global plant based shrimp market report would provide approximately 61 tables, 59 figures and 122 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies