Plant-based Shrimp Market By Application (Food, cosmetics & personal care industry, pharmaceuticals);By Nature (organic, conventional); By Distribution Channel (Direct distribution, Retail distribution); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Plant-based Shrimp Market Overview and Definition
The global plant-based shrimp market was valued at USD 1.1 billion in 2022 and is expected to reach at 2.5 billion by 2032, growing at a CAGR of 8.3% between the forecast period from 2022 to 2032.The global plant-based shrimp market is a relatively small but rapidly growing segment of the plant-based food industry. It is expected to experience significant growth in the coming years, driven by increasing consumer demand for sustainable and healthier food options. The market is currently dominated by a few key players, but new entrants are entering the market with innovative products and technologies. North America and Europe are currently the largest markets for plant-based shrimp, but there is also growing interest in Asia and other regions. However, the plant-based shrimp market still faces some challenges, such as developing the right texture and taste, as well as high production costs.
Plant-based shrimp is in great demand amongst consumer owing to its low price and nutritional properties. Plant-based shrimp contains various health benefits such as brain health, improved bone and weight management. Plant-based shrimp has anti-inflammatory and anti-aging properties which helps in reducing the risk of health infirmities. It is extremely beneficial for the overall health of the consumer owing to its highly nutritious properties. Moreover, it also provides relief from eye fatigue and menstrual pain. Plant-based shrimp are widely preferred by hotels, restaurants and the pharmaceutical industry. Moreover, plant-based shrimp is a great source of protein, minerals, protein and it also contains low calorie.
Moreover, the revenue of plant-based shrimp be increased by adopting marketing strategies like segmentation and diversification. Furthermore, raising demand for plant-based shrimp owing to increasing consumption of vegetarians, flexitarians, and vegan products has further boosted the growth of the plant-based shrimp market. Shift in consumer preference and increase in awareness about healthier food products has driven the market growth of the plant-based shrimp market. However, increase in consumption of seafood is the major factor restraining the global market.
Plant-based Shrimp Market Key Drivers
The plant-based shrimp market is being driven by several key factors:
Health and Sustainability: Consumers are increasingly concerned about the health and environmental impacts of their food choices. Plant-based shrimp offers a sustainable, low-fat, low-cholesterol, and low-calorie alternative to traditional shrimp.
Rising Demand for Plant-based Foods: There is a growing trend towards plant-based diets as people become more health and environmentally conscious. This is driving demand for plant-based shrimp and other alternative protein sources.
Innovation: Advances in food technology and the development of new ingredients have enabled manufacturers to create plant-based shrimp products that closely mimic the taste, texture, and appearance of real shrimp.
Increasing Awareness and Availability: The plant-based shrimp market is gaining visibility and traction as more companies launch plant-based shrimp products and expand distribution channels.
Government Support: Government policies and initiatives to promote plant-based diets, reduce greenhouse gas emissions and promote sustainability are also driving the growth of the plant-based shrimp market.
Increase in the commercialization and development of scalable plant based and cell-based shrimp food product has created a great taste, accessibility, and nutritional quality. Moreover, in last couple of years the plant-based shrimp has seen great shift in product innovation and consumer demand for plant-based shrimp food products. These latest trends are expected to create forthcoming transformation with the global food industry. Moreover, plant-based shrimp is produced and supplied through the private sector, the growing technologies and their path toward commercialization will provide lucrative opportunity for the global plant-based shrimp market. Furthermore, raising disposable income, growing population, raising trend of eating health food and others is further projected to boost the plant-based shrimp market.
Thai Union which is one of the world greatest producer of seafood has launched plant-based shrimp as a tempura style product in the year 2021. Recently, Thai Union has introduced its first plant-based products, including dim sum, crabcakes in the food service sector. The company has taken initiative to move towards plant-based shrimp products owing to raising consumer demand. Moreover, Thai Union will link with other major companies that are moving towards plant-based shrimp products. Dutch brand Vegan ZeaStar is planning to introduce a plant-based type of cod fish, Supermarket Trader Joe’s is cuurently working on to increase its product line by adding plant-based shrimp products and global brand Nestle introduced vegan tuna in Switzerland with having plans to expand their product globally. In addition, seafood brand Bumble Bee Foods has done partnership with vegan seafood startup Good Catch Foods to increase its sales, logistics expertise and distribution.
Plant-based Shrimp Market Challenges
The plant-based shrimp market faces several challenges, including:
Texture and Taste: Shrimp has a unique texture and taste that can be difficult to replicate using plant-based ingredients. Achieving the right texture and taste is crucial to the success of plant-based shrimp products.
Cost: Plant-based shrimp is currently more expensive to produce than traditional shrimp, which can be a barrier to adoption and limit market growth.
Consumer Perception: Some consumers are skeptical of plant-based shrimp and other alternative protein sources. There is a need to educate consumers on the benefits of plant-based foods and increase awareness of plant-based shrimp products.
Competition: The plant-based food industry is becoming increasingly competitive, and plant-based shrimp faces competition from other plant-based seafood alternatives and traditional seafood products.
Supply Chain: The supply chain for plant-based shrimp is still developing, and there may be challenges in sourcing sustainable and high-quality plant-based ingredients at scale.
Plant-based Shrimp Market Report Scope
Base Year Market Size
Forecast Year Market Size
Plant-based Shrimp Market Segmentation
By Application Insights
By application analysis, the plant-based shrimp market is segmented into food, cosmetics & personal care industry, pharmaceuticals, and others. The food segment holds the major market share and it is expected to retain its dominance during the forecast period. Plant-based shrimp are contains high nutrients such protein, vitamin, iron and other owing to which its demand among health consumer people is raising and thereby raising its sales in North America region.
On the basis of nature, the plant-based shrimp market is organic and conventional. The organic segment holds the major share and is expected to retain its dominance during the forecast period.
By Distribution Channel
By distribution channel, the plant-based shrimp market is segmented into direct distribution and retail distribution. Retail distribution is expected to dominate the market during the forecast period. Retail distribution includes hypermarkets/supermarket, specialty stores, convenience store, online sales channel and others. Retail distribution is the process where the producer sales its product and service to the retailer and then retailer sales it to the consumer. Moreover, raising government expenditure on retail channels along with pricing concession in products has further boosting the growth of the plant-based shrimp market.
Plant-based Shrimp Market Regional Synopsis
The plant-based shrimp market is a global market, but there are some regional variations in demand and market growth.
North America and Europe are currently the largest markets for plant-based shrimp, driven by the rising demand for plant-based food, growing environmental concerns, and increasing health consciousness among consumers. In North America, the United States is the largest market, and it is expected to remain dominant in the coming years. In Europe, countries like the UK, Germany, and France are the major markets.
In Asia, there is also growing interest in plant-based shrimp, driven by increasing concerns about food safety and sustainability, and growing health consciousness. China and Japan are the largest markets in the region, and there is significant potential for growth in the coming years.
Latin America and the Middle East and Africa are currently smaller markets for plant-based shrimp, but they are expected to grow in the coming years as consumers become more aware of the health and environmental benefits of plant-based foods.
Overall, the plant-based shrimp market is expected to experience significant growth in all regions as more consumers shift towards plant-based diets and seek out sustainable and healthier food options.
Plant-based Shrimp Market Key Players
- Nekkanti Sea Foods
- Royal Greenland A/S
- The Liberty Group
- Devi Fisheries
- Thai Union
- Quoc Viet
- Zhanjiang Guolian
Plant-based Shrimp Market: Recent Developments
The plant-based shrimp market is a rapidly evolving industry, and there have been several recent developments in the market, including:
New product launches: Several new companies have entered the plant-based shrimp market in recent years, with innovative new products featuring a variety of plant-based ingredients.
Partnerships and collaborations: Large food companies are partnering with plant-based startups to develop new plant-based shrimp products and expand distribution channels.
Investment and funding: The plant-based food industry has attracted significant investment in recent years, with many investors seeing the potential for growth in this market.
Sustainability initiatives: Plant-based shrimp manufacturers are increasingly focusing on sustainability and reducing the environmental impact of their products. For example, some companies are using seaweed-based ingredients, which are more sustainable than traditional shrimp farming.
Research and development: Companies are investing in research and development to improve the taste, texture, and nutritional value of their plant-based shrimp products, with a focus on creating products that closely mimic the taste and texture of real shrimp.