170 Pages of Market Study Conducted on the Plant-based Fish Market by Fact.MR, a Market Research and Competitive Intelligence Provider Offers Vital Insights into Key Factors and its Consequent Impact on the Demand and Sales of the Plant-based Fish Market over the Forecast Period 2019-2029
Fact.MR’s latest study on the Plant-based Fish Marketprovide compelling insights into critical trend and opportunities creating the demand prospects during the assessment period. It also highlights potential sales pockets in terms of taxonomy including By Product, By Distribution channel.
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As environmental concerns associated with meat and seafood consumption heighten, consumers are turning towards more nature-friendly alternatives, prompting a slew of start-up companies to offer a broad range of plant-based product offerings. Sales of plant-based food products have witnessed unprecedented gains in recent years, with the global food & beverage market experiencing extensive marketing and promotion campaigns for the same.
According to the U.S. Department of Agriculture, the average quantity of per capita canned tuna consumption declined by over 41% between 1986 and 2016, from 3.6 pounds to 2.1 pounds. Strong odor, combined with high mercury concentrations, were attributed as some of the primary reasons for this. Moreover, as per the 2018 Summer Food & Drink Trends report, one-third of all Americans, and 37% of millennials, planned to purchase more plant-based products by 2019. The sector expanded by nearly a fifth, reaching over US$ 3.7 billion. As such, the scope for plant-based fish products is only expected to widen over the coming years, with the market projected to surge ahead at an astonishing CAGR of 28% through 2031.
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Key Takeaways from Market Study
- By product, burger patties to hold dominance, fillets to catch up swiftly
- By source, soy-based proteins to remain dominant, popularity of wheat-proteins to soar
- HoReCa (Food Service Sector) to remain dominant distribution channel, online sales catching up
- Plant-based shrimp to emerge as most consumed type over coming years
- The U.S. to emerge as the dominant market for plant-based fish in North America, amid high presence of major F&B corporations
- Growing animal sensitization trends driving sales across the U.K., which incidentally is likely to become the world’s largest market
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||North AmericaLatin AmericaWestern EuropeEastern EuropeAPEJJapanMiddle East & Africa|
|Key Countries Covered||USCanadaMexicoUKFranceGermanyItalyChinaSouth KoreaJapanIndiaASEANAustraliaNew ZealandGCCSouth Africa|
|Key Segments Covered||FishProductSourceDistribution ChannelRegion|
|Key Companies Profiled||Beyond MeatImpossible FoodsOjahMemphis MeatsChickPVestkron A/SAspire Food GroupAleph FarmsIngredion Inc.Archer Daniels Midland CompanyGushen Biotechnology Ltd.Roquette FreresGlanbia Plc.CHS Inc.AGRANA Beteiligungs AGNestle SATyson Foods|
Key Questions Answered in Report
- How will the global market expand through 2021 and beyond?According to Fact.MR’s analysis, the market for plant-based fish products is expected to gain significantly from growing inclination towards vegan and vegetarian diets in lieu of mitigating adverse environmental impacts due to meat consumption. Furthermore, depletion of existing fish stocks is causing a shortage of fish meat, compelling manufacturers to develop alternative products.
- Why is the U.K. anticipated to emerge as the largest market for plant-based fish?The U.K. is expected to emerge the largest market as nearly 50% of all English consumers are shifting towards vegetarian diets. Growing prevalence of animal sensitization is majorly underpinning market growth across the country.
- Which plant-based fish type is expected to hold a dominant market share?As per Fact.MR’s report, demand for plant-based shrimp is expected to incline substantially across the 2021-2031 forecast period.
- Which are the prominent companies providing plant-based fish products?Prominent companies manufacturing plant-based fish products include Beyond Meat, Impossible Foods, Ojah, Memphis Meats, ChickP, Vestkron A/S, Aspire Food Group, Aleph Farms, Ingredion Inc., Archer Daniels Midland Company, Gushen Biotechnology Ltd., Roquette Freres, Glanbia Plc., CHS Inc., and AGRANA Beteiligungs AG
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Crucial insights in the Plant-based Fish Market research:
- Underlying macro- and microeconomic factors impacting the growth of the Plant-based Fish Market Basic overview of the Plant-based Fish Market, including market definition, classification, and applications.
- Scrutinization of each Plant-based Fish Market player based on mergers & acquisitions, R&D projects, and product launches.
- Adoption trend of Plant-based Fish Market across various industries.
- Important regions and countries offering lucrative opportunities to Plant-based Fish Market stakeholders.
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