United States Plant-based Seafood Market 2023: A Valuation of US$ 93.2 Million Predicted by 2028 | IMARC Group

IMARC Group, a leading market research company, has recently released a report titled “United States Plant-based Seafood Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the United States Plant-based Seafood market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the United States Plant-based Seafood Market?

The United States plant-based seafood market size reached US$ 20.8 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.2 Million by 2028, exhibiting a growth rate (CAGR) of 27.6% during 2023-2028.

What is Plant-based Seafood?

Plant-based seafood is a burgeoning sector within the food industry, offering products designed to mimic traditional seafood’s texture, flavor, and nutritional benefits, but made from plant materials. These alternatives are commonly crafted using proteins from soy, peas, or beans, with the addition of seaweed or algae extracts to provide the umami flavor associated with seafood. Advances in food science have been integral to improving these products, achieving textures and tastes that increasingly resemble fish, shrimp, and other sea-based proteins. The development of plant-based seafood aligns with several current consumer trends and concerns. Environmentally, it presents a response to the global issue of overfishing and the environmental degradation of marine ecosystems. Health-conscious consumers are drawn to it to avoid potential contaminants found in conventional seafood, such as mercury and microplastics. Furthermore, plant-based seafood caters to those with dietary restrictions, including vegetarians, vegans, and individuals with seafood allergies.

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What are the Growth Prospects and Trends in the United States Plant-based Seafood Industry?

The increasing awareness of the health risks associated with mercury, PCBs, and other contaminants found in certain fish and seafood represents one of the key factors driving the growth of the market across the United States. In line with this, plant-based alternatives are perceived as safer options that are free from these concerns. Overfishing, bycatch, and the destruction of marine ecosystems are critical issues for environmentally conscious consumers. Plant-based seafood offers a solution that does not contribute to these problems, aligning with the sustainable food movement. Animal welfare concerns extend to the treatment of marine life. Plant-based seafood circumvents the ethical dilemmas of commercial fishing practices, appealing to consumers who prioritize animal welfare in their purchasing decisions. The rise in veganism, vegetarianism, and flexitarian diets in the U.S. is increasing the demand for plant-based protein options. Plant-based seafood fits into these dietary preferences and caters to consumers seeking diversity in plant-based offerings. Seafood allergies are common and can be severe. Plant-based seafood products offer a safe alternative for individuals with these allergies, which is expanding the consumer base.

In addition to this, advances in food technology are improving the taste and texture of plant-based seafood, thus making it a more acceptable substitute for traditional seafood. Increased availability in supermarkets and restaurants also contributes to the market growth. The market is witnessing an influx of investment and the emergence of startups dedicated to creating plant-based seafood, which is fueling innovation and product development, and raising consumer interest. Campaigns promoting the health and environmental benefits of plant-based diets by government entities and private organizations are leading to increased consumer awareness and the demand for plant-based seafood. Major players in the food industry are either expanding their product lines to include plant-based seafood or investing in startups, which is creating a positive outlook for the market across the United States.

What is Included in Market Segmentation?

The report categorized the market based on product type, distribution channel and region.

Breakup by Product Type:

• Fish Products
• Prawn & Shrimp Products
• Crab Products

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others

Regional Analysis:

• Northeast
• Midwest
• South
• West

Who are the Key Players Operating in the India United States Plant-based Seafood Market?

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Key Highlights of The Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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