After Plant-based meat alternatives, now plant-based fish has been gaining pull as a tasty and readily available option, for example. Consumers prefer plant-based fish products due to the fact, they’re typically allergen-free and highly nutritional.
Also, the transition toward more healthy and sustainable diets is fueling the demand for plant-based food products
Consumer interest in plant-based fish products is mainly driven by rising health concerns; focus on fish welfare and environmental safety. Owing to the excellent benefits that fish alternatives offer, there has been a significant rise in sales of such products.
According to the Food and Agriculture Organization of The United Nations (FAO), the average annual growth rate of total fish consumption increased by 3.1% between 1961 and 2017. In per capita terms, food fish consumption rose from 9 kg in 1961 to around 20.5 kg in 2018.
In 2018, global capture fisheries production reached the highest ever recorded, at 96.4 million tons. To cope with this rampant overfishing, a huge emphasis is being put on sustainable fish alternatives. Some of the emerging players are introducing novel technologies to ramp up vegan fish production.
Plant-based fish products play a crucial role in preserving the environment and mitigating the effects of commercial fishing.
The Biomagnification process has raised grave concerns among nutritionists and seafood consumers. It makes humans more prone to cancer, kidney problems, liver issues, respiratory disorders, and various heart diseases. As a result, consumers are expressing interest in utilizing fish alternatives to cope with this serious situation.
The seafood craze among consumers will boost the sales of vegan fish alternatives during the forecast period. Future Market Insights (FMI) in its latest analysis forecasts that the global plant-based fish market will grow by a 28% CAGR between 2021 and 2031.
Soy is an excellent source of omega-3 fatty acids. It’s one of the most commonly used alternative plant-based ingredients to replace marine-derived fishmeal, because of its worldwide availability and low price.
Various novel techniques are being employed to improve the soy ingredient profiles, like increased protein levels, decreased levels of anti-nutritional factors (ANFs), and enhanced digestibility. As a result, soy-based protein is highly preferred by nutritionists and fitness enthusiasts.
Owing to its low cholesterol and saturated fat content, soy-based protein is forecast to accelerate the sales of fish alternatives in the coming years.
Also, rising cases of food sensitivities related to seafood are causing more and more consumers to consider plant-based alternatives.
The COVID-19 pandemic has significantly disrupted raw material and component supplies for the production of vegan fish products. Lockdowns imposed by various countries negatively impacted the demand for plant-based fish products, too. Restrictions on the import and export businesses limited the production and consumption of plant-based fish products.
Although the vegan fish industry is in its infancy, its products are gaining popularity. A number of startups and seafood giants have announced their plans to roll out plant-based seafood alternatives during recent years. They are expanding their portfolio by introducing various products such as burger patties, fillets, shreds, cutlets, and others.
Novish, the plant-based seafood substitute brand, was launched in December 2019. International Food & Beverage giant Nestle announced its entry into the plant-based seafood market with the launch of a plant-based alternative for tuna in 2020.