United States Plant-based Seafood Market Report and Forecast 2024-2032

United States Plant-based Seafood Market Outlook

The United States plant-based seafood market size is estimated to grow at a CAGR of 31.0% during 2024-2032. The market is being aided by the growing trend of veganism and growing concerns regarding animal welfare in the country.

Key Trends in the Market

Plant-based seafood refers to food products that are derived from plant sources but have a homogeneous texture, taste, appearance, and nutritional profile to conventional seafood. Industrial fishing and fish farming are two methods of typically procuring seafood.

Plant-based seafood is made from different sources, including pea protein, a mixture of different plant-derived proteins, and trehalose, among others. One of the chief ingredients in plant-based seafood is seaweed, majorly used by various brands, which further contributes to the authenticity of the flavour.

• The United States plant-based seafood market growth can be attributed to the growing shift towards veganism amid growing environmental and animal welfare concerns. As the vegan population refrain from animal-derived products, the demand for plant-based seafood products is significantly increasing.

• With the rise in issues like obesity, chronic diseases, and heart diseases, among others, customers are focusing on altering their food consumption habits and preferring clean and natural products. Plant-based seafood generally boasts less unsaturated fat and sodium content, thus making it a healthier option as compared to conventional seafood.  Moreover, conventional seafood can contain contaminants like mercury and microplastics, and the residues of antibiotics used in some fish farming can be hazardous to health, which is also pushing consumers to seek plant-based alternatives.

• Factors like improving living standards, rapid urbanisation, and rising per capita expenditure of consumers on superior-quality food items are stimulating the United States plant-based seafood market demand. Furthermore, the growing availability of plant-based seafood in foodservice establishments and distribution channels such as cafes, supermarkets, and restaurants, among others, is fuelling the market growth.

United States Plant-Based Seafood Market Segmentation

On the basis of source, the market is divided into soy, wheat, pea, canola, and lentil, among others. Based on product type, the market is divided into fish products, prawn and shrimp products, and crab products, among others.

On the basis of distribution channel, the market is divided into hypermarkets/supermarkets, convenience stores, and online channels, among others. The major regional markets of plant-based seafood in the United States are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in United States plant-based seafood market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Conagra Brands, Inc.

• Gathered Foods Corp.

• Atlantic Natural Foods

• New Wave Foods, Inc.

• Ocean Hugger Foods, Inc.

• Fysh Foods

• The Plant Based Seafood Co.

• Beleaf Corporation

• WORTHINGTON

• MyJinka

• Others

Market Share by Source

As per the United States plant-based seafood market analysis, peas are widely used in plant-based seafoods due to their rich protein rich content. Peas also provide similar texture and mouthfeel to non-plant-based seafood as its conventional counterparts. Moreover, the versatility and excellent nutritional profile of peas is also bolstering their use in plant-based seafoods.

In the forecast period, the demand for soy-based protein ingredients in plant-based seafoods due to their high-quality protein, attractive costs, enhanced functionality, and excellent gelling and binding properties.

Market Share by Distribution Channel

Supermarkets and hypermarkets represents a significant portion of the United States plant-based seafood market share as they are considered one stop shopping destinations in both urban and rural areas.

With the increasing popularity of plant-based seafood products, supermarkets and hypermarkets are expanding their product portfolios to incorporate these products. Attractive discounts and offers provided by these distribution channels further boost their appeal for buying plant-based seafood.

Meanwhile, online channels are also gaining popularity due to a greater penetration of mobile phones, which allow consumers to access products and services online with just one touch. Online channels are easy and convenient in nature, and facilitate services like home delivery, free shipment, and return and refund. Such benefits are expected to surge the use of online platforms for buying plant-based seafood products in the forecast period.

Competitive Landscape

Conagra Brands, Inc. was founded in 1919 and is headquartered in Chicago, Illinois. It is an American consumer packaged goods holding company and offers products like cooking oil, hot cocoa, hot dogs, frozen dinners, and peanut butter. The company promotes plant-based seafood through its products like fish filets and mini crab cakes.

Gathered Foods Corp., founded in 2016, is a company that deals in different plant-based seafood products, including salmon burgers, fish sticks, fish fillets, crab cakes, fish cakes, and fish burgers. Its recipes include alternate ingredients including peas, chickpeas, lentils, soy, fava beans and navy beans that promise rich flavours and great texture.

Beleaf Corporation started its operation in the year 2017 and manufactures plant-based food products. Its products are produced through non-GMO (genetically modified organism) methods. Its plant-based shrimp won country’s top plant-based seafood title at the Plant-based World Expo Award for three consecutive years.

Other United States plant-based seafood market players include Atlantic Natural Foods, New Wave Foods, Inc., Ocean Hugger Foods, Inc., Fysh Foods, The Plant Based Seafood Co., WORTHINGTON, and MyJinka, among others.

Key Highlights of the Report