Wonder

Research Outline

Prepared for Mark G. | Delivered November 22, 2019

Plant-based Seafood Market in the US

Goals

To provide 4-5 statistical insights into the plant-based seafood market within the broader seafood market addressing how trends have evolved and the percentage of the seafood market that is plant-based in the US. 

Early Findings

The plant-based seafood industry is nascent compared to the other imitation meat and dairy categories and is considered to make up less than 1% of the $800 million plant-based meat category market. Annual sales of fish substitutes in the US are estimated at around $10 million. 
The US fish and seafood market is estimated at $3.3 billion. Consequently, the plant-based seafood market can be estimated to make up 0.3% of the seafood market (10 million/3.3 billion).
According to a report by Plant Based Foods Association and The Good Food Institute released earlier in 2019, the plant-based meat category sales are up 10% in the past year, and make up 2% of the retail packaged meat sales.
In general, US consumers tend to eat less fish at about 10kg a year compared with more than 40kg for chicken and 25kg for beef.
American’s fish intake is lower than that of other developed countries at less than 10kg, annually, compared to over 20kg in other developed countries.
Consumers may not be fully converted to diets of plant-based fish and seafood as they many not see any perceived health benefits as it is with other types of meats.