Plant-based Seafood Market in the US
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.
- 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.
Proposed next steps:
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As this research only touched on the US market, we propose continued research focusing on similar 4-5 statistical insights into the plant-based seafood market within the broader seafood market for the global market.
We also propose research to identify 3-5 main players in the plant-based fish and seafood market in the US focusing on why we chose them and what their main offering/products are.