Industry Background:
Plant-based shrimp is a vegan alternative to real shrimp fish. It is made up of red and green algae, sea salt, agave syrup, mung beans, soya beans, etc. although it tastes exactly the same as real shrimp does. The market of plant-based shrimp has huge prospectus not just economically but also environmentally as fishing of shrimps results in the destruction of mangroves and natural ecosystem collapse due to excessive shrimp fishing.This growth is primarily driven by Increased Conciseness about Sustainability Among Masses Regarding Environment and Marine Life Protection
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | Tons |
Value Unit | Value (USD Million) |
Key Companies in Study | New Wave Foods, Inc. (United States), Happy Ocean Foods (Germany), Van Cleve Seafood (United States), Vegan ZeaStar (Netherlands), The Plant-Based Seafood Co. (United States), BeLeaf vegan (United States), Loving Hut (Korea) and Sophie's Kitchen (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Globally, a noticeable market trend is evident Innovation in Animal-Based Diet to Vegan Alternatives. Major Vendors, such as New Wave Foods, Inc. (United States), Happy Ocean Foods (Germany), Van Cleve Seafood (United States), Vegan ZeaStar (Netherlands), The Plant-Based Seafood Co. (United States), BeLeaf vegan (United States), Loving Hut (Korea) and Sophie's Kitchen (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2021, Thai Union one of the world’s biggest seafood producer and world’s biggest canned tuna processor, who had entered into plant-based seafood market last year, has announced that it will rollout plant-based shrimp in 2021
The industry is still in its very beginning stages, with the majority of players being start-ups trying to secure investments. The industry is expected to boom in upcoming years with players still trying to figure out ways to reduce costs and accelerate production. New Wave Foods and Happy Ocean Foods are leading the market of plant-based shrimp for now in terms of taste, production capacity, and investments secured.
Market Drivers
- Increased Conciseness about Sustainability Among Masses Regarding Environment and Marine Life Protection
- Stringent Govt. Policies Regarding Over Fishing and Degradation of Mangroves Due to Excessive Fishing
- Increased Investments by Venture Capitalists in New Food Products and Food Chains
Market Trend
- Innovation in Animal-Based Diet to Vegan Alternatives
Restraints
- Fluctuations in Production of Raw Materials will Affect its Prices and will thus Also Affect the Prices of Finish Plant-Based Shrimp Product
- Due to Currency Risk, the Fluctuations in Value of Based Currency to Foreign Currency will Also Affect the Prices of Finished Product
Opportunities
Growing Awareness About Sustainability, Environment Protection, Malpractices During Fishing Like Excessive Fishing, Exploitation of Marine Habitats, Child Labour, Etc. Involved in it will Drive People Towards More Plant-Based Diets Including Plant-Based Shrimps
Challenges
Cost of Plant-Based Shrimps is Very High Compared to Real Shrimp Fish, thus due to High Costs, the Growth of Plant-Based Shrimps is Going to Face Low Growth Limited to Rich Income Economies and False Perception about Plant-Based Shrimps Taste More Plant Like than Meaty or Fishy
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Plant-Based Shrimp Study Sheds Light on
The Plant-Based Shrimp Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Plant-Based Shrimp industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Plant-Based Shrimp industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.