Alternative Seafood Sector Set to Surge with 38.9% CAGR by 2031

(EMAILWIRE.COM, September 26, 2024 ) InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Alternative Seafood Market Size, Share & Trends Analysis Report Product Type (Plant-Based Seafood, Cell-Cultured Seafood, Fermentation-Derived Seafood), Distribution Channel (Supermarkets & Hypermarkets, Online Retail, Specialty Stores, Foodservice Providers), Species (Tuna, Salmon, Shrimp, Crab, Others)- Market Outlook And Industry Analysis 2031″
The Global Alternative Seafood Market is expected to grow with a CAGR of 38.9% during the forecast period of 2024-2031.

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The alternative seafood market is an emerging sector focused on providing sustainable and innovative substitutes for traditional seafood. As global seafood demand rises due to health trends and environmental concerns, alternative seafood offers viable solutions to these challenges. This category includes plant-based seafood, derived from legumes, soy, seaweed, and mycoproteins, designed to replicate the taste and texture of conventional seafood for those reducing meat intake. Fermentation-derived seafood utilizes microbial fermentation, often with algae or fungi, to create protein-rich alternatives. Cell-cultured seafood, or lab-grown seafood, involves cultivating seafood from animal cells without fishing, offering an ethical and sustainable alternative.
Alternative seafood products are versatile in culinary applications. Standalone products like plant-based fish fillets, shrimp, and crab cakes can be prepared similarly to traditional seafood. Additionally, these alternatives can be incorporated into various recipes, from sushi to pasta, allowing consumers to enjoy familiar dishes while adhering to plant-based or sustainable diets.
List of Prominent Players in the Alternative Seafood Market:
• Bluu Seafood
• New Wave Foods
• Wildtype
• Finless Foods
• Shiok Meats
• Avant Meats
• Ocean Hugger Foods

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Alternative Seafood Market Report Scope:
Report Attribute Specifications
Growth rate CAGR CAGR of 38.9% from 2024 to 2031
Quantitative units Representation of revenue in US$ Mn, and CAGR from 2024 to 2031
Historic Year 2019 to 2023
Forecast Year 2024-2031
Report coverage The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments covered By Product Type, Distribution Channel, Species
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Market Dynamics:
Drivers-
Overfishing and bycatching are major sustainability concerns in the fishing industry, threatening the future of our oceans. Alternative seafood offers a solution by reducing environmental impact and smoothing pressure on wild fisheries while also providing health benefits like omega-3s without the contaminants, such as mercury, found in conventional seafood. In Japan, alternative seafood is gaining appeal for its lower cholesterol content. Additionally, since seafood typically has higher price points than meat, alternative seafood is more likely to achieve price parity with traditional products, with consumers generally more willing to pay a premium for these options compared to meat alternatives.
Challenges:
The alternative seafood market faces key challenges, including high production costs that hinder price parity with traditional seafood, limiting consumer adoption. Replicating seafood’s unique taste and texture remains difficult, with many products falling short, requiring further R&D. Consumer skepticism about freshness and naturalness, especially in cultures with strong seafood traditions, also poses a barrier, with taste being the most critical factor for acceptance
Regional Trends:
The Asia-Pacific region is set to lead the global alternative seafood market, driven by rising investments and innovations in countries like Singapore, Japan, and Hong Kong.
Reaching the same price as traditional seafood, along with having skilled people and strong research support, will help drive growth. Supportive regulatory frameworks and increasing awareness in the region are also key factors, with plant-based seafood already available, fermentation-derived seafood gaining ground in China, and cell-based options nearing commercialization. Government support and the involvement of major businesses further position Asia-Pacific as a dominant player in the alternative seafood sector.

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Recent Developments:
• In Jan 2023, San Francisco-based Wildtype, which raised an impressive $100 million in Series B funding last year with backing from investors like Leonardo DiCaprio, plans to launch its cultivated sushi-grade salmon in restaurants later this year.
• In March 2024, UMAMI Bioworks acquired cultivated meat and seafood company Shiok Meats, gaining control over Shiok Meats’ research on developing cell-based crustacean products, including lobster and shrimp.
Segmentation of Alternative Seafood Market-
By Product Type:
• Plant-Based Seafood
• Cell-Cultured Seafood
• Fermentation-Derived Seafood
By Distribution Channel:
• Supermarkets & Hypermarkets
• Online Retail
• Specialty Stores
• Foodservice Providers
By Species:
• Tuna
• Salmon
• Shrimp
• Crab
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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