Plant-Based Fish Food Market Growth Expectations and Trends Highlighted Through 2029

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According to the recent report published by Future Market Insights (IMF), the plant based fish food market revenue was equivalent to approximately US$6 billion in 2018, which is expected to experience a robust CAGR over the next decade. The market growth is likely to be driven by factors such as increasing consumption of seafood globally, concerns over depletion of aquatic species, sustainability and rising prices of flour and fish oil, among others.

The report also estimates that innovative and cost-effective plant-based foods derived from canola oil, soybeans, corn and wheat bran, among others, will replace conventional foods such as fishmeal and oil. of fish in the years to come.

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The growing global demand for seafood in recent years has had a direct impact on the demand for plant-based fish food. Additionally, according to the Food and Agriculture Association of the United Nations, the aquaculture industry accounts for more than 50% of the world’s supply of edible seafood. Therefore, market players operating in the aquaculture sector need to find alternative feeds to meet the growing demand for seafood products around the world.

The ever-increasing consumption of seafood opens up new opportunities

Global seafood consumption has grown remarkably in recent years. The high consumption of seafood in recent years has created lucrative opportunities in the plant-based fish food market as aquaculturists pin their hopes on alternative foods. In the current scenario, soybean and cornmeal dominate the plant-based fish feed market in terms of market share and value and the trend is expected to continue throughout the forecast period.

Soy and corn flours have shown great potential over the past two years and are gaining popularity due to their improved digestibility, optimal protein content and omega-3 levels. According to the analyst, cutting-edge soy products such as soy protein concentrate (SPC) and fermented soy are likely to become excellent fish feed alternatives in the coming years. Another crucial factor shaping the growing adoption of soy and corn flour is its price. The aforementioned plant-based fish foods are cost-effective and also replicate the desired nutritional values ​​required for fish.

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Technological advances merge with innovations

As the demand for plant-based fish feed is expected to grow over the next decade, existing players are pinning their hopes on innovation and R&D to cement a strong position in the market. Several companies around the world are increasing their investments in adopting new technologies to find cost-effective, plant-based fish food alternatives to meet the global demand for edible seafood.

Currently, although the production of alternative foods is in its infancy, large companies are relying on the ingredient supply of these substitutes to develop customized aquatic foods for different species based on their nutritional needs. Investments in the development of new plant-based aquatic foods are expected to increase as investors and stakeholders eye the lucrative opportunities and high potential of the plant-based fish market, particularly in North America and Europe.

North America and East Asia will experience significant growth

While North America, Europe, and East Asia currently represent the major regional markets for plant-based fish feed market players, the trend will continue throughout the next decade. . The report attributes this trend to increasing investments in R&D activities in these regions.

The IMF report suggests that changing investment patterns in North America will influence the market growth in the region over the forecast period. Moreover, apart from innovation, companies are considering inorganic growth strategies such as mergers and acquisitions to establish a stronger foothold in the market. However, East Asia has become one of the most lucrative markets due to the growing middle class population and rising disposable income in countries like China, South Korea, Vietnam and Japan.

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