| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2020-2023 |
| Base Year |
2024 |
| Forecast Period |
2025-2032 |
| Plant-Based Shrimp Market Size 2024 |
USD 602 million |
| Plant-Based Shrimp Market, CAGR |
8.4% |
| Plant-Based Shrimp Market Size 2032 |
USD 1,147 million |
Market Overview
The plant-based shrimp market is projected to grow from USD 602 million in 2024 to USD 1,147 million by 2032, registering a compound annual growth rate (CAGR) of 8.4% during the forecast period.
The plant-based shrimp market is experiencing robust growth driven by increasing consumer demand for sustainable and cruelty-free seafood alternatives. Rising awareness of environmental issues such as overfishing, ocean pollution, and the carbon footprint of traditional shrimp farming is prompting a shift toward plant-based options. Health-conscious consumers are also fueling demand, seeking allergen-free, cholesterol-free, and high-protein alternatives to conventional shrimp. Technological advancements in food processing and ingredient innovation, such as the use of seaweed, soy, and konjac, are enhancing the taste, texture, and nutritional value of plant-based shrimp products. Additionally, expanding retail distribution, growing foodservice adoption, and the introduction of new flavors and product formats are making plant-based shrimp more accessible and appealing. Strategic investments and partnerships by food tech startups and established players are accelerating market penetration. As flexitarian and vegan lifestyles gain popularity globally, the plant-based shrimp market continues to benefit from evolving dietary preferences and increasing interest in ethical and clean-label food choices.
The plant-based shrimp market exhibits strong geographical diversity, with North America leading at 38% market share due to high consumer awareness and product innovation. Europe follows with 27%, driven by ethical consumption trends and supportive regulations. Asia-Pacific holds 21%, fueled by rising seafood demand and increasing openness to plant-based diets in countries like China and Japan. The rest of the world, including Latin America, the Middle East, and Africa, accounts for 14%, showing growing potential through improved access and regional partnerships. Key players in the market include Thai Union, ProExpo, Omarsa, Zhanjiang Guolian, Quoc Viet, Nekkanti Sea Foods, The Liberty Group, Devi Fisheries, Royal Greenland A/S, and Pescanova. These companies are focusing on innovation, strategic expansion, and clean-label product development to strengthen their position in this evolving market.
Access crucial information at unmatched prices!
Request your sample report today & start making informed decisions powered by Credence Research!
Download Sample
Market Insights
- The plant-based shrimp market is projected to grow from USD 602 million in 2024 to USD 1,147 million by 2032, at a CAGR of 8.4%.
- Rising concerns over overfishing, marine pollution, and carbon emissions are accelerating the shift toward sustainable shrimp alternatives.
- Health-focused consumers are driving demand for allergen-free, cholesterol-free, and protein-rich plant-based seafood options.
- Technological advancements using konjac, soy, seaweed, and high-moisture extrusion are improving product texture and realism.
- Expanding foodservice integration, retail shelf space, and global partnerships are increasing consumer access and market penetration.
- High production costs and limited consumer familiarity remain key barriers to mass adoption and pricing competitiveness.
- North America leads the market with 38% share, followed by Europe (27%), Asia-Pacific (21%), and the rest of the world (14%).
Market Drivers
Rising Demand for Sustainable and Ethical Food Choices
The plant-based shrimp market is gaining traction due to the growing consumer preference for sustainable and ethical food products. Concerns over overfishing, habitat destruction, and bycatch in traditional shrimp farming are prompting a shift toward eco-friendly alternatives. Consumers are actively seeking products that align with their environmental values. The plant-based shrimp market addresses these concerns by offering seafood alternatives that reduce ocean exploitation. It supports marine conservation while fulfilling consumer appetite for seafood. Brands promoting transparent sourcing and clean labels further strengthen this shift. Environmental advocacy and education are influencing purchase behavior across diverse demographics.
- For instance, Good Catch Foods launched a plant-based shrimp product made primarily from pea protein, algae oil, and konjac root, which closely mimics the texture and taste of traditional shrimp while offering a lower environmental footprint.
Increasing Health Awareness and Dietary Shifts
Health consciousness among consumers is significantly boosting demand in the plant-based shrimp market. Individuals are increasingly aware of the health risks linked to cholesterol and contaminants often found in conventional seafood. The market offers low-fat, allergen-free, and protein-rich substitutes, appealing to a wide audience. Consumers seeking clean diets are turning to plant-based proteins for better heart health and reduced dietary risks. The rise in vegan and flexitarian lifestyles enhances market visibility. It provides nutritious options without compromising on taste or texture.
- For instance, Good Catch Foods offers plant-based shrimp made from pea and soy protein, designed to be allergen-free and low in saturated fat, providing a heart-healthy alternative to traditional shrimp.
Innovations in Food Technology and Product Development
Advancements in food technology are fueling growth in the plant-based shrimp market. Companies are developing alternatives that closely mimic the flavor, appearance, and mouthfeel of real shrimp. Ingredients like konjac, seaweed, soy, and peas are being refined to enhance product authenticity. The use of high-moisture extrusion and novel binding agents is improving consumer acceptance. Brands are focusing on clean-label formulations with minimal processing. It positions the market to compete directly with traditional shrimp in both retail and foodservice channels. These innovations are vital in overcoming taste and texture barriers.
Expanding Distribution and Strategic Collaborations
The plant-based shrimp market is expanding its reach through diversified distribution channels and global partnerships. Foodservice providers, supermarkets, and online platforms are increasing their listings of plant-based seafood. Retailers are responding to growing demand by offering more shelf space and promotional support. Strategic collaborations between food tech startups and established players are fast-tracking product development and market access. It enables broader consumer engagement and brand recognition. International expansion is also opening doors in regions with rising plant-based adoption. These efforts collectively drive sales and accelerate category growth.
Market Trends
Growing Popularity of Clean-Label and Allergen-Free Products
The plant-based shrimp market is witnessing strong momentum due to increasing consumer demand for clean-label and allergen-free food options. People are prioritizing products that exclude artificial additives, preservatives, and common allergens like shellfish. This trend aligns with rising health awareness and demand for simple, recognizable ingredients. Brands are reformulating products to meet these expectations without sacrificing taste or texture. It is strengthening consumer trust and brand loyalty. Transparency in ingredient sourcing and nutrition profiles also plays a pivotal role in purchasing decisions.
- For instance, Ripple Foods offers allergen-free, plant-based beverages using pea protein, which are marketed for their clean ingredient lists and absence of common allergens, appealing to health-conscious shoppers.
Rising Adoption of Vegan and Flexitarian Diets Globally
The global shift toward vegan and flexitarian diets is significantly influencing the plant-based shrimp market. Consumers seeking to reduce animal protein intake are looking for satisfying seafood alternatives that fit their evolving dietary habits. This trend is prominent in urban regions where awareness of ethical and environmental issues is higher. It is also driven by the influence of social media, celebrity endorsements, and plant-based advocacy campaigns. As plant-based eating becomes more normalized, shrimp alternatives are entering mainstream menus and households. This shift is reshaping product innovation and retail strategy.
- For instance, companies like Sophie’s Bionutrients have developed plant-based shrimp using microalgae protein, offering a product that closely mimics the taste and texture of traditional shrimp while being free from shellfish allergens and cholesterol.
Expansion of Retail and Foodservice Product Offerings
Retail and foodservice channels are playing a critical role in the expansion of the plant-based shrimp market. Supermarkets, quick-service restaurants, and fine dining establishments are increasingly adding plant-based shrimp to their offerings. These channels recognize the demand for seafood alternatives among health-conscious and eco-aware consumers. It encourages greater investment in marketing, merchandising, and cold-chain logistics. Promotional campaigns and sampling programs are further increasing product visibility and consumer trials. This expansion is turning plant-based shrimp from a niche concept into a growing menu staple.
Technological Advancements Enhancing Product Realism
The plant-based shrimp market is benefiting from ongoing advancements in food science that improve the realism of alternative seafood. New processing techniques, such as high-moisture extrusion and 3D food printing, are being applied to mimic the fibrous texture of shrimp. Companies are investing in proprietary formulations that replicate color, chew, and flavor using plant proteins and seaweed extracts. It allows brands to compete directly with traditional shrimp on quality and sensory experience. These innovations are helping bridge the gap between consumer expectations and plant-based performance. Continuous R&D remains vital to maintaining momentum in this competitive space.
Market Challenges Analysis
High Production Costs and Price Sensitivity
The plant-based shrimp market faces a key challenge in managing high production costs. Developing products that closely mimic real shrimp in taste, texture, and appearance requires specialized ingredients and advanced processing techniques. These factors contribute to higher retail prices, which may deter cost-sensitive consumers. It makes market penetration difficult in regions where affordability outweighs sustainability in purchase decisions. Brands must balance innovation with scalability to achieve cost-efficiency. Reducing production expenses without compromising quality is crucial for long-term growth and competitiveness.
Limited Consumer Awareness and Taste Acceptance
The plant-based shrimp market also struggles with limited consumer awareness and skepticism around taste authenticity. Many consumers remain unfamiliar with plant-based seafood and question its sensory appeal and nutritional value. It creates hesitation in trial and adoption, especially among non-vegans. Overcoming these barriers requires focused education, strategic marketing, and accessible sampling opportunities. Brands must work to build trust and reshape perceptions of plant-based alternatives. Ensuring consistent taste and quality across batches is essential to foster repeat purchases and brand loyalty.
Market Opportunities
Rising Demand from Foodservice and Hospitality Sectors
The plant-based shrimp market holds strong growth potential through expanding adoption in foodservice and hospitality sectors. Restaurants, hotels, and catering services are increasingly seeking innovative, sustainable menu options to meet evolving consumer preferences. Plant-based shrimp offers a versatile ingredient suitable for a wide range of dishes, including appetizers, entrees, and seafood platters. It allows foodservice operators to cater to vegan, vegetarian, and flexitarian diners without compromising flavor. Menu innovation featuring plant-based shrimp can attract environmentally conscious customers. This channel can drive significant volume growth and boost product visibility.
Growing Appeal in Emerging Markets and Retail Expansion
The plant-based shrimp market can capture new opportunities through strategic entry into emerging markets and broader retail availability. Rising urbanization, improved cold-chain infrastructure, and growing awareness of plant-based nutrition are fueling interest in Asia-Pacific, Latin America, and the Middle East. It enables brands to tap into large consumer bases where seafood consumption is already high. Retailers are expanding plant-based product assortments, creating more touchpoints for shoppers. Private-label launches and localized flavors can further strengthen brand presence. Expanding into new geographies with tailored offerings supports long-term market penetration.
Market Segmentation Analysis:
By Source
The plant-based shrimp market features a diverse range of protein sources that replicate the texture and nutritional profile of traditional shrimp. Seaweed and plant-based omega-3 offer a strong seafood flavor while supporting sustainability goals. Legume protein, soy protein, and pea protein provide essential amino acids and enable desirable texture. These ingredients appeal to health-conscious consumers seeking allergen-free and clean-label options. It also includes niche sources such as quinoa, oats, beans, and seeds, which support innovation and diversification. Brands are leveraging source variety to cater to dietary preferences and regional demand.
- For instance, New Wave Foods crafts its plant-based shrimp primarily from seaweed and soy protein, leveraging seaweed’s natural umami and soy’s textural versatility to closely replicate the taste and mouthfeel of shrimp.
By Type
The plant-based shrimp market includes frozen, refrigerated, and shelf-stable variants to meet different storage and consumption needs. Frozen plant-based shrimp leads in popularity due to longer shelf life and wide availability in retail. Refrigerated options offer convenience and are gaining traction in fresh food sections. Shelf-stable formats cater to regions with limited cold-chain infrastructure and appeal to on-the-go consumers. It enables manufacturers to serve diverse markets with tailored storage solutions. Packaging innovation is critical in preserving quality across all types.
- For instance, New Wave Foods (US) produces frozen plant-based shrimp made primarily from seaweed and plant proteins. Their shrimp alternative is designed to replicate the texture and flavor of traditional shrimp and is distributed to foodservice outlets and select retailers.
By Product Type
Product variety in the plant-based shrimp market includes breaded vegan shrimp, crunchy coconut shrimp, crispy vegan shrimp, and raw vegan shrimp. Breaded and crispy versions are popular in foodservice for their familiar taste and ease of preparation. Crunchy coconut shrimp offers a tropical flavor twist, attracting adventurous eaters. Raw vegan shrimp appeals to culinary professionals and home cooks who prefer flexibility in seasoning and cooking. It allows brands to address varied consumer preferences and eating occasions. Product differentiation supports competitive positioning and customer loyalty.
Segments:
Based on Source
- Seaweed
- Legume Protein
- Plant Based omega 3
- Soy Protein
- Pea Protein
- Others (quinoa, oats, beans and seeds)
Based on Type
- Frozen plant based Shrimp
- Refrigerated plant based shrimp
- Shelf stable plant based shrimp
Based on Product Type:
- Breaded Vegan Shrimp
- Crunchy Coconut Shrimp
- Crispy Vegan Shrimp
- Raw Vegan Shrimp
Based on Distribution Channel:
-
- Store- based retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Mass Grocery Retailers
- Food and Drink Specialty Stores
- Online retailing
Based on End-Use:
- Food Service Industry
- Household
- Retail
Based on the Geography:
- North America
- Europe
- Germany
- France
- U.K.
- 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 the Middle East and Africa
Regional Analysis
North America
North America holds the largest share of the plant-based shrimp market, accounting for 38% of the global revenue. High consumer awareness of plant-based diets and environmental sustainability continues to drive regional demand. The United States leads in innovation, product launches, and retail penetration. Foodservice providers and supermarkets in urban centers actively promote plant-based seafood alternatives. The presence of key market players and a strong startup ecosystem accelerates product development. It benefits from advanced distribution networks and increasing vegan and flexitarian populations.
Europe
Europe captures 27% of the plant-based shrimp market, driven by strong regulatory support for sustainable food systems and plant-based innovation. Countries like Germany, the United Kingdom, and the Netherlands are at the forefront of adoption. Consumers show strong interest in ethical and allergen-free food options, pushing retailers to expand plant-based assortments. Food labeling laws and environmental standards encourage transparency and quality. The region sees growth in both frozen and chilled formats across major grocery chains. It continues to prioritize sustainability and clean-label products.
Asia-Pacific
Asia-Pacific holds 21% of the global plant-based shrimp market, supported by rising urbanization, a growing middle class, and high seafood consumption. China, Japan, and Australia are key contributors to regional growth. Consumers are becoming more open to plant-based diets due to health and environmental concerns. The market benefits from increased local production and international investments. Retail and online platforms are expanding their plant-based seafood categories. It is positioned for further growth with rising demand for affordable and culturally relevant alternatives.
Rest of the World
The rest of the world, including Latin America, the Middle East, and Africa, holds 14% of the plant-based shrimp market. Demand is gradually increasing with improving distribution infrastructure and growing awareness. Regional players and importers are beginning to introduce plant-based seafood to meet evolving consumer preferences. It presents long-term opportunities through localization and partnerships with regional retailers.
Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!
Key Player Analysis
- Thai Union
- ProExpo
- Omarsa
- Zhanjiang Guolian
- Quoc Viet
- Nekkanti Sea Foods
- The Liberty Group
- Devi Fisheries
- Royal Greenland A/S
- Pescanova
Competitive Analysis
The plant-based shrimp market is witnessing increasing competition as both startups and established food companies enter the segment. Leading players focus on innovation, taste replication, and clean-label formulations to differentiate their offerings. Companies are investing in proprietary technologies and alternative protein sources such as seaweed, soy, and pea protein to enhance texture and flavor authenticity. The market is also seeing strategic collaborations with foodservice providers and retailers to expand product reach and visibility. It benefits from a surge in venture capital funding and consumer interest in sustainable seafood alternatives. Competitive strategies include pricing optimization, diversified product lines, and aggressive marketing campaigns. Players are also targeting international markets to capture emerging demand and build global presence. The ability to scale production while maintaining quality and cost-efficiency will remain a key factor in sustaining competitive advantage in the plant-based shrimp market.
Recent Developments
- In July 2023, Thai Union, a Thailand-based food producer, launched plant-based shrimp dumplings and announced plans to expand its branded plant-based offerings across European markets.
- In March 2023, New Wave Foods entered a strategic distribution partnership with Dot Foods to roll out plant-based shrimp made from seaweed and plant proteins across the U.S. foodservice industry.
- In January 2024, Steakholder Foods, based in Israel, unveiled the world’s first 3D-printed plant-based shrimp, crafted to closely mimic the texture and appearance of traditional shrimp.
- In July 2024, Big Idea Ventures launched Bayou Best Foods after acquiring intellectual property from New Wave Foods, with plans to bring plant-based shrimp products to market by the end of 2024.
Market Concentration & Characteristics
The plant-based shrimp market remains moderately concentrated, with a mix of emerging startups and a few established food companies driving innovation and competition. Key players focus on product authenticity, sustainability, and health-forward formulations to differentiate in a growing segment. It features relatively high entry barriers due to the technical complexity of replicating shrimp texture and flavor using plant ingredients. The market is characterized by rapid innovation cycles, growing private-label participation, and strong alignment with clean-label and ethical consumption trends. Brands are leveraging proprietary technologies, ingredient sourcing, and partnerships with retailers and foodservice operators to gain market share. Consumer demand centers around taste parity with traditional shrimp, nutritional value, and environmental impact. The market structure supports agile product development, while regional dynamics influence distribution and pricing strategies. The plant-based shrimp market continues to evolve as players invest in research, scalability, and marketing to meet increasing global demand and overcome existing adoption challenges.
Report Coverage
The research report offers an in-depth analysis based on Source, Type, Product Type, Distribution Channel, End-Use and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
- Consumer demand for sustainable and ethical seafood alternatives will continue to drive product development and market expansion.
- Retailers are expected to increase shelf space for plant-based shrimp as part of broader plant-based category growth.
- Foodservice adoption will rise with more restaurants adding plant-based shrimp to menus to meet diverse dietary needs.
- Technological innovation will improve product texture, taste, and appearance, bringing it closer to conventional shrimp.
- Ingredient sourcing will expand to include more regional and nutrient-rich plant-based proteins.
- Strategic collaborations between startups and large food manufacturers will strengthen distribution and scalability.
- Brands will focus more on clean-label formulations to meet rising consumer expectations around health and transparency.
- Emerging markets will offer new growth opportunities due to rising urbanization and changing dietary habits.
- Educational campaigns will play a vital role in overcoming consumer hesitation and promoting trial.
- Pricing strategies will become more competitive as production efficiency improves and scale increases.
