Global vegan sashimi market is expected to be valued at US$ 104.9 million in 2023 and to reach a valuation of US$ 218.8 million by 2033. The demand for Vegan Sashimi is estimated to grow at a steady 8.5% CAGR, with the U.K., the U.S., China, and India emerging as key producers.
The growing demand for sustainable and ethical options, such as vegan sashimi, is driving the market. Companies are developing new and unique plant-based ingredients to mimic the taste and texture of traditional sashimi.
The growing trend of fusion cuisine, which combines different culinary traditions, is also expected to drive market growth. Fusion sushi and sashimi dishes are becoming more popular, and this is likely to drive demand for vegan sashimi.
The increasing demand for convenience and ready-to-eat products is also expected to drive market growth. Companies are introducing packaged and frozen sashimi products to cater to this demand.
The growing trend of food delivery and online ordering is also expected to drive market growth. As more people order food online, the demand for vegan sashimi is likely to increase.
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Stringent food safety regulations and labeling requirements can be a major restraint for the demand for vegan sashimi as it can be difficult for companies to comply with these regulations. This can limit sales of vegan sashimi as companies may struggle to meet safety standards and get their products to market.
Limited consumer awareness and availability of vegan sashimi in certain regions can also be a restraint for the demand for vegan sashimi. If consumers in these regions are not aware of vegan sashimi or are unable to find it in their local stores, they may not be interested in purchasing it, which can limit market growth.
Key Takeaways
- The outlook for the market is expected to be positive in the coming years, driven by increasing awareness and concern for the environment as well as health-conscious and cautious consumers.
- The growing popularity of sushi and sashimi dishes and the increasing interest in Japanese cuisine is driving the demand for vegan sashimi.
- Advances in food technology and ingredient innovation are allowing companies to create products that mimic the taste and texture of traditional sashimi.
- Government regulations and incentives that support the growth of plant-based alternatives to traditional seafood are helping to expand the vegan sashimi industry.
- The high cost of production and limited availability in certain regions can be a restraint for the market growth.
- The growing trend of fusion cuisine, expanding economy of the Asian countries, and increasing demand for convenience and ready-to-eat products can be the opportunity for the growth of the demand for vegan sashimi.
Competitive Landscape
The competitive landscape of the vegan sashimi market is characterized by a significant number of players, both established and emerging. The major players in the market include companies such as Ocean Hugger Foods, Sophie’s Kitchen, Good Catch Foods, and others. These companies are focusing on product innovation and development, as well as partnerships and collaborations, to expand their market share.
On the other hand, start-ups ecosystem in the market is growing, with new companies entering the market and existing companies expanding their product offerings. These start-ups are focusing on creating new and unique plant-based ingredients to mimic the taste and texture of traditional sashimi. They are also focusing on creating innovative packaging and branding to stand out in the market.
Some of the start-ups in the vegan sashimi market include:
- New Wave Foods, who create plant-based seafood alternatives using algae and plant-based ingredients.
- Wild Type, a startup that uses cellular agriculture to produce lab-grown fish cells for use in vegan sashimi.
- Terramino Foods, which creates plant-based seafood alternatives using mushrooms.
- Finless Foods, a company that produces lab-grown fish cells for use in vegan sashimi.
The vegan sashimi market is relatively new, and there is a significant opportunity for startups to enter the market and establish themselves as leaders. However, the competition is expected to increase as more companies enter the market and established players expand their product offerings.
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Key Segments
Ingredient:
- Soy
- Seaweed
- Others
Distribution Channel:
- Supermarkets and hypermarkets
- Convenience stores
- Online channels
- Others
By Application:
- Household
- Food service
- Commercial
Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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