Meat- and Fish Alternatives

Alternative Seafood is Making a Sustainable Splash in the Marketplace

Seafood is an industry of immense depths – worth more than US$257 billion and growing year-on-year. To put this swell into perspective, global fish consumption has increased by about 30% since 1998, but scientists project it will increase by a further 80% by 2050.

Experts also predict that the world’s oceans won’t be able to keep up with this demand, with over 90% of fish stocks considered either over-fished or exploited close to the point of unsustainability.

Not only does this threaten global food security and economic stability (for people who have built livelihoods around seafood), but it also spells ethical, ecological, and climate disasters.

What to do?

Fortunately, there is a tasty, sustainable, profitable, and forward-thinking solution available: alternative seafood made from plants, cultivated meat, and through fermentation-enabled technologies.

In its latest New Food Hub article, ProVeg International dives into the growing marketplace, uncovering must-know statistics, growth trends, and business insights.

Source: Unsplash/The Fry Family Food Co.

Market dynamics and growth: a sea of change

ProVeg reveals that, although the alt seafood sector – worth an estimated US$42 million – is smaller than plant-based meat and dairy, it has been seeing phenomenal growth and investment.

Between 2019 and 2022, alt seafood products experienced high year-over-year growth in pound sales by weight (+40%), while investments also ballooned. Invested capital grew 92% from 2020 to 2021. And alternative seafood companies raised US$175 million in 2021, nearly double the amount raised in 2020. 2021 also saw the number of new unique investors in the industry skyrocket – by 57% that year!

Although there was a pause in new product activity during the pandemic, the number of new alt seafood launches has jumped in the last two years. Alt seafood products are now growing at an average annual rate of +26%, according to Innova Market Insights.

Plant-based seafood options currently dominate retail outlets and food service menus, with companies like OmniFoods, Good Catch, and Vegan ZeaStar leading the market.

However, fermented and cultivated offerings are gaining interest from investors, product developers, and consumers. In 2021, almost half of all alt seafood companies launched were focused on developing cultivated seafood.

Source: Unsplash/Marianna Heino.

The future of seafood: a changing tide

In the sea of challenges facing the seafood industry, a beacon of hope shines through the waves: alternative seafood. As global fish consumption swells, our oceans are being pushed to the brink. But the tide is turning. The rise of plant-based, cultivated, and fermentation-driven alternatives offers a tasty, sustainable, and profitable solution.

Head to the New Food Hub to read the full article and uncover actionable insights to improve your alt protein strategy.

Get in touch with ProVeg experts at [email protected].

ClosePlease login
See all bookmarks