The latest report from GlobalData – ‘ForeSights: the Alternative Meat Trend in Seafood’ – highlights two types of alternative seafoods: cell-based and plant-based, and shows that, as consumers have an appetite for alternative protein, this area is a good opportunity for new market entries.
In a similar way that major players in the meat industry have capitalised on the global surge in plantbased, GlobalData says it sees similar opportunities for the seafood industry, as more and more consumers are concerned about the provenance of their food and the environmental impact of their buying habits.
Yamina Tsalamlal, Consumer Analyst at GlobalData, says: “Unlike plant-based burgers, seafood has been quite challenging to replicate and has seen a slower pace in terms of innovations. But the seafood industry continues to grow – per capita consumption of seafood increased by 10% between 2015 and 2019, resulting in 37,351.94kg (in M of KG)*.”
Similarly to how the alternative meat industry grew exponentially, thanks to concerns regarding the overconsumption of meat and the environmental impact, the demand for seafood continues to increase and there is concern that the industry will not be able to meet demand.
Tsalamlal adds that: “For new entries into this market, consider the key players that are growing in the alt-seafood market such as Wild Type, Good Catch (now in Tesco) and Ocean Hugger. But there isn’t a market leader yet.
“The opportunity lies in marketing the positive environmental impact alt-seafood has and how consumers can opt for accessible, healthy and ocean-friendly foods.”