Plant-based innovation is one of the biggest and most exciting growth areas in the food industry today, and while meat substitutes are the fastest growing sub-category in this market (an increase of 152 percent in 2019), fish and shellfish alternatives are now poised for dynamic growth. Investment in alternative fish and seafood startups has been brisk, with new companies and products starting to expand the market.
A perfect storm
Consumer interest in these products is being driven by the same concerns about health, ethics and the environment as for meat substitutes, but these are playing out in ways specifically related to the fish and shellfish industry.
Consumers are concerned about overfishing, marine pollution and the environmental impact of the fishing industry on biodiversity. They are also increasingly worried about the health implications of microplastic contamination in fish and crustaceans, and growing levels of mercury in some fish species.
Set against a backdrop of rising global demand and prices, this is creating the perfect storm against which fish and shellfish substitutes are ideally positioned to capitalise as a competitively priced, healthier and more sustainable option.
For manufacturers preparing to take the plunge, plant-based fish and seafood presents great opportunities and, of course, its own complex challenges. But while consumer interest is growing, for these products to become a regular part of their diet, the look, feel, nutritional content and, most importantly, taste must all be right.
Future gazing
Alternative fish and seafood products are seeing some of the most interesting innovations in the plant-based space. Algal proteins developed from algae or seaweed are currently gaining great interest as a protein base for these products.
Grown in water via photosynthesis, this novel protein has a complementary flavour profile for fish and seafood, making it an attractive protein source for manufacturers and a logical, easy-to-understand ingredient for consumers. While there are still challenges for successful large-scale production, in particular scale-up costs, it is likely to be a future growth area for these products.
Research into cell culture and lab-grown products is also expected to be fertile ground for innovation and new technology development in this space, particularly as replicating the texture of whole muscle products is an even greater challenge for fish alternatives than for meat substitutes.
