Faux Fish Set To Expand As Alternative Protein Option
As the alt-meat movement continues to gain acceptance by the public, industry experts say faux fish may soon become the latest craze in alternative protein.
Retails sales of plant-based foods in the US saw a 27% jump last year reaching about $7 billion in sales according to the Plant-Based Foods Association. Analysts at consulting firm Kearny say the global meat-alternative market will grow to $450 billion by 2040.
So far, faux milk products make up 35% of plant-based food market, while meat alternatives make up 30% of sales. Consumers have been slower to adopt plant-based fish, but that's beginning to change as US sales grew by 23% in 2020. Although faux fish only accounts for $12 million in sales.
According to CNBC, 83 companies are now producing alternative seafood products in an attempt get a foothold in the more than $15 billion U.S. seafood market. Companies like Gathered Foods, which produces plant-based seafood brand Good Catch, and BlueNalu, which makes cultured seafood produced directly from cells.
Nestlé (PINK: NSRGY) launched a plant-based tuna alternative called Vuna in September 2020. The company citing statistics that 90% of global fish stocks are now depleted or close to depletion as the reason for launching its first plant-based seafood product.
Meanwhile the biggest players in the alt-meat industry have yet to venture into the faux seafood space. Impossible Foods said in 2019 that it was working on a plant-based fish recipe, but has yet to release a product. Beyond Meat (NASDAQ: BYND) has previously said it is focused on beef, poultry and pork.
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