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 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 BYND has previously said it is focused on beef, poultry and pork.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsRestaurantsGeneral
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!