“The need for alternatives to seafood has become absolutely essential”
Citing Stanford research that found global fish consumption has doubled since 1998 and will increase another 80% by 2050, Vasani said, Spoonshot’s data also shows consumer interest has grown 9% in the 12 months ending April 2022, and is on the rise. 117% since 2016.
Based on online consumer conversations tracked by Spoonshot, this rise is driven primarily by consumer interest in the health benefits of seafood, including anti-inflammatory, weight loss, detoxification, heart health, antioxidant and brain, skin, gut and eye health. along with the muscle. win, said Vasani.
“Nutritionally, consumers see seafood as a good source of protein and omega fatty acids and wellness, while also being low in carbohydrates.”he added.
“Unfortunately,”he said “It’s this popularity of seafood that’s also causing the problem.”,
He explained that unlike livestock, whose populations are expected to double by 2050, freshwater and ocean fish populations are declining at an alarming rate, and according to the UN, 90% of marine life and fish are fully exploited or overexploited or under serious threat. from overfishing, pollution and rising ocean temperatures.
“If the world continues to consume at this rate, there may be no fish left by 2050.”he said
“Considering these issues, it is essential to focus on alternatives for seafood and fish, and this is where we expect the greatest growth spurt in terms of innovation, not only because it is obvious, but because there is what is more important. Alternatives to seafood and fish are more urgent than meat.”said Vasani.
Today, the plant-based seafood segment is only a fraction of the size of its meat and dairy counterparts, Vasani said, citing data from the Good Food Institute and the Plant-Based Foods Association that projected plant-based seafood sales to reach $14 billion in 2021. In 2021, it raked in $250 million in plant-based milk and $140 million in sales for plant-based meat.
Companies are rapidly innovating, facing important challenges,
However, according to Vasani, companies have been moving quickly to meet business interest in plant-based fish since 2016, which continued exponential growth from January 2020 to January 2022, according to Spoonshot.
However, he said, they face significant barriers to growth, including unfavorable taste and texture, according to Spoonshot data.
While the seafood alternative space is rapidly renovating and iterating, part of the difference between companies and consumers’ engagement with plant-based options may be the basic ingredients used rather than what consumers are interested in.
According to Spoonshot, the most popular ingredients in alternative seafood products are soybeans, beans, peas, beans and green lentils, but the top ingredients that consumers associate with vegan fish and seafood in online conversations are plantain flower, tofu, seaweed. nori, seitan, peas, mushrooms, jackfruit and chickpeas in descending order.
Of these, the strong ingredient combinations that consumers rated high for novelty and taste were jackfruit and kelp, mushrooms and kelp with cacao nibs, and banana blossom with seaweed powder and salt, according to Spoonshot research.
The Cornish Seaweed Company and Jack & Bry, a gourmet plant-based meat company, are harnessing the benefits of these mixes by launching what they call the world’s first breadless jackfruit and seaweed fish slice, which relies on jackfruit to mimic fish. flakiness and algae in its taste.
Paris-based Seafood Reboot and Austrian startup Revo Foods are using algae to create more realistic seafood alternatives, while Spirulina is the star of Israeli food tech company SimpliiGood’s launch of a smoked salmon analog in 2023, according to Spoonshot.
As innovative companies play with and expand the toolbox of ingredients and technologies to regenerate seafood from plants, Vasani predicts that consumer engagement will increase exponentially, so his expectations for the segment are high for the coming years.