Ida Speyer is CEO and co-founder of Mimic Seafood, a plant-based seafood company based in Madrid, Spain. She has extensive experience in the plant sector and as a startup founder, and is highly engaged in projects that help solve climate-related issues. She is a founding member of Skovshoved Ocean Garden and owner of Ocean Greens.
![Ida Speyer](https://i0.wp.com/pswordpress-production.s3.amazonaws.com/2023/08/Ida-Speyer-300x300.jpg?resize=300%2C300&ssl=1)
![Ida Speyer](https://i0.wp.com/pswordpress-production.s3.amazonaws.com/2023/08/Ida-Speyer-300x300.jpg?resize=300%2C300&ssl=1)
In a lengthy interview, Ida Speyer pointed out that while seafood has long been considered a healthier and more environmentally friendly choice, recent documentaries, including “Seaspiracy,” have exposed the significant environmental and ecological impacts of seafood production. This revelation has caused many consumers to rethink their food preferences.
She further highlighted the intricacies of replicating seafood flavors. Unlike more robust foods like hamburgers or hot dogs, capturing the subtle essence of seafood without overwhelming it presents a unique challenge for researchers. and developers. Additionally, for plant-based alternatives to seafood to be competitive, they must not only capture these flavors, but also maintain a healthy profile without appearing too artificial.
Speyer also spoke about the looming crisis in the seafood industry. Overfishing, habitat destruction and pollution are making seafood increasingly scarce, driving up costs. This shortage, however, has dire consequences, including the potential extinction of entire species and increased risk of food contamination.
Below are interview questions and answers covering insights provided by Ida Speyer on the challenges and future of the seafood industry. This interview is an excerpt from an in-depth report titled “The 'Seaweed Rise: The Future of Plant-Based Seafood'. You can view the full report here.
Why has plant-based seafood received less research and investment than plant-based meat, eggs and dairy, which have seen significant growth in recent years?
It's a combination of different factors. The campaign for plant-based dairy and meat was the first and strongest because of the link between CO2 and health. The production of dairy products and beef is expensive in terms of CO2 and also has numerous health consequences. These are factors that are easy for consumers to understand. Consumers perceive seafood as a healthier product with less impact on the environment. However, we are seeing it now in waves with Seaspiracy and other documentaries where we see that seafood actually has a huge environmental and ecological cost.
What do you think are the key drivers of the plant-based seafood market?
I think cost will be a determining factor. Seafood is becoming rarer. We are emptying the oceans. We eliminate entire species of fish. We are destroying their habitats. We pollute so much that fish now contain plastic and heavy metals. Therefore, I think that the fact that there will be less and less fish will increase costs, and at the same time, with pollution, fish may not even be safe to eat in the future.
What do you think are the main challenges in developing plant-based seafood products?
A huge R&D challenge is that typically when you eat fish and seafood, you don't drown it in strong flavors. For example, when eating a hot dog or hamburger, you can add ketchup, mustard, pickles and spicy sauce to enhance the flavor, and the end result will be dominated by the taste of the condiments rather than by the original flavor of the food itself. With fish, maybe you sauté it or bake it, but you go very light on the flavors. It's very delicate. You're just trying to accentuate the fishy flavor, so your product really needs to be good because it won't be covered in barbecue sauce or fried. And that's why we need to spend a little more time on R&D. Additionally, the fact that people view fish as healthy also means that if you want to compare and compete, you need a product that doesn't contain too many artificial flavors, therefore not too synthetic. It must also be quite healthy.
R&D on fish and seafood is a challenge because it is necessary to accentuate their delicate flavor without drowning it in strong condiments. This requires extra effort and time to create a quality product that is also healthy and not too synthetic.
What do you think about using microalgae or seaweed in plant-based seafood products?
I'm a big fan of algae and microalgae. They are incredible. They are very durable to produce. They are effectively fighting climate change in production. If you grow them naturally in the oceans, they provide habitat. Therefore, I think we should really look for more ways to incorporate macro and microalgae into our product developments. At Mimic, we already use different kinds of seaweed for flavoring. Our fishy flavor comes from natural ingredients such as nori and kombu. These kinds of seaweed have a pleasant oceanic flavor. Additionally, microalgae can be very useful for nutritional purposes. It has a lot of protein, but really healthy protein and omegas. A lot of companies are working on white and yellow chlorella right now, which is really exciting because it doesn't have the flavor of green chlorella, but the nutritional profile is different as well. There is still much work to be done by ingredient manufacturers to truly unlock the potential of these algae.
Are there any challenges with adding seaweed to plant-based seafood?
A limitation at present is that it remains quite expensive, especially when compared to soy and pea proteins. This is a common limitation in the early stages. Once more companies use these ingredients, prices will likely drop. It is also important to note that using a single ingredient in large quantities, such as nori or kombu, could lead to unsustainable monocultures in the ocean, similar to those seen in agriculture. It is important to avoid repeating past mistakes and use a variety of ingredients to increase the resilience of the food system.
Could you please share your insights on current trends and growth opportunities in the plant-based seafood market, and whether there is a specific product segment that you see as particularly promising or in rapid growth ?
Overall, convenience foods are seeing massive growth across all categories, not only in plant-based options, but also in healthy, unhealthy, kid-friendly, gluten-free and more. All these different variations of ready meals are growing very quickly. I believe that healthy snacks that are easy to prepare quickly, such as frozen or refrigerated foods that can be cooked in two minutes in the microwave or oven, will be a growing category. Of course, there is also a market for plant-based seafood, as it is a rapidly growing consumer trend.
What do you think the future of the plant-based seafood market will look like?
I think we will see some startups become global companies. Some large food companies could absorb certain startups and technologies or come up with their own version, in the same way that Nestlé has a small portfolio of plant-based seafood. Meat and dairy companies have already done this with their own brands and versions. I think the same thing will happen with seafood. This will make it easier for consumers because prices will be lower and availability will be very high. It will go from niche to mainstream. It will also be interesting to see what happens now as the global economy slows down a bit, as we have seen a huge surge in interest in plant-based products during COVID. I think many plant-based products are cheaper than their animal-based counterparts. Plant-based dairy products are becoming very cheap. I'm very curious to see if saving money would actually be a second driver for plant-based products or if people would become more traditional and go back to what they know.
Joining Forces for a Better Future: Collaborative Efforts in the Plant-Based Seafood Industry
It’s a very collaborative industry. We have a lot of internal communication between different companies because we are in their early stages. It's really valuable to us that we actually share with other companies. We share our experiences and knowledge about certain ingredients. Right now, we're just focused on growing the category and introducing the benefits of these products to new consumers.
We should look for more ways to incorporate algae into our product developments. Seaweed like nori and kombu have a pleasant oceanic flavor and can be used for flavoring. Microalgae are good for nutritional purposes (e.g. protein and omegas). There is still much to do to unlock their full potential.
This extract is taken from our Information Note “The rise of algae: the future of plant-based seafood”. The full report can be viewed here.
If you have any questions or would like to know if we can help your company meet its innovation challenges, please contact us. here or send us an email to solutions@prescouter.com.