The plant-based seafood industry, initially lagging behind other plant-based foods in terms of research and investment, is now undergoing a significant transformation driven by rapid progress and changing consumer demands.
Martin Geraets, former Thai Union Alternative Protein MD, a key figure in the alternative protein industry, guides us through the current state and potential of plant-based seafood, highlighting the importance of various factors such as consumer preferences, health concerns and the need to collaborate to shape the future of this booming market.
The information is taken from an interview with Geraets, which you can read in our report.
Research and investment in plant-based seafood
The plant-based seafood sector, a branch of alternative proteins, has historically lagged in research and investment compared to its counterparts like meat, eggs and dairy.
Geraets explains that the initial focus was on alternatives to red meat, mainly due to the scale and size of the meat market as a whole, its climate impact and the greater business opportunities that 'offer to him. This focus has allowed plant-based meat options to advance significantly, putting them a decade ahead of seafood alternatives.
However, the trend is changing for the plant-based category with seafood being the latest offering. Its potential is increasingly recognized, stimulated by the introduction of innovative products. This shift indicates growing interest and investment in the sector, signaling a pivotal moment for plant-based seafood as it begins to close the gap with its more established counterparts.
This shift is not only a reflection of market trends, but also a broader awareness within the food industry that the opportunities offered by plant-based alternatives extend far beyond traditional categories, encompassing a diverse range of seafood products.
This evolution of the plant-based seafood market speaks to the dynamic nature of consumer preferences and the growing importance of alternative and sustainable protein sources.
Key Drivers of the Plant-Based Seafood Market
The main forces driving the plant-based seafood market are multiple.
Firstly, there is a growing awareness of health issues such as allergies to traditional seafood like shrimp, as well as increased awareness of mercury and microplastics found in ocean-derived seafood, which which helps encourage consumers to adopt safer plant-based options.
Second, but more notably, there is a general appetite for more diversification and offerings, beyond chicken and beef. Seafood products offer a new and much wider range of offerings to attract consumers.
That said, just like with meat, the seafood category has begun to mimic traditional seafood offerings. Gradually, however, we see an opportunity to incorporate more “sea-based ingredients.” and to evolve towards new proposals. This approach aims to not only replace traditional seafood, but also expand the market with innovative plant-based alternatives, thereby fostering a more inclusive seafood market.
The major challenges in the development of plant-based seafood products:
Navigating plant-based seafood development involves overcoming several distinct challenges. Geraets summarizes the main challenges as follows:
- Exciting Consumer Interest: The main challenge is creating plant-based seafood products that captivate consumers. It is essential to go beyond simple imitation to deliver new and engaging seafood experiences.
- Nutritional and taste balance: It is crucial to develop products that not only mimic the taste of seafood, but also meet nutritional needs, providing a satisfying protein solution.
- Profitability: Current plant-based seafood options are more expensive than their traditional protein counterparts, making cost a significant barrier to widespread adoption.
- Diversity of seafood varieties: The seafood category includes more than 200 species, each with distinct flavors, colors and textures, and whole cuts. This diversity adds complexity to creating accurate plant-based alternatives.
- Increase production: Scaling up production to meet demand while maintaining quality and consistency is a major challenge, especially given the intricacies of replicating the various characteristics of seafood.
“Taste, texture and aroma remain a challenge with seafood. We're not talking about chicken. We have 200 different species of seafood. The flavors are more subtle in most cases, the color is more varied and the textures are more complex and varied.
Innovative ingredients in plant-based seafood: microalgae and algae
The incorporation of microalgae and algae into plant-based seafood products opens up a field of possibilities and challenges. These ingredients offer unique benefits and obstacles that are reshaping the alternative seafood landscape.
Potential of microalgae and algae
Using marine plants like microalgae and algae in plant-based seafood offers undeniable benefits. These ingredients not only provide unique nutritional benefits and authentic seafood flavors, but also differentiate plant-based seafood from traditional meat products. Their inclusion allows for more engaging storytelling in marketing, highlighting the natural connection to the ocean environment.
Challenges of incorporating algae
While the potential of algae in plant-based seafood is significant, the path to their integration is not without obstacles. There is a vast range of undiscovered algae types, each requiring extensive exploration and regulatory approval. The process of sourcing these new ingredients and establishing a reliable value chain presents considerable challenges, requiring time and careful planning to ensure successful market implementation.
Current trends and future prospects in plant-based seafood
The plant-based seafood market is a dynamic area with evolving trends and promising growth opportunities. Understanding the current landscape and future potential of this market provides valuable insight into its trajectory.
Current trends and growth opportunities
The plant-based seafood market is diverse, offering 200 types of seafood, including various cuts of tuna and shrimp. This diversity provides a wide range of product offerings.
Although plant-based seafood continues to catch up with the meat category, the pace of growth is expected to accelerate. Much of the ground needed for consumer acceptance has been laid by the plant-based meat industry.
For example, if it took a decade for plant-based burgers to gain mainstream acceptance, new products like plant-based tuna are expected to gain market acceptance more quickly.
A significant growth area is identified in the frozen and chilled (chilled) products sector, which presents a promising and growing segment.
Geraets also highlighted the opportunities present in hybrid seafood, for example mixing real tuna with its plant-based alternative.
The future of plant-based seafood
Looking ahead, the future of plant-based seafood is viewed with optimism. However, the rate of growth and acceptance may be slower than some investors initially anticipated.
One of the main challenges is the slower pace of change in dietary habits compared to the adoption of new technologies. Changing food preferences involves much more than just introducing new products; it requires navigating the emotional and habitual aspects of eating.
This complexity suggests that while the future is bright, the journey toward widespread adoption of plant-based seafood will be gradual and require a nuanced understanding of consumer behavior.
“Currently, we are seeing much better traction in Europe than in the United States. I believe that even the markets in the Asia-Pacific region, which are currently lagging behind the US and Europe, will soon catch up. » Geraets said: “Europe currently seems to have better quality products on the market. It’s a change in consumer mentality that needs to happen. The market overall represents barely 1% of traditional meat and seafood, with meat largely taking the lead. It will take time but it will happen.
Embracing Collaboration: Shaping the Future of Plant-Based Seafood
In conclusion, the plant-based seafood industry is at a pivotal moment where collaboration, rather than competition, is the key to future success. Progress in this sector is marked by a unified approach, where different entities across the value chain come together to improve product quality and innovation.
The recognition that the challenges are too large for any single actor to tackle alone has fostered a spirit of cooperation. As the industry advances, it is this collective effort that will drive the growth and evolution of plant-based seafood, ensuring a sustainable and diverse food future for all.
We have a comprehensive report on the burgeoning landscape of plant-based alternatives to seafood and their potential for innovation. Download here.
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