They might make that recommendation for other products but not seafood. "Few public health professionals would recommend imitation seafood over the real thing. "The USDA's Dietary Guidelines for Americans highlight that consumers don't eat nearly enough seafood and it is unarguably the healthiest animal protein on the planet," he said. However, Gibbons said, presenting alternative seafood as either nutritionally superior to real fish or better for sustainability reasons would be wrong in his view. "They're technologically impressive and can and should be able to coexist with real seafood, as long as they're labeled accurately," Gibbons said, noting that some of NFI's member companies have made investments into alternative seafood. Gavin Gibbons, vice president of communications at the National Fisheries Institute, a trade group representing the fishing industry, said that the organization and its member companies view plant-based products a as "very likely part of the future of feeding a growing planet." A poll of 2,500 Americans from Kelton Global found that reducing plastic waste in the ocean, saving ocean habitats and reducing harm towards marine animals would be reasons consumers would buy plant-based fish over wild-caught fish. #TRADE MANIA 2 WHEN TO PUT SUPERMARKETS DRIVER#has products like crab cakes made from artichokes, and scallops and shrimp made from vegetable root starch, all of which are sold out online.Ĭoncerns about the fishing industry, further highlighted in the recent Netflix documentary "Seaspriacy" that advocates for the end of fish consumption, is viewed as a driver for consumers to switch to plant-based products. "That's when we made the decision, we were going to do something that would create change." chief executive officer Monica Talbert told CNBC's Kate Rogers. "We wanted to do something about it, and we thought if not us, then who?" Plant Based Seafood Co. Virginia-based Van Cleve Seafood Company, which sold traditional seafood for more than 20 years, started solely producing plant-based seafood products under the label The Plant Based Seafood Co., citing issues with the fishing industry such as child labor, overfishing and mislabeling. "There is not a dominate company in plant-based seafood the way the meat and dairy categories have, but we're seeing potential for that to change soon." "There's no reason that alterative seafood can't or won't catch up to the other types of alternative proteins," said Azoff. Beyond Meat has previously stated it was focused on beef, poultry and pork. Impossible Foods said in 2019 that it was working on a plant-based fish recipe, but it has yet to release any products. To date, the two giants of alternative meat products have not yet made an entry in alternative fish. īlueNalu, which is focused on cultured seafood, or fish produced directly from cells, raised $60 million in convertible note financing in January 2021, a record deal for an alternative seafood company. #TRADE MANIA 2 WHEN TO PUT SUPERMARKETS SERIES#Gathered Foods, which produces plant-based seafood brand Good Catch, raised a $32 million Series B funding round in January 2020 from investors including Lightlife Foods parent company Greenleaf Foods and 301 Inc., the venture arm of General Mills. "The environmental impacts aren't as straightforward as they are with beef and dairy – they are a little bit more complex and kind of harder for the general public to grasp." "Conventional seafood really has a health halo around it it's seen as a very healthy food that doctors often tell patients to consume more of," Marika Azoff, corporate engagement specialist at GFI, said as to why alternative fish products may have lagged behind. seafood market, compared to sales of plant-based meat making up 1.4% of U.S. sales grew 23% in 2020, it only accounted for $12 million, according to GFI and PBFA. The market for plant-based fish, on the other hand, has been slower to develop. Plant-based meat sales grew 45% to $1.4 billon in 2020, while plant-based milk sales grew 20% to $2.5 billion. The market for plant-based products has largely been driven by faux milk and meat, which make up 35% and 20%, respectively, of the total sales in the category, according to GFI. The global market is forecasted to grow to $450 billion by 2040, according to consulting firm Kearney, which would represent roughly a quarter of the broader $1.8 trillion meat market. retail sales of plant-based foods grew 27% in 2020, bringing the total market to roughly $7 billion, according to data from the Plant-Based Foods Association (PBFA) and the Good Food Institute (GFI). That has led to a proliferation of products from companies like Impossible Foods and Beyond Mea t across grocery stores and restaurants while traditional meat companies like Tyson Foods, Perdue Farms and Hormel are launching new entrants in the category.
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