Many have argued that seafood is challenging to “veganise” well, but the vast growth of vegan seafood products and tech companies seems to prove that isn’t the case. 

The Market 

At the moment, “faux seafood” has a small market share. In the US, the country with the most vegan seafood start-ups,  plant-based seafood made up only 1% ($9.5m) of the dollar amount of all retail sales of plant-based meat in 2019. But when you scratch the surface you see there is rising demand for vegan seafood products and rising opportunities.

Alternative seafood presents an enormous opportunity for investors because of rising concerns around fish and shellfish welfare and sustainability. According to the United Nations, nearly 90% of the world's marine fish stocks are now fully exploited, overexploited or depleted. This is a serious long-term concern. Furthermore, shellfish allergies are the most common food allergy in many countries. And the coronavirus pandemic has certainly illustrated the increasing demand for healthy, non-perishable protein products which can be stockpiled and stored for long periods of time. These factors mean the demand for vegan seafood products is likely to rise. In fact in July 2020, Forbes Magazine announced that “Plant-Based Fish Is The New Vegan Trend”. 

Success Stories 

Just last week industry giant, Nestle, launched their vegan tuna range. Branded Vuna, the product is made from pea protein and five other plant-based ingredients. Of course peas - which require relatively little land and water and can be grown in cold climates - are an incredibly sustainable source of protein. In their Vuna announcement, the Nestle company also revealed that sales of theor plant-based alternatives totalled $223 million last year. "Sustainably produced plant-based seafood alternatives can help to reduce overfishing and to protect the biodiversity of our oceans," said Stefan Palzer, Nestlé Chief Technology Officer. "We are excited to launch this great product, and other plant-based fish and shellfish alternatives are already under development.”

Another recent success story centres around a leading vegetarian shrimp product developed by The Plant Based Seafood Co, which was declared the Most Disruptive Product of 2020 in Prepared Foods’ Spirit of Innovation awards. Mind Blown Coconut Shrimp is part of a new line of soy-free plant-based seafood products which have the look and taste of conventional seafood.

Vegan seafood manufacturer, Gathered Foods, have also experienced great success in recent years. Founded in 2016 the Pennsylvania-based food manufacturers uses a blend of peas, chickpeas, soybeans, lentils, fava beans and navy beans as well as seaweed and algae extracts to develop its line of 100% plant-based tuna products. And they recently announced the opening of their new 42,500 square foot facility in Ohio, USA. 

Summary

Plant-based fish is likely to be a thriving trend. As fish stocks plummet, multiple companies will invest and commit to developing plant-based fish alternatives. So this is certainly a market ripe for development.

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