With the plant-based food market projected to reach nearly US $100 billion by 2032, this Intelligence Brief provides valuable insights into the rising popularity of plant-based seafood alternatives and the opportunities for innovation in this budding industry.
Plant-based meat, egg, and dairy alternatives have gained widespread acceptance, and now plant-based seafood is also gaining momentum, experiencing a 14% sales increase in 2021. The surge in popularity can be attributed to growing concerns regarding the negative impacts of traditional seafood on health, the environment, and ethical considerations.
According to industry experts, novel algae types will play a pivotal role in driving research and development opportunities in the plant-based seafood sector. Algae offers more sustainable production methods with lower environmental footprints compared to other sources like soy and pea.
Algae is a highly nutritious food source, rich in essential vitamins, minerals, protein, fiber, and omega-3 fatty acids. Moreover, many types of algae possess a flavor profile closely resembling seafood, owing to their umami taste. By incorporating algae in plant-based seafood, the taste and nutritional value can be significantly enhanced.
The vast diversity of seafood options worldwide presents an exciting opportunity to expand the range of plant-based seafood products. Algae, with its varied types and nutritional benefits, unlocks countless possibilities for experimentation and the creation of innovative plant-based seafood alternatives.
As the acceptance of novel algae types continues to grow, further research and development opportunities in the dynamic field of plant-based seafood will unfold.
The Intelligence Brief identifies potential ingredients, Centers of Excellence, and experts to facilitate partnerships among companies, research institutions, and investors. Collaborative efforts are crucial to accelerate the development and commercialization of innovative plant-based seafood products.
Included in this Intelligence Brief:
- An overview of the market dynamics, competitive landscape, investments, and market drivers
- A look at what makes algae such an attractive ingredient for plant-based seafood and examples of 6 novel algae types
- Grant & technology transfer opportunities in the field
- Insightful Q&A with high-level experts about the disruptive potential of algae on the seafood industry
