Seafood, the next

frontier of Alt Protein

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 An alternative future for food emerges
Interest in dairy, meat, and fish alternatives
Since 2016

436%

137%

1,243%

262% Growth in interest in alternative foods between Jan 2016 and April 2022
Source: Spoonshot 3
Consumers are reducing
meat, but not fish
Interest in flexitarian and pescatarian diets

341%

Since 2016

117%

Global fish consumption has doubled since 1998, and it is projected to go up by another 80% by 2050.

Source: Spoonshot
4
Fish is sought after for it health benefits
Top nutrients consumers
associate with fish and
health together

Protein - 20.7%

Low-carb - 8.8%

Low-calorie - 8.6%

Omega 3 - 4.0%

Source: Spoonshot 5
Global fish populations are dwindling
70%
of marine fish populations have
been fully used, overused, or are
under severe threat
One third
of global freshwater fish
populations are in danger of
extinction
Main reasons for declining fish and
seafood populations:
● Growing global consumption
● Overfishing and unsustainable
fishing practices
●
●
Rising ocean temperatures
Pollution
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Business interest takes off, while consumer is slower
Consumer and business interest in plant-based fish
Plant based Fish - Business
Predicted Plant based Fish - Business

3745%

Since 2016

105%

The high association that fish has with health in consumers’ minds versus meat has proven to be a
major roadblock in the growth of alternatives.

Source: Spoonshot
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Barriers to the growth of seafood alternatives
Main complaints about plant-based fish launches
<0.2%
of seafood product launches
are plant-based or vegan

Based on product reviews,

flavor and texture are the
main barriers to the growth
of this category.

Source: Spoonshot
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Consumer associations with vegan seafood

Most talked about dishes

6.7% of
conversations

Fish and chips 3.0% of Sushi

conversations

1.2% of
conversations

1.0% of
Crab cakes Tacos
conversations

Note: These are based on consumer conversations on vegan fish/seafood

Source: Spoonshot
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Ingredients to consider to improve consumption experience

Most popular ingredients

in alt seafood products:

● Soy beans
● Fava beans
● Peas
● Haricot beans
● Green lentils

Source: Spoonshot 10
World’s first unbreaded jackfruit fish fillet is launched
Jackfruit + Kelp Seaweed

8.58 Very High Medium

Consumer Novelty Flavor

Product concepts for vegan seafood

Mushroom + Kelp Seaweed + Cocoa Bean

8.56 High High

Consumer Novelty Flavor

Banana Blossom + Seaweed Powder + Salt

9.0 Medium High

Consumer Novelty Flavor

Source: Jack & Bry; The Cornish Seaweed Company 11

Algae emerge as viable ingredients for faux fish

Seafood Reboot Revo Foods

This Paris-based startup is said to be This Austrian startup has developed a
working on seafood alternatives that will texturized salmon fillet made from pea
be vegan, non-GMO, and algae-based. protein and algae extracts, and is 3D printed.

226% Growth in the occurrence of vegan fish/seafood and algae together, since 2019
Source: Seafood Reboot, Plantish, Spoonshot 12
Spirulina shows significant potential for ‘clean’ fish analogs

SimpliiGood has developed the

first smoked salmon analog made
from just spirulina.

Growth in the 12
months to April 2022

32%

34%

Source: Spoonshot
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What
consumers
want from
clean label Vegan Natural Ingredients Organic
plant-based 48% 25% 19% 18%

foods

Most talked about

features about clean label
plant-based foods from
consumer conversations Healthy Plant protein Non-GMO
Sustainable
17% 12% 10% 8%

Source: Spoonshot 14

Urgency
There is an urgent need to
focus on seafood alternatives
since there is a very real
possibility of a future with
limited access to fish and
seafood.
Spoonshot’s take
Emerging ingredients
Various types of algae are
starting to show potential as
ingredients to mimic some of
the organoleptic features of
seafood for better
consumption experiences.
Clean label
Plant-based alternatives are
becoming more mainstream,
and so is the demand for clean
label options for these
alternatives. Seafood can learn
from issues with meat and milk
and get ahead of the curve.
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For more information contact Kishan Vasani on kishan@spoonshot.com