The loss of ocean biodiversity is accelerating, and according to research recorded by the National Geographic, if we don’t act now, seafood has been predicted to disappear entirely by the year 2048. Consumers are becoming increasingly aware of these harrowing statistics, and in result, plant-based fish alternatives have steadily become more popular. Pioneers in plant based fish, like Meatless, are leading the way in the significant increase in plant-based fish developments, launches, and consumer consumption of these fish-friendly alternatives.
Back in 2020, Forbes predicted that plant-based fish was set to be the next vegan trend, developing products mimicking seafood, as well as meat. Today, plant-based industry sales are heavily dominated by plant-based fish fillets (Forbes predicted well), with these products holding a market share of over one-third. Future trends predict that the global plant-based fish market will surge at a CAGR of approximately 28% from 2031 to 2031, and thus is estimated to reach a valuation of US$ 1.3 Bn by 2031.
Future plant-based fish innovations
So far, there has been an abundance of developments and innovation within the plant-based industry, with white plant-based fish taking prominence. However, as demand keeps soaring within this sector, companies are looking to keep up with this demand and explore varying types of plant-based fish, such as salmon and tuna.
Examples of some of these white plant-based fish include:
- Start-up Monkey by the sea which has raised its first $500,000 to create its new global plant-based seafood brand
Ingredient Innovator at Food Matters Live, Meatless, has stated seeing an increase in consumer demand for these non-white types of fish, now endeavouring to shift NPD in this direction.
In the wider plant-based industry, according to The Vegan Society, over 55,000 products from more than 2,500 companies are now registered globally with The Vegan Trademark, of which 18,000 of these include food and drink items, like plant-based fish.
What are the experts saying?
As part of our investigation into the topic, Food Matters Live spoke to Jos Hugense, the CEO of Meatless, about these exciting novel industry trends. The CEO reported that:
“Meatless started mimicking fish in 2014, in fact, most of the white fish innovation you see on the British market is based on our technology. At the time, Meatless had quite a significant impact on the plant-based fish market because while there was some existing innovation within the sector, there really wasn’t too much of it. We changed that with our white rice fibre base – one of our very first successful rice fibres, both then and now.”
As pioneers within the industry, Meatless have been at the forefront of plant-based fish innovation for almost a decade now. The company has been awarded numerous times and succeeded in introducing new directions in the production of plant-based products, like texturizing fava beans and quinoa, and developing bright white fish textures. Recognised as one of the best performing raw materials on global footprint and effects on the environment, Meatless has now a firm position in the world of texturized plant-based products and presents very healthy growth of its production and sales.
With a strong range of ingredients used to create very successful white plant-based fish, the company, like many others within the sector, are now looking to venture beyond this type of plant-based fish.
Hugense further commented that:
“Today, Meatless are developing innovations with other ingredients such as fava beans, which combined with rice fava, is being used to create a novel plant-based canned tuna product. This tuna product is near completion and will probably be ready to launch in 2021. Alongside these tuna developments, Meatless are likewise working on plant-based salmon innovation.”
Which other food businesses are investing in plant-based fish?
- Wildtype has opened the world’s first cell-based fish plant to produce sushi-grade salmon cultivated from fish cells.
Learn more about Meatless
Meatless is an inspiring one of adapting to modern demand, at an early stage. Originally a meat processing company, Jos Hugense decided in 2005 to switch to plant-based production of basic raw materials for the vegetarian and meat industry. A surprising choice at that time. Today, Meatless produces 100% plant-based textured products which are used by the vegetarian and vegan industry as an ingredient in excellent vegetarian and vegan foods.
You can discover more about Meatless, their plant-based fish innovations and what else they have to offer the industry at Food Matters Live this November, where these pioneers will be joining us as one of our Plant-Based Lead Partners.
Would you like involvement of your own at Food Matters Live as either an Ingredient Innovator or Global Thought Leader? Contact David, our Head of Client Relations to discuss whether your company could be a fit for Food Matters Live here.