The Next Major Market Push in Plant-Based Foods: Plant-Based Fish
Want to invest in the next plant-based juggernaut like the Beyond Burger? It may come as a surprise, but the next big thing in vegan food is... fish. More specifically, plant-based fish like tuna, crabcakes, shrimp, and fish sticks are trending among consumers according to Food Hack.
With 90 percent of the world's fish stocks in the red, the future of fish may be swimming in sea plants. It's just the latest bright spot in a plant-based food industry that Barclays estimates will be worth $140 billion in the next 10 years, capturing 10 percent of the $1.4 trillion global meat industry. Given that mock “seafood” now makes up just 1.2 percent of sales, there is plenty of room for growth.
Vegan Fish Are In Demand
Last year, a growing number of start-ups fought for market share, and the latest trend is that the smaller fish (as in startups) are growing, while the big fish (meaning the big food companies like Nestle) are about to dive in and take over the pond.
Plant-based fish maker Good Catch raised $8.7 million to expand its line of faux tuna, crab cakes and more, as the public embraces plant-based fish with greater enthusiasm. As these products and others become increasingly successful, industry watchers predict big food makers are the bigger food makers are going to rush in and gobble up the little guys.
Nestle’s announced it is about to launch a plant-based tuna product, which will reportedly be on shelves later this year. Prediction s are that the plant-based market of the future will look a lot like the big food world of the past with a few big players buying up everyone else.
Gardein also makes a fishless filet and is a good example of a company getting bought out. First, Pinnacle Foods purchased Gardein in 2014. And then last year, Conagra -- an even bigger fish -- lept in and purchased it, along with a host of other brands including Duncan Hines, Log Cabin and Birds Eye as part of the $10.9 billion deal to buy Pinnacle Foods.