In Washington, D.C., the Good Food Institute released their first-ever State of the Industry Report focusing on the alternative seafood sector. This report explores the global alternative seafood industry’s commercial landscape and shares the latest on investments, sales data, and consumer insights.
Some key takeaways from the report include:
- $116 million was invested in alternative seafood companies in the first half of 2021 alone! This surpasses the total investment in 2020 by $26 million.
- As of June 2021, there are more than 87 companies making seafood from plants, from microbes through fermentation, and from animal cells (up from just 29 companies in 2017).
- While U.S. retail sales of plant-based seafood grew 23% in 2020, plant-based seafood sales remain a tiny portion (0.1%) of overall seafood sales, compared to plant-based meat at 1.4% of overall meat sales.
- When it comes to the factors that were most important in choosing alternative seafood over conventional seafood, the majority of consumers surveyed cited flavor as #1, followed by food safety, tasting like conventional seafood, and texture.