US: McKinsey report finds higher-end plant-based seafood alternatives have competitive advantage

Market acceptance of seafood alternatives is increasing in tandem with a general rise in global seafood demand, according to a recent study released by global consulting firm McKinsey and Company.The alternative seafood sector comprises plant-based seafood, which includes seafood analogs made from soy, seaweed, yeast, oils, and starches; cell-cultivated seafood, which includes seafood analogs that companies harvest from the cells of fish; and fermentation-enabled seafood products, which includes seafood analogs stemming from three production methods: traditional fermentation, biomass fermentation, and precision fermentation. Analogs already in the market include plant-based shrimp, tuna, salmon, caviar, squid, and crab analogs, and more are on their way.The McKinsey report, “The next wave: Alternative seafood solutions,” predicts 14 percent growth in global fish protein demand through 2030. Due to limitations on wild catches and aquaculture growth, scaling up production of seafood ...