News

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

Seafood
United States
Market & Price Trends
Innovation & Technology
Published Nov 21, 2023

Tridge summary

The market for seafood alternatives is growing due to increased global demand for seafood, with a McKinsey report predicting a 14% growth in global fish protein demand by 2030. The alternative seafood sector includes plant-based seafood, cell-cultivated seafood, and fermentation-enabled seafood products. However, the sector faces challenges such as high prices and pushback from some elected officials who propose bans and accuse plant-based seafood products of deception.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...
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