Consumer interest in plant-based eating continues to drive product innovation. A new generation of plant-based meat alternatives that promote having the taste, texture, and appearance as close to the animal-derived version as possible have burst onto the scene. Meat, poultry, and seafood analogs transcended their debut in restaurants and are now available in supermarkets everywhere, positioned next to packages of the real thing.
The plant-based seafood category shows potential for continued accelerated growth. Launches of plant-based seafood alternatives had a compound annual growth rate (CAGR) of 44% in North America and 15% globally over the 2016-2020 period, according to data from Innova Market Insights. Then, the category experienced a big 27% jump in 2020, to $7B annually, according to a study by the Good Food Institute and Plant-Based Foods Assn.