PreScouter, a leading research intelligence firm, has published a new Intelligence Brief that explores the untapped potential of algae in the rapidly evolving plant-based seafood market.
The plant-based food market is projected to reach US $100 billion by 2032. This report provides critical insights into the emerging plant-based seafood sector, highlighting the opportunities for innovation and growth.
Plant-based alternatives for meat, eggs, and dairy have already gained significant traction. Now, plant-based seafood is following suit, with a 14 per cent sales increase in 2021. This growth is driven by increasing consumer awareness of the health, environmental, and ethical issues associated with traditional seafood.
Victoria Yeung, project architect at PreScouter, commented, “The challenge in the plant-based seafood industry is to find ingredients that can mimic the taste and nutritional value of traditional seafood. Algae has demonstrated significant potential in this area, and we anticipate it will be instrumental in the development of innovative, sustainable products in the coming years.”
The report emphasizes the role of novel algae types in driving research and development in the plant-based seafood sector. Micro- and macro algae offer more sustainable production methods with lower environmental footprints compared to soy and pea, which are often linked to deforestation and monoculture farming.
Key highlights
- Algae is a nutrient-dense food source, rich in essential vitamins, minerals, protein, fibre, and omega-3 fatty acids.
- Many types of algae have a flavour profile similar to seafood, thanks to their umami taste.
- By incorporating macroalgae and using microalgae as a flavouring agent, the taste and nutritional value of plant-based seafood can be significantly improved.
The wide variety of seafood options worldwide presents an opportunity to expand the range of plant-based seafood products. Algae, with its wide range of varieties and nutritional benefits, offers numerous possibilities for creating innovative plant-based seafood alternatives.
Felipe Bandeira, analyst at PreScouter, added, “Algae is a promising alternative for plant-based seafood production due to its versatility, interesting nutritional profile, and environmental sustainability. Further research to improve taste, texture, and cost-effectiveness will make algae-based products more competitive in the market.”
The Intelligence Brief identifies potential ingredients, Centres of Excellence, and experts to foster partnerships among companies, research institutions, and investors. These collaborations are essential to accelerate the development and commercialisation of innovative plant-based seafood products.