Impossible Foods and Beyond Meat made fake burgers cool, these startups want to do the same for fake fish

While plant-based seafood made up just 1 percent of all plant-based meat sales last year, brands and investors are eager to crack the 'white space.'

MARY YANG: Thanks largely to hot companies like Impossible Foods and Beyond Meat, fake burgers are cool — and ubiquitous. A new crop of startups is aiming to give plant-based fish the same treatment. While plant-based seafood made up just 1 percent of all plant-based meat sales last year, brands and investors are eager to crack the “white space,” says Jen Lamy, senior manager of Good Food Institute’s Sustainable Seafood Initiative.

Food and agriculture giant Louis Dreyfus Company (LDC) was the lead investor in plant-based seafood maker Gathered Foods’ latest funding round. In April, the company secured more than $26 million to expand its Good Catch lines of shelf-stable tuna and frozen appetizers and entrees in the U.S. and in Europe. Meat giant Tyson Foods, through its subsidiary Tyson Ventures, is backing plant-based shrimp purveyor New Wave Foods.

These innovative startups aren’t just interested in vegans and vegetarians; they’re mainly marketing to a growing consumer base of flexitarians — people who primarily eat plant-based but allow meat in moderation — in the wake of the success of alternative protein retailers Impossible Foods and Beyond Meat, Lamy says. The vast majority — 98 percent — of people buying plant-based products eat meat too.

“At this point, it’s kind of expected that your fast-casual and quick-service operators have some kind of plant-based burger option,” she says. “There’s a consumer base that’s waiting for alternative seafood.” While it’s hard to tell exactly when faux fish will become a menu staple, here are a few of the most promising startups working to get their products there first. SOURCE…

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