The alternative meat market is currently dominated by hamburgers, but that could change in 2020.
Plant-based seafood is expected to show major growth this year. Manufacturers of alternative fish cite concerns about bycatch, overfishing and other sustainability challenges associated with eating seafood as reasons to try their plant-based protein products.
In addition, since new alternatives includes no fish, they can be eaten by people with seafood allergies.
The plant-based foods retail market is currently worth $4.5 billion. The market is currently experiencing significant growth, increasing at a rate five times faster than the total U.S. retail food sales over the year.
Plant-based tuna start-up gets major funding
Gathered Foods, makers of the plant-based fish brand Good Catch, received $32 million is series B funding this week. Investors included Lightlife parent company Greenleaf Farms and 301 INC, the venture arm of General Mills.
The funding will be used to expand across the North American, European and Asian markets and build a new 42,500 square foot manufacturing facility.
Good Catch products are made from a blend of peas, chickpeas, lentils, soy, fava beans and navy beans “that have the rich flavors and flaky textures of fine seafood,” according to their website. The brand plans to launch a line of frozen entrees, including plant-based fish burgers and crab cakes, later this year.
These shelf-stable alternative products are currently available in more than 4,500 stores across the U.S. The brand plans to launch in the UK in the next few weeks. Total investments in Good Catch now value over $45 million.
"When we met the Good Catch team, we were immediately captivated with their mission to develop more sustainable plant-based seafood products that taste as delicious as traditional seafood," John Haugen, Managing Director of 301 INC, said in a press release.
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