Is plant-based fish the future of seafood?

The case in favor of plant-based ﬁsh is
getting stronger and we can expect
seafood to be the next iteration of the
plant-based food revolution.
EXPLORER SERIES
IS
PLANT-BASED
FISH THE
FUTURE OF
SEAFOOD?
IS
PLANT-BASED
FISH THE
FUTURE OF
SEAFOOD?

SUMMARY
Rising concerns over food
sustainability will see plant-
based alternatives to fish
becoming a massive trend
in the coming years.
Explorer Series: Is plant-based fish the future of seafood? 01
Plant-based ingredients that
double up as fish alternatives
will also get a significant boost
as manufacturers scramble to
get the taste and texture of their
products just right.
Exotic ingredients such as
banana blossom and heart of
palm will grow alongside more
familiar ingredients such as
eggplant and carrot as potential
alternatives to fish.

SOMETHING
FISHY
SOMETHING
FISHY
Chew on this for a moment: tuna, one of the
most popular types of fish in the US, is finding
fewer takers. The average quantity of canned
tuna consumed per person fell by more than
41% between 1986 and 2016 from 3.6
pounds to 2.1 pounds, according to stats from
the US Department of Agriculture.
There have been several explanations for this
drop – the strong smell that can make you an
instant office outcast, concerns about
mercury and other contaminants, anger
about the harm to dolphins, falling supply. Oh,
and Millennials. Who don’t even own can
openers, according to one scandalized tuna
company executive.
In their defense, tuna brands have been
attempting to tackle these issues, highlighting
their sustainable fishing practices and
switching from cans to pouches. But this
hasn’t been enough to revive tuna sales. It
won’t be long before other fish species face
similar problems.
However, novel alternatives to tuna and
seafood, in general, maybe on the horizon
that addresses many of these very
complaints. And they have nothing to do with
the sea. We’re talking about plant-based fish,
which is gearing up to be the next iteration of
the overall plant-based food revolution.
*
* https://www.foodandwine.com/news/tuna-millennials-cans
41%
The average quantity of
canned tuna consumed per
person fell by more than 41%
between 1986 and 2016 from
3.6 pounds to 2.1 pounds

1 https://www.marketwatch.com/story/meaty-foods-like-chicken-
nuggets-and-meatballs-could-soon-be-cloned-2019-02-28
2 https://www.fastcompany.com/90347902/can-plant-based-meat-
grow-from-a-1-billion-industry-to-a-20-billion-industry
SUSTAINABILITY IS
IMPORTANT TO
CONSUMERS
SUSTAINABILITY IS
IMPORTANT TO
CONSUMERS
To understand this, let’s take stock of where things are.
Since 2009, the plant-based meat industry
has received more than $2 billion in
investments, half of which was in 2007 and
2008 alone. Even veterans of the meat
industry are investing in plant-based food
companies or future-prooﬁng their
companies with their own meat-free
variants.
The sector grew by 17% in August 2018 to
over $3.7 billion in the US, according to a
report published by the Good Food
Institute (GFI), a non-proﬁt that follows
this sector. Overall retail food sales, on the
other hand, grew only by 2%. In several
individual categories, plant-based versions
are outpacing animal-based versions.
The growth of plant-based alternative foods globally has been nothing short of phenomenal.
Plant-based milk and meat have gained quite a bit of acceptance in the last couple of years
and a number of other traditionally animal-derived categories are starting to play up their
alternatives with plant-based credentials.
The 2018 Summer Food & Drink Trends
report says that a third of all Americans,
and 37% of millennials, plan to buy more
plant-based products in the following year.
37%
$3.7bn
$2bn
third of all Americans, and 37% of
millennials, plan to buy more
plant-based products
the sector grew by 17% in August
2018 to over $3.7 billion in the US
the plant-based meat industry has
received more than $2 billion in
investments
1
2

Products that were once considered the
mainstay of niche groups like vegetarians and
vegans are now being sought after by
consumers looking for healthier, ethical, and
more environmentally friendly choices. It
helps immensely that these foods taste a lot
better today than they did in the past, thanks
mainly to a wider range of ingredients
available for use.
Studies published over the years point to the
beneﬁts of reducing meat consumption on
the health of people and the planet. In fact,
the 2018 Food and Health Survey conducted
in the US found that sustainability of food is
becoming more and more important to
consumers. In 2018, 59% said it is important
to them that the food they buy or consume is
produced in a sustainable way versus 50%
who said the same in 2017.
3
4
WHAT DOES SUSTAINABILITY MEAN TO CONSUMERS?
Ranked important aspects of sustainable food production
Importance of sustainability in food
products purchased
Very Important Not very Important
Don’t know enough
Somewhat Important Not at all important
Neitherimpnorunimportant
Source: International Food Information Council Foundation’s 2018 Food and Health Survey
3 https://www.greenmatters.com/p/environmental-beneﬁts-plant-based-vegan-diet
4 https://foodinsight.org/wp-content/uploads/2018/05/2018-FHS-Report-FINAL.pdf
Sustainability for consumers means reducing pesticides, an affordable food supply and
conserving natural habitats
HEALTHIER
ETHICAL
ENVIRONMENTALLY
FRIENDLY
HEALTHIER
ETHICAL
ENVIRONMENTALLY
FRIENDLY
CONSUMERS LOOKING FOR
FOOD CHOICES
59%said that the food they buy or
consume is produced in a
sustainable way

THE
ENVIRONMENTAL
CASE FOR
PLANT-BASED FISH
THE
ENVIRONMENTAL
CASE FOR
PLANT-BASED FISH
Sustainability and safety concerns will tip the
balance towards plant-based ﬁsh. People are
worried about ocean pollution and its impact
on sea life – it’s hard not to be when we are
regularly exposed to heart-wrenching images
of marine animals choking on plastic waste.
MICROPLASTICS AND TOXINS
An estimated 8 million metric tons of plastic
are thrown into the ocean every year, of
which 236,000 tons are microplastics. These
minute bits of broken-down plastic are
slightly more insidious as they can be
ingested by marine animals and then work
their way up through the food chain. In
addition, sea animals are also exposed to
toxins from industrial efﬂuents and runoff
from multiple smaller sources.
5
5 https://www.earthday.org/2018/04/05/fact-sheet-plastics-in-the-ocean/#_ftnref1

OVERFISHING
Overfishing to keep up with the global
demand for seafood is affecting supplies
in rather drastic ways. A study published
in Science in 2016 predicts that seafood
could completely disappear by 2048 if
we’re not careful. Ocean biodiversity is
being depleted more rapidly than ever
before: fish stocks within biologically
sustainable levels have declined from
90% in 1974 to just under 67% in 2015,
according to a UN Food and Agriculture
2018 report.
6
7
AQUACULTURE
Fish farming, considered a solution to
overfishing, is projected to overtake wild-
caught fish by 2021. But this too comes
with its own problems. Take shrimp, for
example. It is the most popular seafood
across the world, but the need for artificial
shrimp ponds has resulted in the
destruction of an estimated 3 million
hectares of coastal wetlands, including
mangroves. Pesticides used in aquaculture
are also a cause for concern.
9
8
fish stocks within
biologically sustainable
levels have declined from
90% in 1974 to just under
67% in 2015
67%
90%
6 https://www.nationalgeographic.com/animals/2006/11/seafood-biodiversity/
7 http://www.fao.org/3/CA0191EN/CA0191EN.pdf
8 https://www.forbes.com/sites/michaelpellmanrowland/2017/07/24/seafood-sustainability-facts/#4781f8074bbf
9 https://theecologist.org/2016/nov/17/poverty-alleviation-shrimp-farms-destroy-mangrove-forest-grab-indigenous-land

THE
INGREDIENTS
THAT MAKE UP
FISH-LESS FISH
THE
INGREDIENTS
THAT MAKE UP
FISH-LESS FISH
An overview of ingredients currently being used
in the plant-based ﬁsh segment and those that
show potential as substitutes as this space grows.

THE INGREDIENTS THAT MAKE UP FISH-LESS FISH
Vegan seafood, plant-based seafood, and
seafood alternatives are still very niche items
in the US, which is not entirely surprising
since only 3% of adult Americans said they
were vegan, according to a 2018 Gallup poll.
Hence, consumers going out of their way to
search for vegan fish is pretty limited. It is
more likely though that American consumers
can be encouraged to reduce their meat or
fish consumption if alternatives offered up a
familiar eating experience.
At present, soy, lentils, and other plant
proteins top the list of ingredients used to
make fish substitutes, but this field is being
expanded to familiar ingredients like
tomatoes, eggplant, and mushroom. There
are a whole host of lesser-known ingredients
as well that can be used to reduce the
dependency on a handful of base ingredients.
And consumers are likely to accept such
product enthusiastically if positioned
appropriately.
The most creative and inspirational fish-free
fish dishes come from home cooks and food
bloggers, particularly those who are vegan,
and it looks like the professionals are paying
attention. Exotic (mainly Asian) ingredients
are also making their way into plant-based
fish in the US, again being influenced by the
significant Asian population in the country
and the network of Asian stores.
10
10 https://news.gallup.com/poll/238328/snapshot-few-americans-vegetarian-vegan.aspx

Trend: Salmon Vs Carrot
25
50
75
100
Jun 2016Jun 2015Jun 2014 Jun 2017 Jun 2019Jun 2018
Salmon Region: US Source: Google TrendsCarrot
1. SALMON AND CARROT
Based on Google Trends results and
Spoonshot data, we can see a regular dip in
the searches for salmon, while carrot-related
searches show a spike at the same time.
Salmon’s biennial ﬁshing cycle makes its
supply limited, which could be a result of the
dips in searches. Vegan recipes online
highlight how carrots can make a very
convincing alternative to salmon. This opens
the doors for positioning carrot-based salmon
as a plant-based alternative during the lean
periods.
regular dip in the searches for
salmon, while carrot-related
searches show a spike at the
same time

2. ARTICHOKE AND CAULIFLOWER
Artichokes-based side dishes are popular
during Christmas, which could explain the
spikes around Christmas time for searches
related to the vegetable. Cauliflower has
been a fairly popular vegetable but has
become even more so with the rise of
consumers following a keto or low-carb diets.
A study by the US Department of
Agriculture’s Economic Research Service
found that cauliflower consumer per capita
had grown 61% between 2016 and 2017.
Both these vegetables are highlighted by
vegan home chefs as great alternatives to
fish. The consumption patterns highlight the
possibility of linking plant-based options with
festive occasions or for those with food
restrictions for various reasons. The reasons
could be faith-based, due to allergies, or
changes in lifestyle, with these ingredients
offer a suitable alternative to fish.
Additionally Spoonshot’s data shows that
artichoke pairs well with algae protein with a
high novelty and flavor and has been used in
PlantFusion’s Complete Meal product.11
Trend: Artichoke Vs Cauliflower
25
50
75
100
Artichoke Region: US Source: Google TrendsCauliflower
cauliflower consumer per
capita had grown 61%
between 2016 and 2017
61%
11 https://plantfusion.com/products/complete-meal?variant=1033825124365

3. HEART OF PALM AND BANANA BLOSSOM
These are two vegetables that American
consumers are likely to see as exotic, even
though Hawaii is one of the top producers of
Heart of Palm (it uses much of what it produces,
pointing to the ingredient’s popularity).
25
50
75
100
Banana Blossom Region: US Source: Google TrendsHeart of palm
Banana Blossom Heart of palm
Trend: Banana Blossom Vs Heart of Palm
Compared breakdown by US sub-region

Banana blossom is a familiar ingredient in
South Asian and South East Asian cuisine and
it is enjoying quite a bit of popularity in the
UK at the moment, driven by the huge Asian
diaspora and the burgeoning plant-based food
trend. It won’t be long before Americans take
to it either.
Spoonshot’s data validates that both the
vegetables are used as fish substitutes in
vegan or vegetarian recipes by home chefs in
rather innovative ways and due to the unique
textures and flavor. A few recipes position
heart of palm as a calamari substitute due to
its ring-like shape when sliced, and banana
blossom as a great alternative to fish due to
its chunky, flaky texture.
Banana Blossom interest
by US sub-region

The guiding principle of plant-based fish
companies is to mimic the taste and
texture of the real thing, followed by
nutrition, so consumers don’t feel like
they’re missing out. Fish and seafood is
the fourth largest protein source for
Americans. According to a study in 2017,
55% of US households said that high
protein was an important deciding factor
when doing their food shopping.
12
For plant-based fish manufacturers,
finding ingredients that will tick most of
these boxes is something to keep in mind.
The top ingredient has been soy flour or
soy protein derivatives, but peas and
chickpeas are not too far behind. While a
combination of different legumes can help
mimic fish’s protein profile, konjac and
yam are also being used increasingly,
thanks to Asian influences.
Food service players are experimenting
with fresher ingredients since they don’t
have to often worry about their product
being shelf-stable. We’ve seen the use of a
range of common vegetables and fruit
being used to mimic raw fish, some of
which could potentially evolve into frozen
versions. These have the potential to be
positioned as ways of getting more
vegetables and fruit into the diet
The path of ingredient evolution for plant-based fish being followed
could look like this:
Vitamin-rich
affordable and
familiar
Protein-heavy Vitamin-rich
exotic
12 https://www.nielsen.com/us/en/insights/article/2018/protein-consumers-want-it-but-
dont-understand-it/

TRENDSETTERSTRENDSETTERS
Now that we’ve established that plant-
based fish is very much here to stay, let’s
take a look at a few companies that have
been making waves in this space. It should
come as no surprise that entrepreneurs are
taking the lead in offering up plant-based
Based in California, Sophie’s Kitchen
introduced a range of vegan seafood,
including frozen crab cakes, fish fillets,
shrimp, scallops, smoked salmon, and
canned tuna way back in 2011. Sophie’s
Kitchen’s canned plant-based tuna – Vegan
Toona – saw sales grow by 72% between
the first quarter of 2017 and 2018.
SOPHIE’S KITCHEN
Source: https://www.agweb.com/article/theres-something-fishy-in-the-faux-
meat-aisle-blmg/
The ingredients used in these products are
konjac and yellow pea. Konjac or elephant
yam is a popular ingredient in Japanese
cooking.

In late 2018, Atlantic Natural Foods, a
company that manufactures shelf-stable plant-
based proteins, launched its plant-based tuna
called Tuno, a product that had been five years
in the making.
Ingredients include soy flour and seaweed.
In early 2019, Good Catch launched a vegan
albacore tuna that it had been working on for
two-and-a-half years. The product uses six
different beans to recreate the texture of tuna.
Ingredients include soy flour and seaweed.
ATLANTIC NATURAL FOODS
GOOD CATCH FOODS
Source: https://atlanticnaturalfoods.com/tuno/
Source: https://goodcatchfoods.com/
TRENDSETTERS

AhimiTM
This company sidesteps the protein
angle and uses everyday vegetables in
its plant-based seafood to specifically
mimic raw fish. Its first product, Ahimi,
is an alternative to raw tuna made with
Roma tomatoes and its second product,
Unami, is a freshwater eel substitute
made from eggplant. The company is
working on a salmon-alternative, called
Sakimi, made from carrot.
OCEAN HUGGER
FOODS
Ingredients for Ahimi include tomatoes,
non-GMO soy sauce, filtered water,
sugar, and sesame oil. Unami is made
from eggplant marinated in gluten-free
soy sauce, mirin, and algae oil.
UnamiTM
TRENDSETTERS
SakimiTM
Explorer Series: Is plant-based fish the future of seafood? 16Source: https://oceanhuggerfoods.com/

New Wave Foods launched its shrimp
alternative in 2015, ﬁrst for the food
service sector, but has into some retail
outlets with raw and breaded shrimp
variants. The company is looking at
launching plant-based crab and lobster in
the future.
Ingredients include soy protein, brown
algae extract, and vegan natural ﬂavors
(and some undisclosed ingredients).
NEW WAVE FOODS
TRENDSETTERS

WHAT’S NEXT FOR
PLANT-BASED
FISH?
WHAT’S NEXT FOR
PLANT-BASED
FISH?
There is no question that plant-based fish will
become a more common sight in restaurants,
supermarkets, and homes, but this journey is
not going to be without its challenges.
Consumers won’t be ready to give up fish
altogether or even cut down significantly.
After all, fish is still currently easily available,
affordable, and nutritious.
However, food sustainability and the
environmental concerns will push US
consumers away from resource-intensive
animal products, paving the way for plant-
based alternatives to seafood to be the next
big trend.
In tandem with the interest in seafood
alternatives, there will also be significant
interest in the plant ingredients used to make
plant-based fish. Companies operating in this
space are constantly experimenting with new
ingredients or revamping old ones so as to
get the taste and texture of fish alternatives
just right. With greater improvements in
these features, it would make it easier for
consumers to switch over from real seafood.

The scramble to get the faux fish as close to
real fish will result in the rise of a number of
new ingredients that are more effective in
replicating seafood. Exotic ingredients such
as banana blossom and heart of palm show
potential to take pride of place on American
plates alongside more familiar ingredients
such as eggplant and carrot as potential
As this trend becomes more established and
consumers start demanding plant-based
alternatives to a wider variety of seafood
species, we can also expect manufacturers to
scour different parts of the world for
ingredients that are better suited to
reproduce specific types of fish.
Furthermore, the growing demand for more
exotic ingredients for these markets opens
doors for fishing communities in terms of
alternate employment. In the long term,
manufacturers might want to consider
partnering with agricultural and fishing
communities to grow domestically the more
exotic crops used to make plant-based fish
instead of sourcing them from other
countries at a much higher cost.

ABOUT
SPOONSHOT
ABOUT
SPOONSHOT
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the bar for insight-led innovation.
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catalyst behind novel, successful products,
the very fuel to help food and beverage
companies shape the future, to set the trend.
Spoonshot equips the food and beverage
industry with unprecedented foresight of
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