Faux fish is angling to be the next big thing in alternative protein.
Alt-meat has skyrocketed in popularity in recent years as consumers have started to change what they eat for a variety of reasons, ranging from concerns over climate change and sustainability to animal welfare and personal health benefits.
That has led to a proliferation of products from companies like Impossible Foods and Beyond Meat across grocery stores and restaurants while traditional meat companies like Tyson Foods, Perdue Farms and Hormel are launching new entrants in the category.
U.S. retail sales of plant-based foods grew 27% in 2020, bringing the total market to roughly $7 billion, according to data from the Plant-Based Foods Association (PBFA) and the Good Food Institute (GFI). The global market is forecasted to grow to $450 billion by 2040, according to consulting firm Kearney, which would represent roughly a quarter of the broader $1.8 trillion meat market.
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