Alternative protein poised to solve seafood supply and demand imbalance

By: Trademagazin editor Date: 2023. 10. 11. 09:27

Although plant-based seafood has a competitive edge over beef in terms of price, consumer acceptance is still a steep hurdle.

Global demand for seafood as a protein source has surged, with a rapid projected growth of 14% by 2030 versus 2020 levels, driven by markets in Asia, Europe, Latin America, and Oceania, according to a new report from McKinsey & Company.

Supply, however, is not growing at the same rate. The amount of wild-caught seafood has been flat with more than 85% of the world’s fisheries “pushed to or beyond their limits.”

Alternative seafood sources may be a solution to this supply and demand imbalance, but the space faces many of the same challenges as other alternative protein sources like plant- based chicken and beef — price and customer acceptance.

Food Dive