FI Seafood News: Shrimp Market Growing Significantly

Here’s a look into notable developments in the seafood market recently:

SHRIMP’S ASCENT

The global shrimp market size was valued at $31.6 billion in 2019, and is estimated to reach $54.6 billion by 2027, registering a CAGR of 9.2% from 2021 to 2027, according to Research and Markets.

Due to its low carbohydrate, fat, and calorie count, the market is being majorly driven by an increase in demand among health-conscious consumers.

In 2020, the pandemic reduced the overall demand for shrimp and, while the international and domestic shrimp markets witnessed strong retail trade, the foodservice sector suffered massive losses. Recently, China’s catering industry has experienced significant growth as a result of the mid-autumn festival in October which created lucrative opportunities for the expansion of the shrimp market.

PLANT-BASED SEAFOOD

Protein Industries Canada recently announced a co-investment with New School Foods and Liven Proteins into the development of plant-based seafood products. The project will focus on developing a whole muscle, plant-based fish filet that emulates the same texture, taste and cooking experience of fish.

The companies will test Liven’s fermentation-based, animal-free proteins in combination with other plant-based proteins, including Canadian-sourced pea, canola and fava protein. Currently, canned and stick-form plant-based fish products are available in Canada, but plant-based fish products are not yet available as whole muscle, unbreaded filets, and they typically don’t offer texture that’s as flaky as fish.

The developments would provide consumers with new sustainable meat alternative options that more accurately mirror seafood.

Additionally, OmniFoods, the Hong Kong startup known for its fake-pork product “OmniPork,” is now also trying its hand at plant-based seafood, reported CNN Business. The company’s launching a new line of products that include alternatives to fish fillets, fish burgers and cuts of tuna.

THE MICROBIAL FERMENTATION TREND

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Chicago-based food tech Aqua Cultured Foods is launching what it claims is the world’s first whole-muscle cut seafood analogue developed using microbial fermentation, reported Green Queen. The company’s looking to become the first mover in the category, similarly to what Beyond Meat and Impossible Foods did in plant-based meat.

Aqua Cultured is the latest to join the rising fermentation alternative protein space, the sector being described as the “third pillar” alongside plant-based and cell-based. The company uses technology to produce a complete protein without conventional aquaculture and develops whole-cut seafood analogues from it. The brand falls into the biomass fermentation category, which takes the fast-growing component of microorganisms as an ingredient to produce large amounts of alternative protein.

CERTIFICATION PROGRAM

The Canadian province of Nova Scotia has created its own seafood certification program covering 17 species. Said to be the first of its kind in the world, the program focuses on traceability, handling, processing, and food safety, reported CBC (June 22).

As of June 22, Fortune Oysters is the first and only company to receive the Nova Scotia seafood quality certification. The company operates two oyster farms on Nova Scotia’s eastern shore under the Bill and Stanley Oyster Farm name. Certification allows Fortune to use the Nova Scotia Seafood trademark logo and receive follow-up technical assistance and training from Perennia, the province’s agrifood development agency.

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