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“Salmon and tuna are quite a big market, so growth [rather than branching out into other seafood categories] is a big focus for us right now,” Prus told me recently during a Zoom call, adding how the ingredients used to make Current Foods are similar to Beyond Meat with proteins processed differently to mimic the seafood texture.
As an early backer of Beyond Meat, Lane notes how Current Foods reflects what he believes to be the most exciting changes happening in the food innovation space — the reinvention of the food itself. He said: “we feel we have invested in the Beyond Meat of seafood, extending the runway of wild tuna, salmon and other predator ocean species for their critical supply of protein to humans and non-humans.
Skyrocketed seafood price in the U.S. due to inflation could also benefit the alternative seafood sector. Fresh seafood prices increased by 12.1% on average year-over-year to $8.51 per unit in March 2022, recent data from IRI and 210 Analytics showed. “Seafood is by far the largest segment of price increase because it has such a wild supply chain,” Prus said, “but we can afford to grow our business with healthy margins.
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