New Wave Foods have signed a strategic distribution agreement to launch their New Wave Shrimp in restaurants and foodservice outlets nationwide. The plant-based shrimp is being provided to foodservice companies immediately under a non-exclusive agreement with Dot Foods, who will be distributing the product across North America.
The plant-based shrimp is made with sustainable seaweed and plant proteins. This creation was made by top-tier chefs and R&D experts that make the product very similar to ocean shrimp. It mimics the taste, texture, and bite consistency of real shrimp, making it versatile for use in various dishes and recipes.
The plant-based shrimp industry is entering and disrupting a $9 billion shrimp market and is focusing on where 80 percent of shrimp is consumed: restaurants and non-commercial foodservice segments.
“Following our recently announced $18 million Series A financing, we’re excited to launch this new agreement which extends our presence and provides foodservice companies throughout the US greater access to New Wave’s plant-based shrimp,” said Mary McGovern, CEO, New Wave Foods, in a press release. “Given Dot Food’s vast foodservice distribution coverage, this partnership provides New Wave Foods with immediate national availability while demonstrating Dot’s belief in the growth of plant-based eating and New Wave’s product offering.”
New Wave Shrimp is a pre-cooked and fast preparation addition to meals such as nachos, tacos, pad thai and more. The product is free from shellfish, soy allergens, gluten, GMOs and is also kosher.
“We know that commercial and non-commercial foodservice operators need to continue to excite their guests with innovative food products, and plant-based food is the largest growing segment,” said Rodd Willis, director of natural and specialty Dot Foods, in the same statement. “New Wave Shrimp is an extremely unique product – a true game-changer in the seafood industry. We believe that it is a great plant-based alternative to ocean shrimp as an ingredient and that it delivers on the needs of foodservice operators for menu versatility and quality.”
The plant-based fish industry is a growing market and one that is in the spotlight in 2021.
With the rise of the new Netflix documentary, Seaspiracy, there has been an increase in the number of online conversations about the fishing industry and how it can become more sustainable. The documentary covers the different ways that the fishing market affects the planet and shares shocking facts about where the earth is heading if we keep up with our current consumeristic habits.
One solution to this problem, mentioned in the documentary, is to stop eating fish and start eating plant-based alternatives.
The main driver behind shifting towards plant-based seafood alternatives are the detrimental effects of the large machinery used in the fishing industry today that optimizes the catch rate of fish. This equipment affects dolphins, whales, sharks and more that, when trapped, are killed, causing significant environmental impacts.
“According to [the] United Nations, nearly 90 percent of world’s marine fish stock are exploited or depleted. Plant-based seafood market accounts 9.5 million of total plant-based meat market,” said a report on the global market size of the seafood alternatives segment prepared by Brand Essence Research.
According to Future Market Insights, “the plant-based fish market is expected to grow by 28 percent CAGR during the forecast period from the year 2020 to 2030.” Europe is the leading region in this category and the top companies include Symrise, Kellogg’s, Tyson Foods and Puris Proteins.
New Wave Foods plans to expand the plant-based shrimp category by including new plant-based shellfish in 2022; this will consist of lobster, scallops and crab meat.