Many times the most effective solutions come from witnessing an issue firsthand. After two decades of running a seafood market in Spotsylvania, VA, Monica Talbert could see the impacts that climate change and overfishing were having on marine populations. One of the Van Cleve Seafood Co.’s best-selling products was a handmade crab pie, and Monica watched as demand for the Chesapeake Bay Blue Crab began to vastly outstrip supply.

Determined to find an alternative, Monica began experimenting with a plant-based crab cake and offering tastings at the market. When she realized most customers were having difficulty distinguishing between the plant-based cake and her family’s real crab cake in blind taste tests, she knew she was onto something. Inspired by the growing excitement around the product, Monica and her mother, Shelly, began building the Plant Based Seafood Company, leveraging their deep knowledge of the seafood customer to design new products. S2G is excited to announce our investment in the Plant Based Seafood Company to support Monica, Shelly, and the team in making delicious, sustainable seafood alternatives more widely available.

As consumers seek alternatives to animal-based proteins that are better for their health, the environment, and animal welfare, plant-based seafood has become an attractive option. In addition to becoming part of more menu plans, it is allergen-free and does not have mercury and microplastics, which pose human health concerns associated with conventional seafood. Despite consumer interest, many plant-based seafood products currently in the market have yet to achieve the taste, texture, and nutritional equivalency of the products they are replicating.

To win as a plant-based seafood product, we believe companies must excel in brand, texture, flavor, and nutritional profile, and achieve price parity with the protein it is meant to replace. The plant-based seafood category is continually improving the nutritional profiles of its products, to cater to a particularly health-conscious consumer base. But none of that matters if you don’t start with a product consumers want to eat. We believe the Plant Based Seafood Company has the strongest brand in the category and the best-tasting products in the market.

Armed with their unique experience and knowledge of the seafood market and consumer, Monica and Shelly have been able to closely replicate the taste and texture of traditional frozen seafood products. The company currently manufactures frozen plant-based shrimp, scallops, and a crab cake alternative. PBSC’s flagship product, Mind Blown Plant Based Coconut Shrimp, was the first plant-based shrimp product to be sold in the frozen seafood case at grocery stores, and within months of launch it won multiple awards, including Most Disruptive Product of 2020 from Prepared Foods. The company’s Plant-Based Dusted Scallops won the Best New Frozen Product at the 2022 Expo West NEXTY Awards and were named Best Plant-Based Seafood Product of the Year at the 2022 World Food Innovation Awards. In addition, the company was named 2023 Top 300 Impact Companies in the World by Real Leaders.

In the US, plant-based seafood retail sales increased by 14 percent in 2021 to $13.9 million. While plant-based seafood comprises less than 1 percent of the total plant-based meat and seafood market, conventional seafood accounts for one-fifth of total conventional meat and seafood sales, indicating substantial room for growth in the plant-based seafood industry. According to the Good Food Institute, retail plant-based seafood sales could grow by $220 million if the category can capture the same dollar share of the seafood market that plant-based meat currently has of the meat market, but the total market opportunity is much larger.

Plant-based seafood is a crucial component of a future where consumers can choose proteins that meet their preferences while minimizing environmental and social externalities. We are excited to work with The Plant Based Seafood Company as they continue to create delightful products under the Mind Blown brand that capture the taste and texture of conventional seafood.