What sparked the inception of The Planet Based Seafood Co.?
After spending 23 years in the conventional seafood industry and seeing firsthand the hidden and negative practices of the global supply chain system, we started looking for a sustainable and future-proof alternative. Plant-based seafood seemed like a sound option. However, the transition was not that abrupt as we first got into creating a more sustainable seafood brand, and only in 2019 we did produce the first meatless crab cake.
We did not know if consumers were ready to embrace such a product, but we were sure it would definitely attract the industry's attention, leading to a necessary conversation about sustainability and work ethics. To be able to have a more global approach, in 2020 we split the company into two branches. Presently, all our time and resources are with the plant-based seafood side. The future will arrive with a huge gap in supply and demand for food.
At the same time, we have lost 50% of marine biodiversity in the last 50 years, so it is in the interest of the seafood industry to adopt an alternative that could help secure their livelihood.
We know that when a consumer feels like a narrative is being pushed on them, they immediately reject the product. Our goal is to keep the balance and make our product complementary to the classic seafood options.
How do you manage to make your plant-based products emulate the seafood taste and feel consumers are accustomed to?
In trying to make a crab cake, shrimp, or scallop taste and look like an animal-based product, we use many different manufacturing processes and ingredients, like konjac or pea protein, for example. The gelatin bounce-back experience is very important in seafood, and these vegetal options help us achieve it with great success. Chicken or beef have the same mouth feel, but the briny oyster taste is a trait that can only be obtained using specific flavors, which differ from the ones used in our other products.
Considering all these specificities, how scalable is this model and what are your present producing capabilities?
They have been growing and harvesting konjac for thousands of years in Asia, so as far as the source and procurement, there is no obstacle to be overcome. However, the subsequent process in itself is a bit more difficult to scale. At the moment, we can produce anywhere from seven to ten million pounds of crab cakes a year and probably half of that for the shrimp and scallops.
What is your target market, and how have you experienced the current level of demand for your products?
Our target market is not necessarily constituted of vegetarians but of the one-third of flexitarian Americans who, regardless of reasons, would like to decrease the amount of meat they are eating or increase their vegetable intake. In the beginning, the demand was linked to the novelty of the plant-based products, especially for the younger consumers who wanted to be more conscious in their purchasing habits. Possibly, we were one or two years in advance of the demand, and that is why now we are starting to see the demand meeting that supply on the shelf, followed by a bit of a dip in the plant-based industry.
As this industry continues to mature, do you have any concrete expansion plans in mind for the years to come?
Besides Virginia, we have other production facilities across the U.S., but since we were pioneering a brand-new market, we had to take it slow, keep a pulse on what is going on, and talk to our consumers to make sure we understand their needs. Fortunately, we are now at the point where we can take those learnings and expand them in Canada, Europe, and the UAE.
What would you highlight as the main challenges for scaling up your business?
Like for any startup that is bringing brand new products on the market, manufacturing ability is one of the main challenges. Additionally, getting the taste and the mouthfeel, while at the same time having a nutritional profile that is on par with seafood, is also a task that must be handled with care. At the moment, we are priced similarly to sustainable seafood, which is inherently more expensive, and we are at a premium compared with the average plant-based products on the market. Affordability is a trait that needs to absolutely be taken into account and we are constantly working on keeping our prices as low as possible to give the consumer an added value proposition. To reach this goal, we are always looking for strategic partnerships that could help us become more efficient and innovative.
What is the message that you would like to convey about the importance of the plant-based seafood industry?
For those who are looking to vote with their dollar, we encourage them to look to make more conscious food decisions, and if they would like to keep going in the direction they are going, understand what is at stake. If we cannot know where our seafood comes from, it would be much better to choose the alternative, if possible.
