|
Photo: AgFunderNews
Can Aquatic Food Tech Sustain the Growing Global Appetite for Seafood?
 WORLDWIDE
Thursday, October 03, 2024, 00:10 (GMT + 9)
A mix of wild-caught fish and seafood, aquaculture operations, and plant-based and cultivated analogues could significantly boost global protein supply, writes Samuele Gabbio for AgFunderNews.
Global demand for seafood is expected to more than double by 2050 as populations grow and protein becomes more accessible. This surge will require a multifaceted approach, including wild-caught fish, aquaculture, and seafood alternatives, to avoid further depletion of fish stocks and environmental damage. However, in the first half of 2024, investment in aquatic foodtech startups—a sector focused on innovative technologies for fisheries, aquaculture, and seafood alternatives—reached only $150 million across 18 deals, representing a 40% drop compared to the first half of 2023. While it’s too early to label 2024 a down year, the overall slowdown in venture capital in agrifoodtech has affected aquatic foodtech as well.
Source: AgFunderNews
Despite this recent dip, the sector has seen substantial growth over the past decade. Aquatic foodtech companies raised $500 million in 2023 and $1 billion in 2022, which was a 136% increase from 2020. In total, since 2014, aquatic foodtech startups have raised $3.6 billion across 730 deals, representing 1.63% of global agrifoodtech funding. Aquatic foodtech covers a wide range of innovations targeting food produced from water-based environments and their plant-based, cultured, and fermented alternatives.
The seafood industry, particularly aquaculture, is rapidly evolving. Global fisheries and aquaculture production rose to 223.2 million tonnes in 2022, a 4.4% increase from 2020. That year also marked the first time aquaculture exceeded capture fisheries in producing aquatic animals, with 130.9 million tonnes coming from aquaculture alone. This shift, referred to as the “blue transformation,” is being driven by technologies ranging from high-tech aquaculture systems to alternative seafood products. Novel Farming Systems have been a significant focus, raising $1.3 billion across 197 deals in the past decade.
Key innovations in 2024 include Iceland’s LAXEY, which raised $49 million to build a land-based salmon farm, and Agriloops, a French startup designing eco-friendly saltwater aquaponic farms, which secured $14 million. Additionally, Innovative Foods startups like BlueNalu, a cellular aquaculture company, raised $33.5 million to scale sustainable seafood production. Meanwhile, EFishery, an Indonesian aquaculture tech company, raised $30 million in debt funding, and other aquaculture robotics and farm management startups are gaining traction.
Aquatic foodtech startups are attracting attention due to their potential to revolutionize seafood production, particularly in categories like Farm Robotics & Mechanization, Ag Biotech, and Ag Marketplaces & Fintech. Technologies such as IoT-powered platforms for managing fish farms and biological solutions for aquatic pest control are contributing to the transformation of the aquaculture industry.
While 2024 has seen a decline in funding, aquatic foodtech remains a promising sector, with the potential to play a pivotal role in addressing the future demand for seafood. The industry is increasingly recognized for its contribution to sustainable food production, innovation in aquaculture systems, and the development of alternative seafood options.
Read Samuele Gabbio's original story on AgFunderNews
editorial@seafood.media
www.seafood.media
|
Print
