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January 8, 2021

New Wave Foods lines up plant-based seafood launch after funding round

New Wave Foods, a fledgling US firm offering plant-based seafood, is gearing up for its launch onto the market after completing a round of funding.

By Dean Best

New Wave Foods, a fledgling US firm offering plant-based seafood, is gearing up for its launch onto the market after completing a round of funding.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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The Connecticut-based business, set up in 2015, said it would launch its first product into the US foodservice channel “in the back half of this year”. 

New Wave Foods has been developing a plant-based alternative to shrimp, with seaweed the central ingredient.

The company has raised US$18m in a Series A funding round, with backing from investors including US venture-capital firms New Enterprise Associates and Evolution VC Partners. US meat giant Tyson Foods invested in the business in 2019.

“Our focus is on offering customers new, innovative, plant-based shellfish, beginning with the introduction of our plant-based shrimp. Along with a delicious tasting product, we aim to address the environmental issues that come with shrimp farming and overfishing,” CEO Mary McGovern said.

Asked by just-food if the company has plans at some stage to try to launch its products in the retail market, the firm said: “We are working with restaurant and foodservice as 80% of shrimp consumption happens in these locations. At this time, we are focused on restaurants and foodservice. We are not targeting retail.”

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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