New Wave Foods, which ceased operations in 2023, sold their IP to Bayou Best
As BIV points out, in 2023, the global shrimp market was worth $40.35 billion and is projected to grow to $74.24 billion by 2032, yet there's huge scope for improving the supply chain by switching to plant-based alternatives.
“There are significant environmental, human rights and fraud issues in the seafood industry. Bayou Best’s products align with the growing demand for sustainable protein options, driven by consumer concerns about seafood sustainability and a desire for animal-free alternatives,” stated Emily Linett, director of strategic partnerships of BIV’s Generation Food Rural Partners (GFRP) Fund.
“This investment furthers GFRP’s mission of launching innovative companies while creating living wage jobs in rural communities,” she added.
Meanwhile, BIV’s board of directors has appointed Kelli Wilson as CEO. She brings over 30 years of experience in the food manufacturing industry, including senior roles at ConAgra and Beyond Meat.
“Bayou Best is positioned to be a leader in animal-free seafood manufacturing and distribution, with a strong focus on delivering an eating experience that mimics, in taste and texture, animal based seafood items,” stated Wilson.
“Our mission is to provide a product that can replace shrimp in any traditional menu or dish. Consumers who have seafood allergies or who have decreased their shrimp consumption due to other health concerns, can confidently eat Bayou Best seafood and feel good about their choice. I am excited and honoured to be part of this exciting launch and look forward to leading Bayou Best as we build the future of animal-free seafood,” she added.
