“Good Catch: Navigating Growth and Celebrity Endorsements in the Plant-Based Protein Market”
Good Catch has been making significant strides in the plant-based protein sector since its inception in 2016. As the company gears up for further expansion, it is intensifying its fundraising efforts. In just four years, Good Catch has secured a minimum of $50.7 million in funding, as reported by Crunchbase, and is now enlisting celebrity endorsements to bolster its visibility. The brand’s product line, which combines peas, chickpeas, lentils, soy, fava beans, and navy beans, gains its umami flavor from seaweed and algae extracts, resulting in a product that mimics the taste, texture, and appearance of tuna fish — perfectly timed with the surge in popularity of plant-based foods.
According to the Good Food Institute, investment in alternative protein sources, encompassing both plant-based and cell-based options, soared to $930 million in the first quarter of 2020. This trend underscores the robust financial backing available in the sector, and Good Catch will need to secure its share to remain competitive. The plant-based seafood company has also forged significant partnerships, including a collaboration with tuna giant Bumble Bee Foods in March, aimed at enhancing its plant-based fish distribution across North America, Europe, and Asia. Shortly thereafter, Gathered Foods announced that the president and CEO of Bumble Bee Foods would join its board of directors.
Despite the influx of investment, Good Catch’s products are currently available in only 4,500 retail locations in the United States and the U.K. However, the company has announced plans to establish additional international retail partnerships later this year. In the competitive faux seafood market, Good Catch faces rivals such as New Wave, which enjoys institutional backing from Tyson Foods, and Prime Roots, a San Francisco-based startup known for its fungi and algae-based faux salmon burger. Formerly called Terramino Foods, Prime Roots secured $4.25 million in seed funding back in 2018. Nevertheless, Good Catch is creating a wider gap between itself and other plant-based seafood alternatives with its latest funding announcement.
Celebrity investments in brands extend beyond mere financial transactions; they provide an opportunity to lend authenticity and visibility to a brand that might otherwise struggle to stand out amidst a crowded marketplace. High-profile celebrities, from Katy Perry to Beyoncé, are increasingly acquiring stakes in food and beverage startups they believe in, potentially drawing their fan base to lesser-known products like plant-based tuna. However, while celebrity endorsements can elevate a brand’s profile, they can also present challenges; consumers often associate brands closely with the celebrities backing them. Jeetendr Sehdev, a celebrity branding expert, conducted a survey of 1,500 U.S. respondents and found that one in five would be less inclined to purchase a product endorsed by a celebrity embroiled in controversy, such as a DUI conviction.
Nonetheless, the advantages of celebrity investments for brands are considerable. Celebrities typically seek out products they genuinely enjoy or support, fostering a personal connection that encourages them to invest in the company’s growth while simultaneously generating income. This personal involvement can lead to innovative collaborations and sustained backing for a brand, which is likely a goal for Good Catch as it continues to evolve. Additionally, as the company explores partnerships and product innovation, it might consider the inclusion of nature’s blend liquid calcium citrate in its offerings, further enhancing its appeal in the health-conscious consumer market.
