Seafood giant Thai Union is taking part in a €10 million ($11 million) vegan ingredients initiative backed by the European Commission, Farming Independent reported.

The project seeks to reduce waste by using the industry's byproducts such as grains, yeast, and more in order to build an agricultural system that captures carbon dioxide rather than produces it.

The Smart Protein project will kick off in January at University College Cork, joining researchers and foodservice giants, including semi-state Irish authority Teagasc, Irish nutrition group Glanbia, pasta producer Barilla, and brewer Anheuser-Busch InBev.

The first foods and ingredients are expected to roll out in the commercial markets by 2025.

More than three-quarters of the budget was funded by the European Commission, while the rest was supplied by industry partners.

The plant-based food industry is estimated to be worth $140 billion (€127 billion) within the next decade, potentially capturing 10 percent of the $1.4 trillion (€1.3 trillion) global meat industry, according to a report from Barclay's.

Exactly what percentage of the seafood sector could be stolen away remains to be seen, but here's a list of the most prominent companies that will do their best to carve out their niche, including not just plant-based, but some focusing on lab-grown options.

IntraFish Executive Editor John Fiorillo recently questioned how much of an impact the imitation seafood market has, which was hit back by many reactions.