Japan's Nissin Foods Holdings is coming up with a substitute for grilled eels made with only plant-based ingredients. These include soy protein and vegetable oil.

The product has three layers to mimic an eel's white meat, skin, and connecting tissue. It's grilled over a fire to brown its surface.

The firm started selling its eel alternative for 1,500 yen per set, or a little over 10 dollars, on Tuesday.

Eating grilled eels is a long-standing summer tradition in Japan. It's said to bring relief from the heat and build stamina.

But eel prices are surging, as catches have dropped while overseas demand has grown. This prompted Nissin Foods to develop its version.

Analysts expect the global market for plant-based substitutes for meat and seafood to grow.

One private think tank estimates over 480 billion yen, or over 3.5 billion dollars, worth of the food was shipped in 2021.