AbstractCell‐based seafood is an emerging novel food, with many start‐up companies aspiring for ocean conservation benefits through expanded market share that displaces wild‐caught seafood. However, the ability for cell‐based seafood to achieve this conservation outcome is often oversimplified and will rely on an extensive, and we find somewhat tenuous, chain of events. Here, we outline the technological, behavioural, market and ecological changes that must occur along this pathway, and conclude that fisheries recoveries and collateral ocean benefits are unlikely to result from cell‐based seafood technology. In particular, we detail nine necessary steps and argue that failure at any one step could hinder or even eliminate cell‐based seafood's conservation effects. We additionally draw comparisons to aquaculture and share broader lessons for other demand‐driven product interventions.