Wave of New Plant-Based Protein Products Hitting Chain Restaurants Around the World
VANCOUVER, BC, Oct. 13, 2021 /PRNewswire/ — USA News Group – New options for plant-based proteins and meat alternatives are sprouting up in restaurants and grocery stores around the globe. According to a recent NY Times piece, these include multi-billion dollar chain Peet’s Coffee adding a mung-bean based vegan breakfast sandwich to its menu, soft-serve shop 16 Handles, collaborating with Oatly Group AB (NASDAQ:OTLY), and Panda Express adding a faux chicken item from Beyond Meat (NASDAQ:BYND) to its menu. In order to meet this increasing demand, many will be turning to the innovators in the space, including Oatly and Beyond, as well as non-allergenic, textured hemp protein experts Nepra Foods (CSE:NPRA), SunOpta Inc. (NASDAQ:STKL) (TSX:SOY) and animal-free chicken fat makers MeaTech 3D Ltd. (NASDAQ:MITC).
Following a successful IPO, David Woods, CEO of Nepra Foods’ (CSE:NPRA) put out an open letter to shareholders praising the industry’s “favorable tailwinds” that led to his company’s oversubscribed initial public offering.
“Charged by the plant-based movement and an exceptional product line-up, we are now looking forward to forging a new history,” said Woods in the letter. “Nepra offers customers the best in product innovation and customer service while charting a corporate growth strategy driven to provide value and transparency to its shareholders.”
Woods co-founded Nepra back in 2016, steadily building an existing business backed by products made with a proprietary ingredient called THPTM (Textured Hemp Protein)—all of which are Non-Soy, Non-GMO, Allergen-Free and Gluten-Free.
Nepra’s multicategory offerings include, plant-based foods that include frozen meals, plant-based dairy, salty snacks, and meat alternatives that are high in protein and fiber, lower in carbohydrates, and nutritious.
At the heart of the offerings are Nepra’s goals of addressing the challenging market of food allergies—something Wood and Chief Innovation Officer & Director Chadwick White both successfully addressed when they grew the successful Udi’s Gluten Free Foods brand up to its eventual US$125 million sale to what is now Conagra Brands.
The World Health Organization estimates of between 1-3% of adults globally have some food allergy, highlighting how that number increases to 4-6% for children.
“Producing high-quality and nutritious allergen-free food can be challenging and requires specialized technical creativity,” wrote Wood in the letter. “The team at Nepra has the experience and skill to take those challenges head-on.”
The response has been quite positive, as revenues have grown over 100% year-over-year, and it’s currently targeting to hit US$6-8 million in revenues this year.
Currently, Allied Research is projecting the global meat substitute market was valued at $4.1 billion in 2017 and is expected to surge to over $8.8 billion by 2027.
Back in August, Oatly Group AB (NASDAQ:OTLY) announced an expansion to its oat base capacity in the Americas region, in order to support acceleration in consumer demand. As per the announcement, Oatly will carry out construction in the second half of 2021 to add 75 million liters of finished goods equivalent oat base capacity. This would increase total production from an estimated 150 million liters annually at full production to an estimated 225 million liters annually to support the company’s growth in 2022 and beyond.
This would then increase the Oatly’s total estimated capacity by the end of 2022 from 1,000 million to 1,075 million liters and from 1,400 million to 1,475 million liters of finished goods equivalent oat base capacity by the end of 2023.
“We continue to generate strong growth in the U.S. and globally with our proven multi-channel expansion strategy in more than 20 markets, across multiple sales channels and segment,
said Toni Petersson, Oatly’s CEO. “We believe the fundamentals of our business are stronger than ever as consumer demand continues to accelerate, and we are increasing production capacity globally to meet that growing demand.”
As mentioned earlier, Beyond Meat (NASDAQ:BYND) has successfully launched its Beyond Chicken product with Panda Express, and it will also be debuting its Beyond Chicken Tenders with restaurant chain A&W Canada and later in select US markets starting in October.
“Following the success of our plant-based chicken in restaurants, fans were eager to get their hands on a retail product that’s readily accessible and can be cooked at home anytime,” said Deanna Jurgens, Chief Growth Officer, Beyond Meat. “We’re thrilled to be answering consumer demand by launching Beyond Chicken Tenders at prominent retailers nationwide, continuing our momentum in the plant-based poultry category.”
Plant-based foods and beverages giant SunOpta Inc. (NASDAQ:STKL) (TSX:SOY) announced in August further details on its new “Mega” plant-based beverage facility in Midlothian, Texas. The plan involves adding enough capacity to effectively double the business in 5 years.
It will initially be sized at 285,000 sq ft, before leaving it open to be expanded to 400,000 sq ft. Once fully expanded, it’ll be the largest plant in the SunOpta empire.
“We are focused on doubling our plant-based business in the next five years and this new facility will add capacity and new capabilities to enable meeting our long-term growth goal,” said Joe Ennen, Chief Executive Officer of SunOpta. “This enhanced footprint will further develop our manufacturing and supply chain advantages to support growth across our business, including oat milk.”
Moving beyond just plants, MeaTech 3D Ltd. (NASDAQ:MITC) is breaking barriers with its production of a new product category, referred to as hybrid meat. The company, rather than slaughtering animals, renders 100% pure cultivated cell biomass, grown entirely outside of an animal—or rather chicken fat that didn’t come from an actual chicken.
The company recently announced its Belgian subsidiary Peace of Meat successfully cultivated over 700 grams of pure chicken fat biomass in a single production run—an achievement believed to be the first public demonstration of growth in a single run of this quantity.
MeaTech believes that real cultured animal fats can potentially deliver the signature flavors, aromas, and textures currently derived from conventional farmed meat, thus delivering an enhanced consumer experience when combined with plant-based ingredients in order to replicate the “meatiness” of conventional meat.
“Producing this quantity of pure cultured material in one run is a breakthrough towards potentially manufacturing cultivated chicken fat at an industrial scale and cost parity,” said David Brandes, Managing Director, Peace of Meat. “The product, pending novel foods approval, is designed to be just like conventional chicken fat. Our shorter-term goal is that this type of cultured chicken cells can be commercialized by MeaTech in strategic hybrid product development collaborations.”
For more information, please visit: https://usanewsgroup.com/2021/09/05/the-plant-based-food-revolution-is-here/
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