Global Plant-Based Meat Industry Still Expanding at an Impressive Growth Rate as Revenues Soar
November 15, 2022 at 08:55 AM EST
Palm Beach, FL – November 15, 2022 – FinancialNewsMedia.com News Commentary – The global plant-based meat market is one of those industries that actually grew during the recent pandemic and the food system experienced significant shifts, including interruptions to supplies of key inputs, limited access to production spaces, and disruption to the distribution of products. Despite these constraints, plant-based companies adapted and continued to launch new products and grow sales. Trade restrictions across the globe in response to COVID-19 led to disruptions in the food supply chain. Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. Many plant-based meat categories experienced exponential growth during the initial pantry-stocking period. Growing consumer interest in plant-based diets, coupled with the rising consciousness for animal rights through various welfare organizations is expected to drive the global plant-based meat market. Plant-based meat is becoming an integral part of a vegan diet, wherein the individuals adopt a vegetarian lifestyle that is devoid of animal-based foods. Consumers are inclining towards veganism for health and ethical reasons, while the other consumers are opting for vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage products. Active companies in the markets this week include Planet Based Foods Global Inc. (OTCQB: PBFFF) (CSE: PBF), The Hain Celestial Group, Inc. (NASDAQ: HAIN), SunOpta Inc. (NASDAQ: STKL) (TSX: SOY), Ingredion Incorporated (NYSE: INGR), Kroger (NYSE: KR).
A report from Grand View Research projected that the global plant-based meat market size, which was valued at USD 5.06 billion in 2021 is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2022 to 2030. The report added: “The frozen plant-based meat products segment led the market and accounted for a 56.6% share of the global revenue in 2021. The growing demand for innovative vegetarian products has led to a significant rise in new product development across ambient, chilled, and frozen segments. This, in turn, gives the consumer a broad range of products and brands, thereby allowing plant-based meat goods to gain increased recognition and shelf space. In addition, frozen plant-based meat products offer a longer shelf life of five to eight months in the freezer. This, in turn, is driving the demand for frozen products among consumers. The refrigerated plant-based meat products segment is likely to exhibit the fastest growth and is projected to witness a CAGR of 20.1% in terms of revenue from 2022 to 2030.”
Planet Based Foods Global Inc. (OTCQB: PBFFF) (CSE: PBF) BREAKING NEWS: PLANET BASED FOODS EXPANDS RETAIL DISTRIBUTION WITH KROGER PARTNERSHIP – Planet Based Foods’ hemp-based vegan taquitos and burgers launch at 700 Kroger stores in the Western United States – Planet Based Foods Global Inc. (FRA: AZ0) (“PBFG”, “Planet Based Foods Global Inc.” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Planet Based Foods, the first and only company to produce nutritious plant-based meat with sustainable hemp as its number-one ingredient, has completed its first mainstream grocery distribution with Kroger. Planet Based Foods’ new vegan, gluten-free Southwest Taquitos and Original Taquitos, as well as its Green Chili Southwest Hemp Burger, are now available in the frozen aisle at 700 Kroger stores across 10 Western states, including Arizona, California, Colorado, Idaho, Illinois, Nevada, New Mexico, Oregon, Utah and Washington. Kroger is the first retailer to carry the brand’s plant-based taquitos.
“We’re introducing consumers to hemp as a superfood protein by featuring our plant-based meat in craveable and familiar formats like taquitos,” said Braelyn Davis, CEO and co-founder, Planet Based Foods. “Consumers are looking for convenient, plant-based options that they can easily heat for a quick snack or meal, and we’re delivering. We’re excited to partner with Kroger to make our better-for-you, better-for-the planet hemp foods available to shoppers across the Western region.”
With 4 grams of plant-based protein per serving, the Original and Southwest Taquitos feature Planet Based Foods’ superfood crumble with hemp as the number-one ingredient. Planet Based Foods’ products are GMO-free, soy-free and gluten-free — making them an ideal choice for shoppers who value clean ingredients, or have dietary sensitivities. Unlike other plant-based ingredients, hemp is a complete protein with all 9 essential amino acids — and is rich in fiber and omega-3 fatty acids. Planet Based Foods’ product line aims to establish hemp as a regenerative, carbon-negative ingredient with a strong nutritional profile.
“Everything we do at Planet Based Foods is guided by our vision for hemp to help create a sustainable food system that also nourishes people,” said Davis. “We need a new paradigm that prioritizes regenerative ingredients like hemp that restore soil health and fight climate change by storing carbon. Building Planet Based Foods into a successful, better-for-you brand is our path to demonstrate consumer demand for hemp as a nutritious, sustainable ingredient that can fuel the future of food.” CONTINUED… Read the Planet Based Foods full press release by going to: https://planetbasedfoods.com/pages/investors
Additional recent developments in the markets this week include:
The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East providing consumers with A Healthier Way of Life®, recently reported financial results for the first quarter ended September 30, 2022.
Mark L. Schiller, Hain Celestial’s President and Chief Executive Officer, commented, “Our first quarter results delivered performance better than our guidance with sequential improvements in gross margin and bottom-line growth versus the fourth quarter of fiscal 2022. Behind the continued strength of our growth brands, we benefitted from the solid performance of our supply chain and continued productivity efforts and strong contributions from our North America business. As a result, this led to sequential improvements in both segment and total company margins. International remains extremely volatile, but we are managing what we control and making good progress against our full year plan. While we expect continued volatility, we remain confident in our fiscal 2023 outlook and expect to return to profitable growth later in the year.”
SunOpta Inc. (NASDAQ: STKL) (TSX: SOY), a U.S.-based global pioneer fueling the future of sustainable, plant-based and fruit-based foods and beverages, recently announced the sale of its sunflower business to Pacific Avenue Capital Partners (“Pacific Avenue”) for $16.0 million, subject to certain post-closing adjustments. The transaction closed on October 11, 2022.
“This divestiture of a non-core business represents further progress against our strategic imperative of portfolio transformation, focusing on high-growth, high-return opportunities that are differentiated and leverage the competitive strengths of our unique model,” said Joe Ennen, Chief Executive Officer of SunOpta.
Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, recently announced that it has completed one-third of its $160 million in capital investments to significantly expand capacity for a range of modified and clean label specialty starches across its global supply chain. At the Company’s June Investor Day, its leadership team announced $160 million in capital investments through 2024 to selectively expand and increasingly localize its production capacity to meet customers’ growing demands for specialty starches that provide texture for taste along with formulating and label-friendly options for food and beverages. In September, the Company also announced that it had opened a state-of-the-art manufacturing facility in Shandong, China, which more than doubles its starch production capacity and capabilities in the country.
“Over the last year and a half, we have seen strong customer demand recovery for our starch solutions in both foodservice applications as well as traditional packaged food and beverages. In addition, the Ukraine conflict has disrupted corn and other grain markets, which has forced an increase in the cost of many food ingredients. During this time, as customers managed the challenges of rising formulation costs, they have looked to specialty starches given their versatility and affordability relative to other ingredients,” said Pierre Perez y Landazuri, senior vice president of corporate strategy, specialties and the president of Europe, the Middle East and Africa (EMEA).
Kroger (NYSE: KR) and Albertsons Companies, Inc. (ACI) recently announced that they have entered into a definitive agreement under which the companies will merge two complementary organizations with iconic brands and deep roots in their local communities to establish a national footprint and unite around Kroger’s Purpose to Feed the Human Spirit. Through a family of well-known and trusted supermarket banners, this combination will expand customer reach and improve proximity to deliver fresh and affordable food to approximately 85 million households with a premier omnichannel experience.
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