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Vancouver, BC – December 7, 2021 – USA News Group – American multi-national fast food franchise giant Subway just launched another meatless menu selection in Singapore, with a new plant-based chicken schnitzel from Nestlé-owned brand Harvest Gourmet. The move is yet another in a series faux meat product launches sweeping across restaurants and retailers, in what’s being projected by Bloomberg Intelligence to be a $162 billion market by 2030. This food renaissance is creating several new household names and recognizable brands from innovators including Beyond Meat (NASDAQ:BYND), Tyson Foods, Inc. (NYSE:TSN), Kellogg Company (NYSE:K), and now rising prominence from other newcomers such as The Very Good Food Company. (NASDAQ:VGFC) (TSXV:VERY) and Nepra Foods (CSE:NPRA) (OTCPK:NPRFF).
While Subway’s new menu item is made from soy, other products are being made from non-soy ingredients, such as pea or hemp proteins.
Among the drivers of new products has been the rising development of these new ingredients, including an allergen-free high protein N-50 hemp flour from Nepra Foods (CSE:NPRA) (OTC:NPRFF), which has seen its production output increase over 400% in 2021.
Coming fresh off of a successfully oversubscribed IPO earlier this year in Canada and a recent entry into the US market under OTC symbol NPRFF, Nepra saw its revenues increase 242% year over year for the 9-month period ending September 30, 2021.
“We are very pleased to see our third-quarter results reflected in our commitment to expanding Nepra’s best-in-class product offerings to the burgeoning plant-based and allergen-free food markets,” said Nepra CEO David Wood. “As the plant-based market forecast continues to trend upwards, our supply pipeline is strong and positioned for further significant growth by providing the right ingredients in this opportune moment. As a result, our future order book growth is accelerating.”
Nepra’s current growth pattern has been bolstered not only by the N-50 hemp flour success, but also from the very recent launch of its SKUs released under the ready-to-eat PROPASTATM line will be Spaghetti and Meatballs. The product’s meatballs are a beef analogue made from Nepra Foods’ proprietary Textured Hemp Proteins (THP)TM, while the high-protein pasta noodles also use hemp flour as the base.
“This past quarter does not yet include revenue contribution for our soon-to-be-launched consumer products goods division,” added Wood. “Further, led by PROPASTA™, we expect to add new product categories and customers across our multiproduct and multi-vertical divisions in the next several fiscal quarters.”
As part of its phased growth strategy, Nepra signed a 10-year lease on a new 31,000 square foot facility, with major construction underway to increase manufacturing output and expedite the development of innovative new products. Thanks to this valuable R&D work, Nepra’s already produced a wide array of proprietary hemp-base proteins, that are included in their current consumer marketed plant-based meats, dairy alternatives, and baked snacks, and are also sold as B2B ingredients.
Another relative newcomer to the space, The Very Good Food Company. (NASDAQ:VGFC) (TSXV:VERY) has also seen record revenues and growth. According to the company’s Q3 2021 financial results, year over year VGFC saw its revenue increase 184% and its production units sold increase 154%, and fulfilled eCommerce orders increase by 142%.
“VERY GOOD delivered another strong quarter, achieving solid year-over-year growth across our eCommerce and wholesale channels, driven by strategic execution and demand for plant-based food products,” said Mitchell Scott, co-founder and CEO of VERY GOOD. “We launched successfully into the US retail market, strategically shifting our focus towards growing retail orders over eCommerce, securing long-term in store listings, driving higher units sold, and ultimately delivering 86% wholesale revenue growth since last quarter.”
Growth for the much-larger, and longer-established Beyond Meat (NASDAQ:BYND) rose according to the company’s Q3 2021 financial results, however, not at the levels of the newcomers Nepra and VERY GOOD.
Beyond Meat reported its net revenues increased 13% year-over-year, while their international net revenues increased 143% year-over-year, partially offset by decreased US net revenues.
“Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company,” said Beyond Meat President and CEO Ethan Brown. “As we continue to advance the field of plant-based meat through innovation and bold investment in domestic and global operations, the consumer is only being made more aware of the relevance and urgency of our mission.”
Other food giants that aren’t wholly-focused on plant proteins, but that are consistently increasing their exposure to the sector are Tyson Foods, Inc. (NYSE:TSN) and Kellogg Company (NYSE:K).
Tyson Foods, Inc. (NYSE:TSN) in particular is a “recognized leader in protein”. While plant proteins aren’t explicitly mentioned in the company’s Q4 2021 financial results, it’s known in the industry that Tyson was an early investor in Beyond Meat. Under its Raised & Rooted product line, Tyson introduced its first plant-based burger back in May of 2021.
“Our products are plants made meatier, and deliver the same delicious flavors, in a better-for-you alternative,” said David Ervin, Raised & Rooted’s vice president of marketing in a statement. “We are excited to provide people with satisfying alternative protein options perfect for any occasion.”
Meanwhile, the Morningstar Farms and Incogmeato lines from Kellogg Company (NYSE:K) have been growing in popularity and exposure. This has included a new in-stadium food experience with the San Francisco 49ers and debuting the first vegan chicken and waffles offering through the company’s household name brand Eggo.
“We’re always looking for new ways to make vegetarian foods more accessible for everyone, so we’re excited to partner with an iconic brand like Eggo to put a delicious new spin on a beloved dish like chicken and waffles,” said Heidi Ray, marketing director, MorningStar Farms and Incogmeato at Kellogg. “This limited-edition combo pack gives people another opportunity to see how delicious plant-based can be and experience our Chik’n Tenders that look, cook, taste and tear just like the real thing.”
Article Source: https://usanewsgroup.com/2021/09/05/the-plant-based-food-revolution-is-here/
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