vegconomist - the vegan business magazine

To celebrate World Vegan Day today 1st November, Swiss chocolate company Lindt has announced the upcoming launch of two new vegan chocolate products. Lindt Classic Recipe Vegan Smooth and Lindt Classic Recipe Vegan Hazelnut will hit UK shelves for Veganuary 2022.  The premium chocolate maker has developed the new bars in response to the number of British people now opting for plant-based milk, which studies show to have exploded dramatically to a third of the population. Lindt’s latest products are made of oat milk – now the most popular dairy alternative globally.  Lindt – a global brand with a revenue of over 4.5 billion – has been expanding its vegan range slowly but steadily, this year releasing a plant-based range in Germany, as well as a vegan version of its Hello Santa in time for Christmas.  Lindt claims to make the bars according to traditional Swiss recipes with premium plant-based ingredients, and they will be available from Sainsbury’s and other popular grocery retailers, as well as online.  ...

A new report by IDTechEx has analysed how cultivated meat technology is evolving and what the potential is for regulatory approval worldwide. North America There are now cultivated meat companies on every continent except Antarctica, but they are not distributed equally. At 40%, North America has the most producers by far. The continent also has a disproportionately high (57%) share of investments. This has led to speculation that the USA could be the next country to grant regulatory approval to cultivated meat, with rumours that this is already in progress. As a previous report by Lux Research explained, cultivated seafood will probably be approved more readily because it is only regulated by the FDA, with no involvement from the USDA. Asia The Asian market is also very promising. When added together, the Asia-Pacific and Middle Eastern regions have 30% of the world’s cultivated meat producers and 22% of funding. Proportionally, the Middle East has a greater share of funding, though this may be due to higher production costs in the region. Last December, Singapore made headlines when it became the first country to grant regulatory approval to a cultivated meat company. Eat JUST then trialled its cultivated chicken at a restaurant in the country, though it had to sell the product at a loss to make it affordable. Israel’s SuperMeat has also trialled cultivated meat at its test kitchen, but the product does not yet have regulatory approval. Last week, the country’s Isaac Herzog became the first president to sample ...

Vejii, a North American online vegan marketplace, has received conditional approval to list common shares on the Canadian Securities Exchange under the symbol VEJI. The starting date will be confirmed once the outstanding subscription receipts and special warrants have been converted and Vejii has filed all listing documentation. The company expects this to take place soon, but it will first need to complete its acquisition of VeganEssentials.com. The acquisition will make Vejii the largest exclusively vegan online marketplace in North America. According to Vejii’s prospectus, 12,210,857 common shares and 6,105,429 common share purchase warrants will be issued after the conversion. In the 24 months following the conversion date, each common share purchase warrant will be exercisable into a common share at a price of $0.50. “Being public provides faster access to growth capital and the opportunity to leverage share capital for new opportunities,” Vejii CEO Kory Zelickson told FoodNavigatorUSA. Vejii’s growth has been astronomical — the marketplace only launched last year, but it was soon offering thousands of brands such as Barvecue and Before the Butcher across the US and Canada. The company’s success can be partially attributed to its successful marketing, which has included selecting vegan athletes like Tia Blanco and Lawrence Okolie as brand ambassadors. Vejii will soon be expanding further, stocking vegan fashion alongside its current range of plant-based foods and vegan personal care items. In an interview with vegconomist earlier this year, Zelickson said he saw the platform as a way to create change. “By introducing ...

A study by GFI Europe has asked key players in the alt-meat industry what challenges they face as the sector grows. The organisation interviewed investors, entrepreneurs, scientists, suppliers, and manufacturers from ten countries. One of the report’s key findings is that the sector has expanded to the point where venture capital is no longer enough. Additional funding is vital for major infrastructure projects like manufacturing and processing plants, and debt financing will also be required to make economies of scale possible. Another finding is that the sector needs more raw materials. GFI Europe suggests that governments could step in by providing farmers with insurance, price guarantees, and technical assistance to grow more of the types of crops required. Finally, the alt-meat industry needs more skilled labour, which will mean training new workers and reskilling existing ones. The report found that many industry players are frustrated by the lack of relevant university programs to give workers the skills they need. Last year, investments in alt-protein companies almost doubled, with particularly high growth for cultivated meat. A recent study predicted that the market could be worth $155 billion by 2027, and another found that alt-protein could make up 11% of the global protein market by 2035. However, the latter report stressed that parity in cost, taste, and texture would be vital to make this happen — and that will require investment. “We’re very excited about the growth in plant-based and cultivated meat, but urgent work now needs to be done to ensure ...

US brand Plant Boss, owned by Frontier Co-op, has launched what it claims is the country’s first organic, shelf-stable meat alternative. Available in five flavours, the meatless crumbles are made from North American yellow peas. According to Plant Boss, the products are high in protein, low in fat, and free of soy, GMOs, and gluten. They are now available from Co-Op Market and Amazon US, with more launches to follow. The five flavours are: Mild Plant Taco: Chile pepper, onion, and paprika. Pico De Gallo Plant Taco: Tomato, onion, jalapeño, cilantro, and lime. Southwest Plant Taco: Chile pepper, paprika, garlic, and cayenne. All-Purpose Plant Crumbles: Onion, paprika, and black pepper. Unseasoned Plant Crumbles: Unflavoured, to be seasoned to taste. Shelf-stable foods surged in popularity during the pandemic, as uncertainty led consumers to stockpile. Around the same time, plant-based foods also saw a spike in sales, amid growing awareness of the connection between animal agriculture and the spread of disease. Plant Boss isn’t the only company to respond by launching foods that cater to both markets — others have introduced products like cashew-based shelf-stable mac and cheese and plant-based compostable coffee pods. “Plant Boss is finally here to empower everyone — flexitarians, meat-eaters, vegans, and those in between — to make their own rules around eating less meat. Our 100% organic, shelf-stable meatless crumbles are so flavorful and impressively meaty in texture that you’ll hardly believe it isn’t the real thing,” said David Karpick, senior vice president of business development at ...

Germany’s VEGDOG is the first pet food manufacturer to specialise in 100% plant-based and gluten-free complete dog food. The idea behind the brand comes from company founder Tessa Zaune-Figlar and is based on a personal experience as a dog owner. After a one-year development phase, VEGDOG celebrated its market launch in 2016 and presented the brand’s first innovative wet food products. VEGDOG was established in 2016, what is the idea for VEGDOG’s foundation as a 100% plant-based complete dog food? Tessa Zaune-Figlar, founder and CEO: My Shephard-mix Nelson suffered from a severe food allergy, therefore, our veterinarian suggested cutting all animal components from his diet. Nelson, on a vegan diet? Honestly, I was sceptical at first, but to help Nelson, I was willing to try everything. I received vegan recipes from expert veterinarians that would fulfil my dog’s nutritional needs and in no time, he was free from all symptoms. “dogs need protein and the right nutrients… not meat, which can all be provided on a plant-based diet” After years of searching for the right treatment for his issues, this came close to a small miracle. Nevertheless, home-cooking gradually became quite time-consuming. And after extensive research, I concluded that there is no vegan dog food that meets all nutritional requirements of a dog’s diet. Hence, I decided to develop a complete plant-based dog food together with the help of expert veterinarians. Now, I know that dogs need protein and the right nutrients… not meat, which can all be provided on ...

South Korea’s SK Inc. has invested approximately $100 million in new food-focused companies in the US, Europe and Asia over the past year, starting with a $45 million investment in Perfect Day in 2020 and including such alt protein pioneers as Nature’s Fynd and Meatless Farm. Moohwan Kim, executive vice president of SK Inc.’s Green Investment Center, took time out to tell vegconomist about the famous Asian conglomerate’s achievements and goals in the plant-based space. Who is SK Inc. and how long has the company been investing in the alternative food market? SK Inc. is the strategic investment company for SK Group, South Korea‘s third-largest conglomerate. In addition to SK Inc., SK group has major global operating companies in energy, semiconductors, telecommunications and life sciences. SK Hynix is the world’s second-largest maker of memory chips, SK Innovation is one of the world’s leading makers of batteries for electric vehicles, and SK Telecom is Korea’s largest mobile phone provider and the first in the world to offer 5G service. Earlier in 2021, SK Inc. reorganized under four key investment pillars: Green Business, Digital, Advanced Materials and Biopharmaceuticals. The investments in new food are part of SK Inc.’s focus on driving growth in Green Business and fit into SK’s broader commitment to supporting sustainable business models and technologies through Environment, Social and Governance (ESG) principles. SK Inc. has invested approximately $100 million in new food-focused companies in the U.S., Europe and Asia over the past year in an effort to address the ...

Israeli President Isaac Herzog has become the first president to taste cultivated meat, produced by Future Meat, in order to bring attention to alt protein for Israel’s National Climate Strategy ahead of COP26. In December last year, Israeli Prime Minister Benjamin Netanyahu took part in a publicised trip to sample Aleph Farms’ product, making him the first Head of State to sample cultivated meat, however, this recent news marks the first sampling of meat cultivated in a laboratory by a President. In addition to Future Meat, Israeli startups Zero Egg and InnovoPro were in attendance to showcase their products to the delegation. President Herzog stated to the attendees: “It is imperative that we take advantage of the international stage in Glasgow to present the extensive Israeli climate tech and solutions we can offer globally in climate innovation and development of alternatives to animal protein. We certainly have much to be proud of.” Fascinating and innovative In a post on the President’s official Facebook page, Herzog wrote: “Today, the President’s House opened its doors to a fascinating and innovative exhibition in which revolutionary technological solutions in the field of environmental protection were presented. I was excited to be the first president in the world to eat cultured meat. It was amazingly delicious!” Israeli Minister of Environmental Protection Ms. Tamar Zandberg: “The most important thing the Corona crisis has taught us is that we must listen to science, both to understand the problems and to find solutions. This is true also for ...

Vegan products are taking over the meat and dairy market by storm, with demand for nutritionally competitive vegan meat and dairy products gaining impetus with every passing year. With scientists highlighting the positive effect of vegan lifestyle on one’s own health and the environment, it’s safe to say veganism is here to stay. Here’s what industry insiders say about the vegan industry and growth strategies adopted by top market players. Frozen desserts setting the trend With scientific research establishing a deeper connection between diet, health, and environment; demand for vegan alternatives has increased exponentially. The frozen dessert segment has been one of the biggest beneficiaries of this trend. Top market players are increasingly making moves to introduce vegan ice-cream options to capture maximum market share. For instance, Froneri, an ice cream manufacturer, owned by R&R and Nestle, introduced a novel-plant based ice cream range ‘ROAR’. Following increased awareness of the detrimental influence of food additives, chemicals, and animal antibiotics on human health, consumers are switching towards vegan protein alternatives. To cater to such demands, Smithfield Plc. recently introduced its Pure Farmland plant-based protein product range. Likewise, Kellogg’s launched its new INCOGMEATO plant-based ground package manufactured with 100% plant protein with 48% less saturated fat. Key Trends to look out for Top fast-moving consumer good (FMCG) companies are leveraging social media platforms to reach a wider audience by collaborating with celebrities and influencers. They are also strengthening their digital channels, retail, foodservice, and direct-to-consumer sales. Emerging alternative protein companies are finding ...

Chicago-based Nature’s Fynd, producer of fermented fungi proteins from a microbe originating in the geothermal springs of Yellowstone National Park, announces construction of a new 200,000 Sq. Ft. facility in Chicago to expand capacity for its meatless and dairy-free products. When the products were pre-released this February, they sold out within a 24 hour period. Founded in 2012, Nature’s Fynd’s early investors included Bill Gates’ Breakthrough Energy Ventures and Al Gore’s Generation Investment Management. Nature’s Fynd raised $350 million in Series C funding led by SoftBank this July, bringing a total raise to $500M and meaning the company achieved Unicorn status, placing it amongst a dozen or so startups in the Chicago area to hit a unicorn valuation or higher this year. Comfortably in Unicorn territory CEO Thomas Jonas noted to vegconomist today that he was not able to communicate on an exact valuation, with CMO Karuna Rawal adding: “We are not sharing the specific valuation of the company but we are comfortably in Unicorn territory.” Nature’s Fynd currently employs 152 people across its Chicago headquarters and Bozeman, Montana R&D center. The company states it will provide over 200 jobs to the Chicago region to create a total staff of 350 employees by the end of 2023. “One of Chicago’s newest unicorns, Nature’s Fynd, is reinventing the future of food on the South Side of our city by reclaiming the old Stockyards as an up-and-coming world leader in new protein,” said Chicago Mayor Lori E. Lightfoot. “In addition, this incredible ...