vegconomist - the vegan business magazine

The 8th Annual edition of the Free From Functional & Health Ingredients takes place  23-24 November 2021 and is now open for registration. As Free-from trends continue to accelerate, the event, which covers Gluten Free, Dairy Free, Lactose Free, Egg Free, Sugar Free, Meat Free, Allergy Fre segments, ensures international attendees can keep abreast of the latest ingredients and innovative product launches. “This shift to a plant-based diet is not thought to change anytime soon.” In its report, Changing Diets During the COVID-19 Pandemic, The Vegan Society revealed that 20% of consumers had reduced their meat consumption, while 12% had reduced their eggs and dairy intake. Of those cutting back on animal products, 35% were motivated by health concerns, while 30% cited environmental concerns as their primary motivation. This shift to a plant-based diet is not thought to change anytime soon. The same research revealed that over half of respondents (54%) had purchased a meat-free alternative for the first time, and the majority (78%) would continue to buy them again in the future. This is also the case for plant-based milks: 43% purchased oat milk for the first time, while 30% opted for coconut milk. Similarly, vegan staples such as pulses, including lentils and chickpeas were also on the rise. Over the past 18 months, sustainable food trends have gained traction. Consumers, impacted by food shortages and an overwhelming focus on health and wellbeing, have reassessed their dietary choices and trends that were prevalent before the pandemic have accelerated. There ...

The ‘Elephant in the Room’ campaign from The Vegetarian Butcher aims to help consumers participate in bringing a crucial issue to COP26’s attention: the environmental impact of animal meat consumption on the planet. “The numbers don’t lie. A transition to diets that incorporate more plant-based food is a vital part of the solution to the climate crisis” Looking for meaningful action from leaders and policymakers, the campaign highlights how reducing animal meat consumption and switching to a plant-based diet can play a significant role in the fight against climate change. The campaign claims the issue is conspicuously absent from the COP26 agenda and lacking in European policy.  Since the livestock industry contributes between 14.5% and 18% of global anthropogenic greenhouse gases, according to the United Nations and the University of Oxford, respectively (more than the global transportation industry), drastically reducing animal meat consumption has been widely recommended by scientists and policy advisors globally. Yet concrete policy that would support the systemic reduction in animal meat consumption is limited.   Hugo Verkuil, CEO of The Vegetarian Butcher stated, “The numbers don’t lie. A transition to diets that incorporate more plant-based food is a vital part of the solution to the climate crisis. We can all do our bit as individuals to switch from animal meat to plant-based protein, but the onus can’t just be on us. We need to see increased collaboration between NGOs, policy makers, and businesses for decisive progress to be made in building a more sustainable, food system.” ...

Thai plant-based food and beverage producer V Foods has announced its intention to list on the Market for Alternative Investment (MAI) to raise funds for expansion. Owned by Apirak Kosayodhin, the former Bangkok governor, V Foods transformed into a fully plant-based operation earlier this year to meet rising demand in Thailand.  In June this year, V Foods signed a memorandum of understanding with seafood giant Thai Union Group to develop and expand their plant-based food businesses. Under the partnership deal, the two companies will use Thai Union’s facilities to produce V Foods’ range with expansion into global markets high on the agenda. V Foods holds a similar deal with More Food Innotech, producer and distributor of the More Meat plant-based brand. The MAI is a stock exchange of Thailand that was established by the Stock Exchange of Thailand (SET) in 1998 as an alternative stock market for small and medium-sized enterprises. V Foods aims to use the funding generated from its listing for further growth and expansion.  “We’ve shifted to the plant-based market because it is a global megatrend. Although Thailand’s plant-based market remains relatively small now, it still has potential to grow,” Apirak told the Bangkok Post.    ...

Impossible Foods looks set to raise $500 million in its latest funding round. The company is anticipating a valuation of $7 billion, as reported last night by Bloomberg, though terms have not yet been finalised. The new round follows on from two successful fundraises last year — Impossible raised $200 million in August, and a huge $500 million a few months previously. The company is also reportedly preparing for a $10 billion IPO. If the round goes as expected, Impossible’s value will exceed that of its main competitor Beyond Meat. Beyond is currently valued at around $6.2 billion, with shares recently falling after it lowered its predicted revenue for Q3. The company says it is still struggling with the impact of Covid-19, along with operational challenges and lower retail orders. Impossible and Beyond have always played the market competitively, going head-to-head to get new products to market. This summer, the companies raced to launch plant-based nuggets in what was labelled “Chicken Wars”. Since then, Impossible has launched its plant-based sausage across the US and expanded into the Middle East. The company has also revealed it is working on plant-based whole-muscle meat products, which are notoriously difficult to get right. In April this year, a Reuters report suggested Impossible Foods may have been preparing for a public listing which could either take the form of an IPO or a merger with a special purpose acquisition company (SPAC), with the report claiming that Impossible had been receiving the help of a financial adviser ...

UK based  Atura Proteins has revealed some interesting survey results regarding the intentions of food and drink brand owners and manufacturers, revealing that 56% are likely to invest in plant-based products in 2022, with 41% believing that vegan meats such as mince will be the biggest growing category in the plant-based space. Key findings from the research include: Of the 102 UK-based food and drink professionals surveyed, 41% said that meat alternatives such as mince will be the biggest growth category for plant-based foods, followed by cereals (13%) and cheese (12%). Diversifying to appeal to flexitarians (48%), and vegans (47%) was the most commonly cited reason for plant-based investment 34% state difficulty of sourcing ingredients is the biggest barrier to developing plant-based products. Paul Donegan, Commercial Development and Marketing Manager at Atura Proteins commented: “Our research suggests that plant-based is a big priority for professionals in the food and drink industry, tapping into evolving vegetarian, flexitarian and vegan consumer diets. The increase in demand presents a significant opportunity for food and beverage brands.  Our survey suggests that decision-makers may have challenges sourcing some plant-based ingredients which may reflect the supply chain pressures brought about by increasing demand. “The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027, and there are now an estimated 8.7 million flexitarians in the UK so it’s a great time for businesses to think about tapping into the market.”  He added, “Protein is enduring in its popularity and the ...

Benson Hill, a publicly listed company since this September, announces the opening of its Crop Accelerator, a state-of-the-art research facility located near the Company’s St. Louis HQ. The company reports that the Crop Accelerator, designed to provide a more than twenty-fold expansion in testing capacity, is operational ahead of schedule and that its first soybean and yellow pea seeds were planted on September 17. The Crop Accelerator employs 27 staff and is looking to hire more innovators in plant science, data science and food science as it continues its expansion to meet demand for such ingredients, as the plant-based meat market is forecast to reach approximately $140 billion by 2029.  The 47,000 square-foot facility features dynamically adaptive Conviron® growth houses and chambers, equipped with multi-channel LEDs, additive CO2, temperature, humidity and lighting controls. The first plants are thriving, a testament to the facility’s design and operational efficiency, and experiments are underway to further reduce development timelines with a focus on scalability, speed and consistency. “The Crop Accelerator is another example of how Benson Hill leverages cutting edge technology and innovative thinking to drive bold outcomes,” said Jason Bull, Ph.D., Chief Technology Officer of Benson Hill. “By combining the AI-driven breeding capabilities of CropOS® with the controlled environment and accelerated growth cycles of the Crop Accelerator, our team can even more rapidly predict, test and develop game-changing ingredients starting with a better seed.”  More information can be found at bensonhill.com or on Twitter at @bensonhillinc.  ...

Blue Horizon today announces the appointment of a new female Partner and two female Directors to its investment team. In five years, Blue Horizon has grown to 28 employees, including nine in the investment team which is now 67% female. In this time, the company has raised more than $850 million and invested in over 50 companies spanning agriculture, biology and technology. As we reported last year, research done by Jenny Stojkovic, founder of the Vegan Women Summit, found that female-led companies performed 63% better than all-male founding teams, and businesses founded by women deliver twice as much per dollar invested than those founded by men. The company states that the three new female leaders join “at a time of increasing interest in sustainable food and agriculture, as global banks, institutional investors, multibillion-dollar funds and family offices begin to understand the market opportunity and stakeholder demands to address climate change.” The additional investment experts –onboarded to expedite Blue Horizon’s deal pipeline and to address accelerated growth and market opportunities in the sector — are as follows: Lea Bajc, Partner: Lea brings two decades of investment and operational experience in venture capital as well as being a serial founder and entrepreneur across finance, technology and impact investing. Lea characterises her career as having been “on both sides of the table and both sides of the Pond” – investor and founder with a pan-European upbringing who went on to build companies in Silicon Valley. As a Partner Lea will deploy her significant ...

After conducting almost a year of research into the plant-based meat category, Amazon India is working with the Good Food Institute (GFI) to introduce and promote alt-meat in the country. In July, the two organisations held a workshop on the smart protein sector, discussing factors such as opportunities and potential within the Indian market, marketing activities and promotions, and updated research data. The meeting was attended by Amazon’s entire fresh food retail team, as well as category managers from Amazon Food and other new initiatives. The outcome of the workshop was a planned strategy for testing the plant-based category in the Indian market. Now, Amazon has started the experiment by offering plant-based chicken nuggets and chicken keema made by Indian company Blue Tribe Foods. To begin with, they will only be available via Amazon Fresh in Mumbai. Blue Tribe’s products are initially being sold at huge discounts of 96% and 97% respectively, priced at Rs. 11 rather than the usual recommended retail prices of Rs. 295 and Rs. 325. The aim is to tempt consumers who may not otherwise try plant-based meat. Amazon India says it is important to offer alt-meat products at economical prices to make them a low-risk purchase for new consumers. As plant-based eating begins to grow in popularity in India, huge numbers of new vegan products are being launched — everything from oat milk and “lamb” seekh kebab to tempeh and vegan cheese. GFI India continues to drive change, partnering with AAK Kamani last year for ...

MANE, a French designer of flavours and fragrances, has spent over a year studying the correlation between ingredients in plant-based burgers and sensory features such as taste and texture. The aim of the research was to allow food product designers to improve the qualities of their products in order to more accurately replicate beef-based burgers. It focused on searching for factors that improve juiciness, elasticity, and fatty texture, while reducing firmness, fragility, stickiness, and off–notes. Over 20 flavourists, food scientists, sensory experts, and chemists helped to design the experiment, and the results were evaluated by a panel of 12 experts trained in assessing meat substitutes. One finding was that fattiness helps to reduce bitterness. The team also found that while fibres have an impact on taste and texture, this varies according to the type of fibre used. MANE says it has several more studies planned which will help to further improve plant-based products. One will examine extrusion and its consequences on flavour stability, while others will look at the role of fat in mouthfeel and juiciness perceptions and the choice of colouring agents to ensure visually appealing products. The organisation is among a growing number working to advance the development of plant-based foods. For example, Motif Foodworks has created a number of solutions for the industry, including cheese that stretches and melts and healthier marbleised fats. Fat is increasingly recognised as being extremely important when it comes to developing authentic meat alternatives, and several startups are attempting to address this. ...

77 Foods, the creator of plant-based pork fat from France, has rebranded as La Vie after more than three years of R&D. The colorful rebranding and playful imagery of La Vie marks the brand’s entry into the retail market for its patented vegan bacon that has been making waves in the plant-based scene.  Made from sunflower vegetable fat in a patented extraction process, La Vie’s bacon and diced bacon are the first products to be released. In blind trials at Sirha 2021 – the food sector and hospitality fair – 92 % of tasters preferred La Vie bacon to its conventional counterpart.  Based on a GMO-free protein base of soy, and available in Natural or Smoked versions, the brand claims its products replicate the taste, look, and texture of pork, both in cooking and in mouthfeel. The secret to this development is down to the creation of the brand’s plant-based pork fat, which won the Unilever World Innovation Prize earlier this year. “The current polemics are pretty much out of date. People don’t eat meat because of the animal but in spite of them” Having won prizes at the World Plant Based Taste Awards 2021 as well as the Snacking d’Or 2021 Special Jury Prize, La Vie believes its products are what consumers, wholesalers, and retailers have been waiting for, and is currently available in the charcuterie section at French retailer Carrefour. “Our mission at La Vie™ is to help people evolve from animal meat to veggie alternatives with a ...