vegconomist - the vegan business magazine

Oat milk has taken over from almond to become the UK’s favorite plant-based milk, as sales of the dairy-free drink doubled in just one year. The new findings, released by global market intelligence agency Mintel, show a record number of British people now count plant-based milk as part of their diet as cow’s milk begins to lose dominance in the market.  “Almost a third of adults drink plant-based milk, evidence of its firmly mainstream status and appeal far beyond the vegan or vegetarian populations”  As consumers – particularly younger ones – increasingly see cow’s milk as more harmful to the environment than non-dairy options, almost one-third (32 percent) of adults are opting for plant-based, up from 25 percent in 2020. Among people aged 25 to 44 that figure rises to 44 percent.  Oat milk is now dominating the market with UK consumers spending a total of £146 million on oat milk in 2020, up from £74m 2019. Total spend on all plant-based milk reached £394m, nearly £100m more than in 2019. The findings also found that 23% of adults agree that plant-based milk is better for them than cow’s milk, while half of adults agree people’s milk choices make a difference to the environment.  The Rise and Rise of Oatly  The findings mirror financial reports coming from oat milk giant Oatly, with the Swedish company posting Q2 revenue of $146.2 million – a 53.3% increase YOY – while also forecasting a further 64% increase in its annual revenue. Oatly is ...

Plant-based dog food brand, THE PACK, has launched a new ambient range of wet food which it hopes will revolutionize the pet food industry. The food-tech startup claims to be the first company in the world to produce multiple plant-based meat analogue wet dog food flavours. “We’ve focused on dog food specifically because domestic dogs are natural omnivores” Based in London, THE PACK is launching three alternative options to fish, chicken, and beef, formulated to be nutritionally complete and balanced by food scientists, pet nutritionists, and pet food technologists. The brainchild of Damien Clarkson and Judy Nadel, – of progressive plant-based platform Vevolution – THE PACK is backed by a host of star investors. Recently chosen for the pet care accelerator Leap Venture Studio in Los Angeles, US, THE PACK is on a mission to offer pet owners a planet-friendly option for feeding their pets – the conventional pet food industry currently produces 64 million tons of carbon dioxide each year, according to the brand. The new range will initially be available online direct to consumer, with a retail extension planned for later this year. “We’ve focused on dog food specifically because domestic dogs are natural omnivores, just like their pet parents, and we think they deserve a better diet. They’ve evolved over thousands of years to digest plant-based foods and receive all the nutrients they need without meat. We’ve spent years carefully developing THE PACK’s dog food recipes, following European Pet Food Industry and National Research Council nutritional guidelines, ...

After announcing its recent partnership with the Qatari government, GOOD Meat, a division of Eat Just, has now raised $267 Million overall – the largest to date in the exploding cultivated meat sector. The cell-cultured meat pioneer has also added former USDA secretary Dan Glickman to its advisory board. “I’m proud to see our company take the next step toward building large-scale cultivated meat production” – Josh Tetrick Based in San Francisco, food tech Eat Just – parent of JUST Egg – has secured a further $97 million in new funding, in addition to the initial $170 million reported by vegconomist in May. The total $267 million of fundraising secured to date makes it the most the cell-cultured meat sector has seen. The rapidly expanding startup is also reported to be making moves towards an IPO in Q4 of this year or Q1 of the next, with a target valuation of $3 billion. GOOD Meat will use the fresh funds to increase capacity and accelerate R&D, while it also grows its team. Dan Glickman, former US Secretary of Agriculture, will join GOOD Meat’s Advisory Board, with Jim Borel, former Executive Vice President of DuPont, joining its Board of Directors. The move comes as the USDA has invited stakeholders in the cell-cultured meat field to come forward with comments for future labeling regulations.  “I’m proud to see our company take the next step toward building large-scale cultivated meat production. This investment, along with the guidance of Secretary Glickman and Jim Borel, ...

One of the UK’s most popular high street restaurants, PizzaExpress, has opened a completely vegan location. Serving plant-based versions of the chain’s most popular pizzas, Vegan PizzaExpress follows on from the success of its vegan offerings and growth in a meat- and dairy-free direction.  Based in Aldwych on The Strand, London, the new 100% vegan restaurant will offer five plant-based versions of PizzaExpress’ best sellers, featuring meat alternatives made from jackfruit and Quorn. PizzaExpress is also launching a new menu in its standard restaurants, which will see an increased number of vegan options. The news follows a spate of other restaurant chains expanding their vegan offerings, including Panda Express, Taco Bell, and McDonald’s to name a few. In a similar move, global fast-food chain Burger King opened the world’s first plant-based Burger King restaurant in Cologne, Germany.    ...

Brazilian alt-meat brand Fazenda Futuro has announced the launch of its latest product, a tuna alternative. It is the first time the company has offered plant-based seafood. The product will be sold canned, and it will be placed next to the conventional tuna at supermarkets. Unlike some plant-based fish alternatives, it has been fortified with algae oil to make it a good source of omega 3 fatty acids. The tuna is high in protein and free of harmful substances such as heavy metals, which are common in conventional fish. It also doesn’t require preservatives due to the vacuum technology used to package it.  Rapid expansion After starting out in Brazil just two years ago, Fazenda Futuro has been rapidly expanding worldwide under the name Future Farm. This summer, it hired the former Head of Red Bull as its CEO in the USA. Earlier this year, it launched in the UK, as well as developing a new technology to improve its products. In an interview, the company told vegconomist it aims to “make meatpackers obsolete”. Meanwhile, Future Farm is outperforming Beyond Meat in the UAE and is the fastest-growing alt-meat company in the region. Last year, it raised $22.5 million in funding. “Tuna is one of the most consumed fish in the world and unfortunately is endangered,” said Marcos Leta, the company’s founder, on LinkedIn. “Therefore, we decided to start our “fishing” with tuna with several innovations. I’d say our tuna breed is the healthiest of tuna.” ...

Israeli cell-cultured meat company MeaTech 3D has announced that its subsidiary, Peace of Meat, has produced over half a kilogram of cultured chicken fat biomass in a single production run. According to MeaTech, it is likely the first time such a large quantity of animal fat has been produced in one batch outside of an animal. The company hopes its cell-cultured fats can be used to enhance plant-based meats, encouraging omnivores to make the switch to more sustainable alternatives. Eventually, MeaTech and Peace of Meat aim for the fat to be produced on an industrial scale, achieving price parity with conventional chicken fat. They are among a growing number of companies seeking to increase the fat content of alt-meat products. Peace of Meat is notable because it was the first company in Europe to produce a GMO-free stem cell line for developing cell-cultured products. It was fully acquired by MeaTech last December, following a €1 million investment two months earlier. Then, in March of this year, MeatTech became the first cell-cultured meat company to be publicly traded. “The production capabilities we have demonstrated today are a successful step in line with our strategy of developing a pilot plant for cultivated fat production, which we are planning for 2022,” said Sharon Fima, CEO and CTO of MeaTech. ...

The French specialist of fermented plant-based cheese will attend the Plant Based World Expo of London on October 15th and 16th. Committed to providing sustainable, creative foods through an innovative, 100% natural, plant-based approach, the French start-up Les Nouveaux Affineurs set out to create cheese alternatives with no compromise on taste or quality when it was founded in 2017. The venture is a triumph, as demonstrated by the approval of its delicious Frais and Affinés ranges by the greatest chefs and selective gourmets. Ramping up and spreading out To share its delicious creations with as many people as possible, Les Nouveaux Affineurs is now beginning a new step of its commercial development. The objective? To ramp up its international expansion just a few months after opening its own production facility. Indeed, the pilot plant – established on the outskirts of Paris since April 2021 – has brought about a radical change of scale. This site is resolutely like none other in Europe, and it features a R&D laboratory. Les Nouveaux Affineurs is not about to stop such a positive trajectory: it has its sights set on satisfying the cravings of cheese lovers everywhere who seek flavourful, certified organic plant-based alternatives! The Plant Based World Expo: an obvious choice Based on its new production capacities, the French start-up is set to roll out its multi-channel distribution strategy throughout France and abroad, where the demand for plant-based cheese alternatives is increasing. For Nour Akbaraly (LinkedIn), the founder of Les Nouveaux Affineurs, participating in ...

Argentine company Tomorrow Foods, which specializes in the development of plant-based protein systems and solutions for the food and beverage industry, has recently secured investments of USD 3 million, after two years of growth in the South American nation. The injection of funds will allow the continuation of its business plan, and marks the conclusion of its second round of investments, following the one made in 2019 by the biotech company builder GRIDX. “From the very beginning we were amazed by our team. Their determination and professionalism were key to us moving forward with the first investment. Their execution capacity showed how great a team they are and allowed us to renew our bet by participating in this new round. Latin America needs companies like Tomorrow Foods with real ambition to change the food industry forever,” says Matias Peire of Grid Exponential. On this occasion, Tomorrow Foods received funding from local angel investors and important biotech companies that are betting on the growth of plant-based development at a national and regional level. The investment allows the company to grow in terms of structure and capabilities to provide solutions to the industry’s demand for sustainability. “The investment will be used to deepen and accelerate our efforts in R&D&I, research, development and innovation, and to expand our commercial footprint in Argentina and Latin America. We are taking steps to become a reference in plant-based analogues and thus be able to support the different players in the regional Food and Beverage industry during ...

French plant-based ingredients specialist Roquette has announced the opening of a dedicated center of expertise for plant protein. The new plant protein center will serve as an R&D accelerator to fuel Roquette’s strategy for a new plant-based gastronomy. Based in Vic-Sur-Aisne, France, the new 2,000 square meter plant will enlarge the field of possibilities in terms of food innovation, new protein development, and new production technologies for Roquette. Employing 131 people, the new site has received an investment of €11 million from Roquette and its partners, and will allow the testing of innovative ingredients, as well as further development of existing ones like wheat and pea.  “More Than Half a Billion Euros” After recently giving Chilean food tech disruptor NotCo its Innovation Challenge award, this latest investment in the center from Roquette marks another step for its plant-based ingredient expansion. In a recent interview with vegconomist, Senior Vice President of Plant Proteins at Roquette Jeremy Burks explained: “Roquette constantly invests (more than half a billion euros over the last five years) to ensure that the supply of plant protein is secure, safe, and sustainable.” “Being a leader in plant proteins requires both to build on past experience and to invest in future innovations. Developing plant proteins is one thing and adapting those developments to the needs of the customers and consumers is another. That’s what Roquette does, and we are taking a large number of steps to accelerate our plant protein development thanks to a series of massive investments. With ...

Plant-based cheese leader Violife has announced the recipients of its 2021 Plant Grants program. In collaboration with hip-hop icon and vegan advocate RZA, five Black-owned restaurants have been selected as grantees for this year’s Plant Grants program.  “We are what we eat” – RZA Receiving $20,000 each, as well as education and mentorship, the program will aid the restaurants to add new plant-based dishes to their menu and perform outreach in their communities. The aim of this year’s program was to address the disproportionate challenges faced by Black-owned restaurants and communities, exacerbated by the COVID-19 pandemic.  The five chosen grantee restaurants are: Seasoned Vegan – Harlem, NYC. Meek’s Vegan Pizza – Houston, Texas. Supreme Oasis Bakery and Deli (SOBAD)–  Philadelphia, Pennsylvania.  Vegans on the Run LLC – Shreveport, Louisiana Plant Power Café & Juice Bar – Chattanooga, Tennessee “I’m excited to work with the Plant Grants restaurants because they are on the front line of the plant-based revolution in their communities, through their recipes and the individual touch they put on their dishes to give their customers a great meal,” stated RZA.  “We are what we eat. For me, that means I still get to eat cheese – vegan cheese from Violife – and with their help, I get to convince people to switch to foods made from plants because they taste good, they’re affordable, and there is a whole lot of variety to choose from. It’s a journey, which is why we need more restaurants like these grantees to ...