vegconomist - the vegan business magazine

Roquette, a global leader in plant-based ingredients based in France, is best known for its work in pea protein, which as most of our readers will know has been a fast-growing market that rocketed since the early days of the Beyond Burger, influencing countless other pea protein products around the world. Roquette has been providing plant protein to Beyond for around ten years and continues to lead the way in all things pea. We have been reporting on the company’s developments since 2018 when vegconomist was just born, and following its news ever since. More than three years later we finally were very pleased to speak with Jeremy Burks, Senior Vice President of Plant Proteins, and Benjamin Voiry, Head of Marketing for Pea and New Proteins. What is behind the recently announced Innovation Challenge? Jeremy: We want to be the best partner for companies around the world who share our conviction and our growth ambition in plant-based gastronomy. Addressing key consumer needs by offering tasty and nutritious ingredients, which are convenient and environmentally friendly at the same time, is a major focus area for Roquette. Through this challenge, we were seeking unique plant-based ideas that support this ambition, seeking innovation that can change the way we eat. NotCo won the challenge thanks to its strong understanding of consumers’ expectations combined with an innovative technology to unlock the potential of nature. How will the plant-based market develop? Innovation and new technology are critical to influence positive change in consumer preferences.  It’s ...

KBW Ventures founder and CEO, Prince Khaled bin Alwaleed, will join industry experts next month for the 2021 World Agri-Tech Innovation Summit on a panel discussion under the banner of Accessing New Market Opportunities. The vegan Prince and his VC firm have funded the future of plant-based business on a global level through investments such as Rebellyous Foods; the Furahaa Group, which aims to be the first plant-based fast food chain in France; plant-based jerky producer Moku Foods; and Singapore’s Turtle Tree Labs, amongst many others. Speaking in interview with vegconomist last year, Prince Khaled enthused: “I advocate for realistic progress; not crazy ideas that will never happen. I believe that having this discussion rationally and presenting people with options that taste great – not to mention are healthier – will continue to turn the tide.” In this spirit of rational discussion to help create realistic progress, Prince Khaled will be joining a panel entitled New Initiatives to Promote Food Security through Agri-Food Innovation. The panel will address emerging opportunities for international companies in controlled environment agriculture, alternative proteins, and more, and examine what the regional food system of the future looks like and the path forward. The segment focused on the Gulf region aims to “reveal how new investments and partnerships are transforming domestic food supplies, diversifying local economies, and attracting new companies to the region”, and the panel will discuss how the private and public sectors can ensure that nutritious foods are affordable and accessible to all sectors ...

A new market study reveals that the plant-based dairy market is predicted to expand by nearly 3X over the next ten years from $11 bn to an estimated $32 bn. China is identified as a key market which is described as “flourishing” and cheese is identified as the next frontier in terms of innovation. “Cheese alternatives are predicted to be the “next frontier” in plant-based innovation, advancements in ingredient technology are estimated to fire dairy-alternatives market”  The report finds that plant-based dairy reached a valuation of $11bn in 2020, when plant-based milk expanded twice as fast as cow’s milk. Almond milk remains the category leader at US$ 6.5 Bn, followed by fast-rising oat milk, then soy milk. Two out of five sales of plant based dairy products were found to occur via online retail platforms. North America and Europe are dominating the global plant-based dairy market share, with a combined figure of 53% in 2021. However, China was identified as key to the market, with a projected expansion rate of 13.6% throughout the forecast period: “Rising population and surging disposable incomes have resulted in spurring demand for dairy alternatives in China. Subsequently, raising awareness about the extensive use of fertilizers boosted the market growth for alternative dairy products and is expected to exhibit a strong surge in demand over the next decade.” Smart money is on China – ask Califia Farms Along with Oatly, one example of alt dairy success in the Chinese market is Califia Farms, which partners with the ...

Starting out in Melbourne during the pandemic of 2020, Australian fashion label Noskin was set up with the goal of changing the perception of ethical and vegan clothing. Known for its durable, sustainable clothing that is made to last, the brand is endorsed by singer-songwriter Courtney Barnett and looks set to make sustainable clothing even cooler.  Noskin aims to avoid the whims of fast fashion trends, instead producing products such as its straight-cut jeans crafted from a premium Japanese Kaihara Indigo selvedge utilizing a recycled cotton blend. Other pieces, such as its versatile Hemp Worker shirt are made with organic hemp and cotton, while its plant-based leather combat boots are hand-constructed in an all-vegan factory in Brazil. Designed to be truly unisex, Noskin takes take great care to ensure its products fit both men and women. The goal for the brand is to prove that well-considered design and durability have a place in ethical fashion, with no compromise to aesthetics or style. Proudly carrying the ‘PETA Approved Vegan’ accreditation, Noskin holds veganism as a core value, as well as a commitment to providing a sustainable alternative to the highly destructive fashion industry.  “There are still a lot of animal products within fashion,” he says. “Our goal is to change the perception of vegan and sustainable clothing by being design and aesthetics led.” Noskin director Tony Corrales told Broadsheet.  “Transparency is key, and I think that’s the same for a brand our size or one as big as H&M,” says Corrales. ...

UK legacy brand Quorn is set to boost its US presence with the opening of a state-of-the-art Culinary Development Center in Dallas, TX. The move follows the appointment of new leadership for Quorn in the US; President, Judd Zusel and Executive Chef, Stephen A. Kalil. Philippines-based Monde Nissin Corp acquired Quorn in 2015 for £550 million and it was revealed that the food giant was planning to make a significant investment in Quorn’s US presence prior to its recent $1 billion IPO. A mainstay in the UK market since 1985, Quorn now intends to stake a claim in the American market, with extremely savvy timing; poultry prices in the US are witnessing acute inflation and plant-based brands in the chicken category are seriously taking off. The opening of the Culinary Development Center was driven by the two new leaders at Quorn Foods US; Judd Zusel, former Vice President at Bacardi Global Brands, and Executive Chef Stephen A. Kalil, an accomplished culinary professional with more than three decades in the foodservice industry. The new center, according to the company, will be able to test culinary equipment and coating on mycoprotein – the super protein in all Quorn products – in real time and real conditions.  “Well positioned” “I’m excited to join Quorn at a time when the meat alternative category is really taking off,” commented Quorn President Judd Zusel. “With Chef Stephen at the helm, we are poised to deliver new and exciting meatless chicken innovations creating a significant competitive advantage ...

After recently launching the UK’s first Vegan scotch egg into Tesco supermarkets, Squeaky Bean is now set for a huge investment injection as the plant-based producer looks to meet the increasing demand for plant-based chilled foods. Winterbotham Darby, the brand’s parent company, has announced a £5 million investment in Squeaky Bean to open a second state-of-the-art facility.  “Demand for plant-based produce is increasing rapidly and in recent months our operations have been stretched to capacity” UK food supplier Winterbotham Darby will invest £5 million into the operations of Squeaky Bean, its alt meat brand, opening a second dedicated plant-based manufacturing facility in Milton Keynes. The 48,000ft² facility will significantly boost Squeaky Bean’s production and distribution capabilities in the rapidly expanding chilled plant-based segment.  Squeaky Bean has driven growth in this segment, turning over £7.5 million in the last year. The investment will create more than 100 jobs in the area, contributing to the UK’s growing plant-based economy. Through its parent company Winterbotham Darby, Squeaky Bean was announced as Plant-Based Food Manufacturer of the Year at the Food Manufacture Excellence Awards this year. UK Plant-Based Growth The move reflects the integration of the UK plant-based scene into mainstream food culture, with the UK government’s recently commissioned National Food Strategy urging people to reduce their meat consumption. Squeaky Bean’s own research also found that 25% of people in the UK want to eat more plant-based foods at lunchtime and 24% have cut down their meat consumption since the beginning of the pandemic. ...

Vegan recipe creators BOSH! have partnered with Finsbury Food Group, a speciality bakery manufacturer, to develop plant-based brioche buns. The product will be available in Waitrose and sold in a pack of four, retailing at £1.30. Finsbury and BOSH! have previously teamed up to produce a range of four cakes — Luscious Lemon Cake, Ultimate Chocolate Cake, and Happy Birthday cakes in chocolate and vanilla flavours. The cakes are available at several major UK supermarket chains. The two companies have also collaborated to produce a chocolate traybake which is sold at coffee chain Costa. Other Bosh! collaborations include the 2019 launch of “Sheese & Red Onion” flavour crisps for popular handcooked crisp brand KETTLE Chips. The same year, BOSH! founders Henry Firth and Ian Theasby hosted Living On The Veg, the first vegan cooking show on national TV. The show followed on from the pair’s online success — their recipe channel on YouTube has received billions of views, while their cookbooks have all become bestsellers. “We’re so excited that our latest collaboration with Finsbury takes our vegan burgers to the next level,” Firth and Theasby told British Baker. “Together, we’ve created a product that showcases just how great plant-based alternatives can be.” ...

The Dao Foods Incubator has announced its second cohort of Chinese and China-focused alt-protein startups. It is the latest stage of the organisation’s plan to invest in 30 alt-protein ventures over the next three years. In an interview with vegconomist last year, Dao Foods co-founder Albert Tseng said the company’s mission was to “introduce exciting new plant-based and alternative protein products in China to reduce the consumer demand for animal agriculture.” He said he hoped the incubator would help to build up the Chinese alt-protein industry. The five startups chosen for the second cohort are: Shanghai Protein: Upcycling soybean pulp into sustainable protein powder. ShiShen Food Technology: Developing medicinal plant-based foods inspired by traditional Chinese medicine. Cultured Decadence: Developing cell-cultured lobster. Geb Impact Technology: Making protein from fermented microalgae. In June, the company received a grant from the Hong Kong Innovation and Technology Fund. Blue Canopy: Producing protein for alt-meat products using traditional mycelium fermentation and precision-fermentation. The incubator’s first cohort was announced last October and included four startups — Kitchen 70/30, Fresh Foods, Raw Plant-Based, and WOW Foods. Dao Foods also invested in Chinese alt-meat brand Starfield last year. “The alternative protein sector is still quite nascent in China,” said Tao Zhang, co-founder of Dao Foods. “Though momentum has been building up in this sector over the past two years, the mainstream consumer knowledge and adoption of new protein products are far from there yet. The game changers will be those entrepreneurs who know how to conquer the stomachs ...

Canada’s Very Good Food Company recently announced that it is significantly expanding its production capacity at its facility in Rupert, Vancouver, and is close to starting production at its facility in California. The news marks the latest in a long line of successes for the publicly listed company, which has grown at an astonishing rate since its launch just a few years ago. Here we take a look at the story so far. 2016: The Very Good Butchers starts out as a market stall on Denman Island, BC. February 2017: The company moves to its first retail location, opening a plant-based butcher shop in Victoria, BC. August 2017: Very Good launches a successful Kickstarter campaign to help it expand to a bigger location. The campaign raises over $64,000. December 2018: The company launches an equity crowdfunding campaign on FrontFundr, raising $600,000 from 250 investors. Its initial goal was just $100,000. June 2020: The company launches onto the stock market, becoming the world’s second-ever plant-based IPO. Shares increase by 790% in the first week of trading. July 2020: Very Good enters into an agreement with Canaccord Genuity Corp. to purchase an aggregate of 4,000,000 units for a total offering of $5,200,000. August 2020: Very Good announces it will be opening 25 new stores, as well as launching new products and expanding the distribution of its existing range. The company closes an oversubscribed $8.5 million bought deal public offering. September 2020: The company’s Q2 results outperform Beyond Meat’s. It announces it will ...

In April, US restaurant chain Buona launched a limited-edition Plant-Based Italian Beefless Sandwich. It wasn’t prepared for the response, which it described as “overwhelming” — the sandwich sold out in just a day across multiple locations. Buona received extremely positive feedback about the offering, with many customers saying it was indistinguishable from the chain’s conventional beef sandwich. Following this success, Buona has decided to make the sandwich a permanent fixture on its menu. It will be available at all 26 locations across Illinois, Indiana, and Colorado. The beef, which is made from Upton’s Naturals seitan, will also be offered at Whole Foods, Fresh Thyme, and Jewel-Osco Grocery Stores from November. It will be packaged similarly to Buona’s Original Italian Beef and can be used in the same way — it even comes with vegan gravy. According to Buona, the beef is produced in an area free of cross-contamination, so there is no risk of it containing traces of animal products. “Our plan was to see if people loved the Plant-Based Italian “Beef” as much as we did – and the good news is that they loved it even more than we could have imagined,” said Candice Jordan, director of marketing with Buona. “The outstanding support of the vegan community really helped make this a permanent menu item. It has become one of our most popular menu items and that is really great to see.” ...