Plant-Based Food Market Generates Over $7 Billion in Revenue During Pandemic

NEW YORK, July 27, 2021 /PRNewswire/ -- Some industries might have crumbled during the pandemic, but others, like the plant-based industry, experienced massive growth thanks to the growing health consciousness among consumers. Last year, the US plant-based food market grew by 27% to reach $7 billion, growing nearly twice as fast as the total US retail food market. The plant-based milk category took the lead at $2.5 billion, accounting for 35% of the total plant-based food market, while plant-based meat brought in $1.4 billion. Following this shift in consumer interest, companies such as Else Nutrition Holdings Inc. (TSXV: BABY) (OTCQX:BABYF), Oatly (NASDAQ:OTLY), The Hain Celestial Group Inc. (NASDAQ:HAIN), Tyson Foods (NYSE:TSN) and SunOpta (NASDAQ:STKL) are seeing an increased interest in their products and higher revenues.

At the same time, the global baby food market is projected to grow at a CAGR of 6% to reach $96.3 billion by 2027, with more parents looking for plant-based alternatives for their little ones. Companies in the baby food market are taking note of changing consumer needs and launching new products to cater to the growing market.

Else Nutrition Holdings Inc. (TSXV:BABY) (OTCQX:BABYF) is disrupting the global infant and children nutritional market with its clean-label plant-based products. The plant-based baby, toddler, and children nutrition company is launching its nutrient-dense cereals for babies six months and older, which will expand its portfolio of clean plant-based children nutrition products.

Else Nutrition Holdings is targeting parents whose children struggle with dairy intolerance and for families that would rather give their children plant-based healthy alternatives with its new complimentary baby cereal.

The new line of cereal is derived from organic almonds, buckwheat, and tapioca. Else has minimally processed the ingredients in the cereal to preserve the full macro nutritional benefits of these ingredients.

"This marks a key milestone for the Company as we continue on our goal towards offering a full range of clean label, plant-based nutrition for infants, toddlers, and young children," said Hamutal Yitzhak, CEO and Co-Founder of Else Nutrition. "These clean label, nutrient dense baby cereals greatly expand our offering and creates a beachhead into the extensive and growing infant nutrition market."

The new plant-based baby cereal is available in original, mango and banana flavors. Parents can purchase the baby cereal on elsenutrition.com, Amazon.com, and other retailers.

Apart from expanding its product portfolio for infant, toddler, and children nutrition, Else Nutrition is working with retailers and distributors to bring its products closer to parents. Recently, the company expanded into Louisiana, Alabama, and Mississippi through a partnership with Rouses Markets, a grocery chain supermarket that operates 65 supermarkets in the American South.

The partnership with Rouses Markets is the recent retail distribution partnership that Else is getting into this year, having collaborated with other retailers and markets in the past. The most recent distribution initiatives include its key distribution centers in San Bernardino County, Northern California, and Northern Oregon and its launch at 16 Huckleberry's Natural Market locations.

Companies Provide Plant-Based products to Meet Consumer Demand

Oatly (NASDAQ:OTLY), a Swedish oat milk producer, which recently went public in May with a $10 billion valuation is another key industry player promising to take a significant market share of the plant-based dairy alternatives sector. Established in 1990, Oatly has built its expertise in oat milk production for more than 25 years using its patented enzymation process for which Oatly has more than 95 patents. The company also has nine planned production facilities which once operational, will allow the company to distribute its oat-based milk to consumers in different markets around the world. Following its public IPO, Oatly will use the capital generated to fuel its growth in the coming years.

The Hain Celestial Group Inc. (NASDAQ:HAIN), an organic and natural product company that seeks to provide its consumers with a healthy way of life, announced the release of new products within the beverage, snacks, and personal care space. Hain is introducing its new Garden Veggie Puffs in White Cheddar, Screamin' Hot, and Sour Cream and Onion flavors to support its customers in the goal towards a healthy lifestyle. The new veggie puffs are non-GMO, have 30% less fat than the leading puffed snack, and do not have artificial colors or preservatives. The Garden Veggie Puffs come packed in ideal serving portions for adults and kids.

Having entered the plant-based food market in 2019, Tyson Foods (NYSE:TSN) through its Raised and Rooted™ brand launched its new Plant-Based Bites, which are available in Buffalo and Sweet Barbecue varieties. These snackable bites are made with 100% plant-based proteins and come with 33% less saturated fat. The new Plant Based Bites are the latest addition to Tyson Foods' plant-based portfolio, which consists of Spicy Plant Based Nuggets, Whole-Grain Plant-Based Tenders, Plant Based Nuggets, Plant Based Ground, Plant Based Sausage, and Plant Based Bratwurst.

SunOpta (NASDAQ:STKL), a healthy plant-based and fruit-based food and beverage company, released its first-quarter financial results in May recorded revenues of $207.6 million in Q1 2021 recording a 12.4% growth in the plant-based sector. Commenting about the financial results, CEO Joe Ennen touched on the company's focus on driving strong growth in the plant-based sector. During the same quarter, SunOpta completed the acquisition of the plant-based beverage brands Dream and Westsoy from The Hain Celestial Group.

As consumers shift towards healthier meat and dairy alternatives, companies in the plant-based sector stand to benefit, with companies such as Else Nutrition Holdings Inc. (TSXV:BABY) (OTCQX:BABYF) already taking their place in the plant-based baby foods market.

For more information about Else Nutrition Holdings, click here.

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