Why Plant-Based Foods Are Booming Along with Growing Demand
Oct 13, 2021, 10:30 ET
- FinancialNewsMedia.com News Commentary -
PALM BEACH, Fla., Oct. 13, 2021 /PRNewswire/ -- Increasing consumer demand is fueling the market size in the Plant-Based Food Market. Distribution is expanding, and a growing number of mainstream consumers are buying plant-based options. Food manufacturers ranging from startups to well-known companies to the world's largest meat companies are innovating rapidly in the plant-based market. Next-generation plant-based meat, egg, and dairy products are increasingly competitive with animal products on taste, price, and accessibility. Plant-based food refers to food such as; legumes, fruits, vegetables, nuts, grains, and others, that are derived from plants. The plant-based market is likely to procure significant opportunities of expansion in developing countries in the coming time. A report from Market Research Future projected that the Plant-Based Food Market Size is projected to hit USD $37,981.6 Million Revenue by 2027 at 10.20% CAGR. The report said: "The growing demand for plant-based food due to increasing awareness about veganism is anticipated to be a significant factor that can drive the global market during the forecast period. The rising cases of lactose intolerance across the globe is likely to enhance demand for non-dairy products, which is predicted to increase demand for such food, thereby benefitting the industry in the coming time. Apart from these, the rising concern towards the protection of the environment and increasing efforts to reduce carbon footprint are other salient factors that is likely to drive the industry in the analysis timeframe. In addition, the increasing initiatives to incorporate innovation in food products can also aid in strengthening the market expansion in the coming time." Active Companies in the markets today include Nepra Foods Inc. (CSE: NPRA), Conagra Brands, Inc. (NYSE: CAG), Tattooed Chef, Inc. (NASDAQ: TTCF), Sprouts Farmers Market, Inc. (NASDAQ: SFM), The Very Good Food Company Inc. (OTCQB: VRYYF) (TSXV: VERY) (NASDAQ: VGFC).
The Market Research Future report continued: "Europe is anticipated to dominate the market during the forecast period. The increasing awareness about the vegan diet is expected to play an important role in driving the regional market. The increasing innovation in the field is likely to augment the market in Europe… In Europe, countries such as the U.K. is anticipated to make a significant contribution in developing the market growth during the review time. APAC is expected to procure a significant market share during the assessment period due to the increasing initiatives to grow the industry in the region. Developing countries such as; India and China are likely to make a significant contribution in developing the market in the region. The robust expansion of the plant-based industries and the vegan sector are likely to boost the market tremendously in the assessment tenure. Countries such as the U.S. and Canada are anticipated to be lucrative markets in the coming time that may aid in the development of the market significantly. In addition, the increasing R&D in the field can augment the regional market notably."
Nepra Foods Inc. (CSE: NPRA) BREAKING NEWS: Nepra Foods Announces Launch of PROPASTATM Ready-to-Eat Complete Plant-Based Meals - Nepra Foods Inc. (the "Company" or "Nepra"), creator of nutritious plant-based and allergen-free food is pleased to announce the launch of its PROPASTATM ready-to-eat allergen-free, plant-based meals. PROPASTATM represents the first Consumer Packaged Goods (CPG) product offering from Nepra, utilizing the Company's proprietary plant-based meat analogues and pasta.
"The launch of PROPASTATM represents the first of the exciting CPG products planned within our consumer product roadmap," commented David Wood, CEO of Nepra Foods. "The current market offerings of allergen-free, ready-to-eat convenience meals with plant-based meat analogues and dairy-free cheeses are extremely limited and, frankly, aren't the best tasting. Our PROPASTATM meals are uncompromisingly tasty and offer substantially more plant-based protein complete with all 20 amino acids and balanced healthy fats. In addition, our unique formulations contain dramatically fewer carbohydrates and a lot less sodium. We are expeditiously working on optimizing production of PROPASTATM using a combination of internal production capacity and co-manufacturers and anticipate launching the product with US retailers in early 2022."
About PROPASTA - Away from an increasingly crowded market, Nepra Foods is going after the broad American grocery shopper with plant-based food that meets people where they live. Convenient, nutritious brands that are provocative, unapologetic, and loud. Nepra Foods will begin with PROPASTATM for the frozen food aisle. PROPASTATM is a great-tasting line of ready-to-eat frozen dinners containing Nepra's proprietary pasta, meat analogues, and cheeses high in plant-based protein and low in carbohydrates, representing genuinely healthy eating. CONTINUED… Read this full release for Nepra Foods at: https://www.financialnewsmedia.com/news-npra/
Other recent developments in the markets of note include:
Conagra Brands, Inc. (NYSE: CAG) Slim Jim, America's iconic protein snack, continues its support of the Doge community and its mission to Do Only Good Every Day with the recent launch of Doge-themed merchandise on dogedrip.co. DogeDrip is a startup founded and run by members of the online Dogecoin community.
Slim Jim - one of the first CPG brands to engage in the crypto space - partners with Crypto-Enabled DogeDrip - "Slim Jim is one of the first CPG brands to engage in the crypto space, with the Spring 2021 auction of our first NFT, Rocket Stick Special Edition, which raised funds for World Central Kitchen," said Sarah Littel, Slim Jim brand lead at Conagra Brands. "We're excited to take it to the next level with DogeDrip, heeding the call of the very supportive Doge community to finally offer items that can be purchased with cryptocurrency."
Tattooed Chef, Inc. (NASDAQ: TTCF), a leader in plant based foods, recently announced six of its entrée bowls are available in approximately 1,200 Publix Super Markets ("Publix") stores as of October 1, 2021. Publix is one of the largest food retailers in the U.S. and the availability of Tattooed Chef entrée bowls demonstrates the brand's momentum and consumer demand.
"We are thrilled consumers can now access a variety of our entrée bowls at Publix, one of the largest supermarket chains in the U.S.," said Sarah Galletti, Founder and the Tattooed Chef. "Tattooed Chef is revolutionizing the way consumers think about plant based food starting with the frozen aisle, and we are just getting started."
These delicious bowls are available in the frozen section at Publix stores nationwide. They require a one-step preparation and are ready to eat within 6-7 minutes. Each product starts at $4.99 per bowl.
Sprouts Farmers Market, Inc. (NASDAQ: SFM) recently announced it will issue financial results for the third quarter ended October 3, 2021 after the market closes on Thursday, November 4, 2021. Following the release, Sprouts' management will conduct a conference call at 2:00 pm PDT (5:00 pm EDT) to discuss the results for the quarter.
A webcast of the conference call will be available. Participants should register on the website approximately 15 minutes prior to the start of the webcast.
An audio replay will be available at approximately 5:00 PM PDT (8:00 PM EDT) on November 4, 2021 and will remain available for 72 hours. This can be accessed by dialing 855-859-2056 (toll-free) or 404-537-3406 (international) and entering the confirmation code: 6572347.
The Very Good Food Company Inc. (OTCQB: VRYYF) (TSXV: VERY) (NASDAQ:VGFC), a leading plant-based food technology company, recently announced on September 29, 2021 that it has brought back its limited-edition Stuffed Beast, a delicious and carefully crafted plant-based meat, just in time for the holidays with US distribution starting in over 250 stores.
The plant-based Stuffed Beast, sold under VERY GOOD's leading brand The Very Good Butchers, will be available in over 250 stores across the US at a variety of retailers including Wegmans, Earthfare, PCC Markets, Metro Markets among numerous independents supplied by UNFI US. In addition, VERY GOOD will be offering its plant-based Thanksgiving Box and Holiday Meat Box available for purchase in the beginning of October, just in time for the American holiday season. Packed with fall and winter-inspired flavours, these limited-edition plant-based offerings are made with a variety of seasonal vegetables and spices.
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