Consumer Appetites Shift Towards Plant Based Options

FinancialBuzz.com News Commentary

NEW YORK, Aug. 3, 2021 /PRNewswire/ -- Plant-based diets are quickly becoming more and more popular. The move toward plant-based foods is in large part due to demographic shifts and easier access, as well as innovations in the food industry. For example, the emergence of plant-based meat, or vegan-meat, in recent years has proven that there is demand for meat alternatives. According to data published by Plant Based Foods Association (PBFA) and the Good Food Institute (GFI), the growth rate for the U.S. plant-based food market more than doubled in 2020, as sales surged 27% to USD 7 billion. The plant-based meat segment is a major portion of that, as it had hit the USD 1.4 Billion mark in 2020, with sales growing 45%, up from USD 962 Million in 2019. The plant-based meat category grew twice as fast as conventional meat and now accounts for 2.7% of retail packaged meat sales. Zoglo's Incredible Food Corp. (CSE: ZOG), Beyond Meat, Inc. (NASDAQ: BYND), Tyson Foods, Inc. (NYSE: TSN), Kellogg Company (NYSE: K), Hormel Foods Corp. (NYSE: HRL)

"The data tells us unequivocally that we are experiencing a fundamental shift, as an ever-growing number of consumers are choosing foods that taste good and boost their health by incorporating plant-based foods into their diet," PBFA Senior Director of Retail Partnerships Julie Emmett said in a statement on the 2020 market performance. "As this industry surpasses the USD 7 Billion threshold, PBFA is excited to continue our work to help build a sustainable infrastructure, including domestic ingredients sourcing, for this growing demand to expand access to plant-based foods."

Zoglo's Incredible Food Corp. (CSE: ZOG) just announced breaking news that, "it has signed a non-binding letter of intent ("LOI") to acquire a leading European-based developer and manufacturer of innovative plant-based food alternatives, Monday Swiss UK Ltd. ("Monday Swiss"). The proposed acquisition of Monday Swiss will enhance Zoglo's competitive edge and growth opportunities.  Monday Swiss' experience in new product development will ensure that Zoglo's product portfolio continuously evolves to lead the category in Canada and globally.

Established in 2012, Monday Swiss is a leading producer of a wide variety of plant-based food products and technology, including the Veggie Day and Monday Swiss lines, with a dedicated state-of-the-art facility. Monday Swiss has invested over $3M in R&D over the past 5 years, servicing major customers such as Tesco, Holland & Barrett, Co-Op and leading on-line grocery retailer, Ocado, with leading edge whole-muscle plant-based technology.

The proposed acquisition will provide Zoglo's the capacity to expand globally and provide its customers with the next generation of plant-based foods and increase annual sales by $6M CAD from Monday Swiss, resulting in Zoglo's annual revenue increasing by 100%.  

"The proposed acquisition of Monday Swiss represents Zoglo's commitment to sustainable global expansion and leading plant-based food innovation," said Anthony Morello, CEO of Zoglo's. "This acquisition creates a strong business for Zoglo's in Europe and the U.K. in conjunction with its current evolving business in Canada and existing US business."

Pursuant to the LOI, Monday Swiss founder, Alon Cahn, will also join Zoglo's as Chief Executive Officer of its European Operations strengthening the Company's positioning within the European market. Cahn is an experienced manager, having worked in key positions in leading companies such as Wrigley's and Nestle and has lived and worked in Europe, Asia, and North America.

Cahn, a lifelong vegetarian and food enthusiast, founded Monday Swiss after difficulty finding quality plant-based meat alternatives that were high in protein, versatile and great tasting. Since inception, Monday Swiss has made significant advances in key product development areas such as Clean label, sustainability in production and sourcing and alternative plant-based proteins.

'With a production capacity of over 500,000 kg. per month, and the ability to double our capacity by 2023, Zoglo's is poised to become one of the leading plant-based meat alternative companies globally', said Alon Cahn…"

Beyond Meat, Inc. (NASDAQ: BYND) launched on July 8th, its new, awarding-winning Beyond Chicken® Tenders. Crafted to look, cook and taste like traditional chicken tenders, the delicious plant-based Beyond Chicken Tenders are breaded to perfection for a crispy outside and irresistibly tender bite. Starting today, consumers can find the latest must-try product from Beyond Meat at select restaurants across the country. "We're innovating the poultry market with the new Beyond Chicken Tenders—the result of our tireless pursuit for excellence and growth at Beyond Meat," said Dariush Ajami, Chief Innovation Officer, Beyond Meat. "As with all our products, Beyond Chicken Tenders offer delicious taste and an exceptional culinary experience, along with strong nutritional benefits. Innovation is at the heart of Beyond Meat, and Beyond Chicken Tenders are the latest example of our mission to create groundbreaking, tasty options that are better for people and for our planet."

Tyson Foods, Inc. (NYSE: TSN) brand, Raised & Rooted announced on June 21st, the launch of its new Plant Based Bites. The snackable bites meet the growing demand and desire for plant-based products with delicious taste and fan favorite flavors. "Our new plant-based bites deliver the taste that will wow taste-buds in a better-for-you alternative," said David Ervin, vice president of marketing, Raised & Rooted. "We are excited to continue to grow our offerings and provide people with the alternative protein options they seek for meal or snack-time with beloved flavors."

Kellogg Company (NYSE: K) announced launch of its new line of next-generation plant-based protein, Incogmeato™ by MorningStar Farms. The Burger Patties, Original Bratwurst and Italian Sausage are made with non-GMO soy and have 100% plant-based protein making them a must-have when that meat craving strikes. Take it from a cow with a bowler hat, mustache and monocle, Incogmeato™ is the most ingenious way to eat more plant-based protein, help the planet or just try something new. It's no secret Americans are embracing eating less meat, and the new Incogmeato™ line from the plant-based category leader for more than 40 years delivers on the brand mission to make meatless eating more accessible for everyone. "Our great-tasting, ready-to-cook Incogmeato™ lineup offers the most meat-like experience yet. Our Burger Patties, Original Bratwurst and Italian Sausage are the first of many new plant-based foods coming this year from Incogmeato™ so that people who are looking to sneak more plants on their plate can do so deliciously," said Sara Young, General Manager, Plant-Based Proteins at Kellogg Company.

Hormel Foods Corp. (NYSE: HRL) announced last year, the launch of its Happy Little Plants® pepperoni style topping at select Papa Murphy's locations across the country. "Chefs and restaurateurs are very aware of today's dynamic food landscape and consumers' desire to add more plant-based foods to their diets, and we are very excited to bring this great-tasting, plant-based option to our partners at Papa Murphy's," said Anthony Panichelli, foodservice pizza toppings brand manager at Hormel Foods. "The new Happy Little Plants® brand pepperoni style topping was developed with foodservice operators to ensure pizzeria-level taste, convenience and quality, so much so, that many people may have a hard time tasting the difference between Happy Little Plants® brand pepperoni style topping and traditional pepperoni. Our team worked closely with pizzerias, chefs, foodservice operators and pizza experts to develop a plant-based pepperoni style topping that cooks and tastes exactly like traditional pepperoni."  "We know our customers are looking for plant-based options to shake up their normal pizza routine and incorporating the benefits of plant-based foods into meals they're familiar with," said Kim McBee, senior vice president, customer experience and brand marketing at Papa Murphy's. "The new Happy Little Plants® brand pepperoni style topping is perfect for our Cowboy pizza or as a switch to our traditional pepperoni pizzas."

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