Plant-Based Meat Retail Sales Could Reach $118 Billion by 2030
Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay — and grow,” said Jennifer Bartashus, senior consumer staples analyst at Bloomberg Intelligence. “The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world.
If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike. Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade. The global plant-based alternative-meat market may grow to $28 billion by 2025, based on Bloomberg Intelligence analysis. This could translate into a $74 billion opportunity by 2030 if sales growth and penetration levels mimic those of plant-based milks to reach 5% of the total meat and fish market. Plant-based meat accounted for just 0.3% of total meat sales in 2020, but growth is accelerating as products become more widely available, consumer awareness grows, prices come down and the perceived health and sustainability attributes gain traction. Should the pace of these drivers be stronger than expected, plant-based meat retail sales could reach $118 billion in 2030,” the report noted.” A slower uptake, limited by regulatory issues and supply constraints, could result in a $37 billion market size.” Active Companies in the markets today include Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA), Tattooed Chef, Inc. (NASDAQ: TTCF), Beyond Meat, Inc. (NASDAQ: BYND), ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY), The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY).
Bloomberg Intelligence continued: “While the plant-based dairy market is a more mature segment, Bloomberg Intelligence projects that the category has the potential to reach $62 billion by 2030, up from $23 billion in 2020 — reaching 10% of the total dairy market, up from 4.5% in 2020. Growth is aided by new formulations and products such as plant-based ice cream, cheese, sour cream and butter, as well as growing consumer concerns about health and sustainability. Nearly 75% of the global population is lactose-intolerant, the report noted, which forms a sustained driver for alternative milk and other dairy products. Demographic and industry catalysts should help accelerate growth of plant-based alternatives and help differentiate the category as a long-term trend versus a fad, according to the Bloomberg Intelligence report. “This includes expansion of retail distribution points, growing consumer interest in healthier lifestyles, more consistent supply as companies improve forecasting and manufacturing capabilities, greater raw material availability, achieving price parity with conventional products and ongoing trials at restaurants,” said the report.
Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA) BREAKING NEWS: Nepra Foods Unveils First PROPASTA Ready-To-Eat Meal: Spaghetti and Meatballs – Nepra Foods Inc. (the “Company” or “Nepra”), creator of nutritious plant-based and allergen-free food, announces Spaghetti and Meatballs as the company’s first product release from their newly-launched PROPASTA™ line of ready-to-eat meals. As one of the only frozen meal options on the market that is plant-based, high-protein, gluten-free, and completely allergen-free, PROPASTA™ is well-positioned to redefine the frozen food landscape.
Spaghetti and Meatballs will make its direct-to-consumer e-commerce debut in early 2022, followed by the national unveiling of two more PROPASTA™ meals, including Chicken Chow Mein and Ricotta Stuffed Ravioli, at Expo West in March 2022. Products will then start rolling out to select Denver-area retailers soon after. The sleek black-and-white with yellow packaging features an amateur athlete with the tagline, “Eat Like a Pro,” targeting active, health-conscious consumers.
Nepra chose Spaghetti and Meatballs as their first SKU to appeal to a wide range of taste preferences and to serve as a familiar introduction to PROPASTA™ meals. The meatballs are a beef analogue made from Nepra’s proprietary THP™ (textured hemp protein), and the high-protein pasta noodles use hemp flour as the base. Hemp is superior to other vegetable proteins because it is higher in both protein and contains all 20 essential amino acids, doesn’t require pesticides to grow, is easier to digest, and is 100% allergen-free. Because of its neutral taste and color, hemp can more closely mimic the foods it was designed to replace–like ground beef–without the “off” flavor sometimes associated with other plant proteins. This is what makes PROPASTA™ meals different from anything else in the freezer section, giving it the potential to disrupt the frozen health food market.
“Our PROPASTA™ line is truly revolutionary,” says Nepra CEO David Wood. “Not many frozen food brands are plant-based, gluten-free, allergen-free, high-protein, and low-carb. Spaghetti and meatballs is a universally beloved dish, so it was a natural choice for our introductory product. It also demonstrates the power of hemp protein to transform foods, as our meal’s taste and textures are uncompromised when reinventing the traditional meat-based, gluten-heavy spaghetti and meatballs.”
The frozen food market is projected to hit $312.3 billion by 2025, in part due to rising demand for convenience foods, while the global health and wellness foods market is expected to reach $1.1 trillion by 2027. PROPASTA™ sits at the intersection of these growing market segments with its nutritious, high-protein, plant-based meals that are convenient, tasty, and accessible to the everyday consumer. CONTINUED… Read this full release for Nepra Foods at: https://www.financialnewsmedia.com/news-npra/
Other recent developments in the markets of note include:
Beyond Meat, Inc. (NASDAQ: BYND), a leader in plant-based meat, recently reported financial results for its third quarter ended October 2, 2021. Third Quarter 2021 Financial Highlights Were: Net revenues were $106.4 million, an increase of 12.7% year-over-year; Gross profit was $23.0 million, or gross margin of 21.6% of net revenues; Net loss was $54.8 million, or $0.87 per common share. Net loss as a percentage of net revenues was -51.5%; and Adjusted EBITDA was a loss of $36.8 million, or -34.5% of net revenues.
Beyond Meat President and CEO Ethan Brown commented, “Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth. Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company.”
Tattooed Chef, Inc. (NASDAQ: TTCF), a leader in plant based foods, recently announced it has entered into an agreement to acquire Belmont Confections, Inc. (“Belmont“), a private label co-manufacturer of nutrition bars, for approximately $18 million in cash and stock. The transaction has been unanimously approved by Tattooed Chef’s Board of Directors and the acquisition is expected to close in the fourth quarter of 2021.
Based in Youngstown, Ohio, Belmont specializes in the development and manufacturing of snack and nutritional bars. The 47,000 square foot facility already has the equipment in place to manufacture many different types of bars and now, partnered with the innovation from Tattooed Chef, will allow the company to become a leader in the bar sector.
ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY), the plant-based baby, toddler and children nutrition company, recently reported on its Amazon progress and plans:
Following its stellar success on Amazon in the US, Else was recently invited by Amazon EU to launch a European unified account that will allow Else to sell its unique products on all of Amazon European marketplaces including the UK, Germany, France, Italy, Spain, the Netherland, and Sweden representing a market with over 300M people.
Else already started the onboarding process with Amazon’s support and plans to launch its first European market in early 2022.
The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY), a leading plant-based food technology company, recently shared its exciting record performance in the month of October 2021. With sales of approximately C$1.5 million for the month, the Company saw an increase of 202% in revenue compared to the same month last year. VERY GOOD has seen steady growth as meat alternatives increase in popularity and consumers demand high quality plant-based options. This continued growth illustrates the stronghold that meat alternatives are forging in the food industry and how the unique offerings of the Company’s core brand, The Very Good Butchers, keep consumers coming back.
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Plant-Based Meat Retail Sales Could Reach $118 Billion by 2030
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