Business is Booming for Multi-Billion Dollar Plant-Based Foods Industry as Consumer Interest Rises

Business is Booming for Multi-Billion Dollar Plant-Based Foods Industry as Consumer Interest Rises

PR Newswire

PALM BEACH, Fla., Dec. 16, 2021

PALM BEACH, Fla., Dec. 16, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary Plant-based meat is an imperative component of the United States diet, in which people adopt a plant-based eating lifestyle devoid of animal-based foods. Plant-based meat gives an alternative combining ingredient in novel ways. It delivers the entire culinary experience of meat without the need for killing any single animal. Across the United States, apprehension regarding unhealthy diet is surging and the increasing awareness about animal rights is driving the plant-based meat industry. Increasing plant-based consumption is a trend among all young and diverse consumer groups in the U.S. These age groups are more likely to express intent to eat more plant-based foods. Plant-based meat controls blood cholesterol, heart diseases, and diabetes. According to CDC (Centers for Disease Control and Prevention), in the year 2020, 34.1 Million adults (20-79) had diabetes in the US.  A report from MarketsAndMarkets projected that The Us Plant-Based Meat Market was valued at us$ 1.06 billion in 2020, and is estimated to reach us$ 2.63 billion by 2027, growing at a CAGR Of 13.86%  The report said: "By Product segment, the market bifurcated in sausages, burgers, Patties, Nuggets, Tenders & Cutlets, Grounds, and others. Over the past decade, the plant based meat Burger has performed relatively well. This trend has benefited burger foodservice and retail industries because the ingredients strive to imitate the flavor, aroma, and texture of meat. By product type, Tofu has been considered one of the best plant-based meat dishes. Since Tofu is made from soybeans and high in calcium and protein, consumers can experience the taste of meat."   Active Companies in the markets today include Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA), Oatly Group AB (NASDAQ: OTLY), Tattooed Chef, Inc. (NASDAQ: TTCF), ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY), The Very Good Food Company Inc. (NASDAQ: VGFC) (TSX-V: VERY).

It continued: "The storage technique segment in the U.S. plant-based meat market is divided into refrigerated, frozen and shelf-stable. The frozen products market share has gained remarkable popularity owing to their longer shelf life. These products usually can last for five to eight months in the freezer.  The growing demand for flavorsome heat-and-eat products encourages the vendors to launch frozen meat substitutes in the U.S. market. Moreover, various factors contributing to the growth of refrigerated plant based food are meat shortage and concerns regarding the coronavirus outbreak in the meat processing facilities.  In Western America, there is increasing acceptance of vegetarian eating habits in fitness aware clients. Growing concerns about Greenhouse Gas (GHG), provided by the meat business and animal well-being procedures, are expected to boost the demand for plant-based meat foodstuffs."

Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA) BREAKING NEWSNepra Foods Launches E-Commerce Shop for Direct-to-Consumer Product Sales - Nepra Foods Inc. (the "Company" or "Nepra"), creator of nutritious plant-based and allergen-free food, has launched a new, direct-to-consumer, e-commerce platform. This extension of the existing Nepra Foods website (www.neprafoods.com) will provide users with an easy-to-navigate shopping experience powered by Shopify—a global leader in e-commerce software for its speed, streamlined check-out, and security. This launch is another critical step in the company's consumer products strategy, which will include the rollout of their ready-to-eat PROPASTA™ line of frozen foods in early 2022.

The website will include detailed product descriptions, photos, testing information, ingredient lists, and in-depth nutrition information to educate consumers. Initial product offerings include Nepra's Extra Virgin Hemp Oil and assortment of gluten-free Baking Mixes. The online ordering will also include Nepra's ProCellTM egg replacement in early 2022, along with other consumer and wholesale product offerings as they become available. A page highlighting the transparency of Nepra's process for hemp oil extraction, as well as hemp flour milling and blending, will feature prominently so consumers know exactly what they're eating and how it's made. According to Food Technology Magazine, 6 in 10 global consumers are interested in learning more about where their food comes from, putting a focus on ingredient sourcing and processing methods.

To showcase the versatility and usability of each product, a "Recipes" section, created by Nepra's team of world-class chefs, will be updated seasonally and when new products are released. Each easy-to-follow recipe will feature ingredients available on the website with links to individual product purchase pages to boost sales.

"Consumers are increasingly health-conscious, ingredient-conscious, and eco-conscious, so one of our goals with this new e-commerce shop is to provide them with the same transparent product and process information we share with our wholesale clients," says Nepra CEO David Wood. "And by offering healthy recipe ideas along with an integrated purchasing process, our products are more accessible to everyday consumers."

The new e-commerce shopping experience can be accessed directly at www.neprashop.com or from the homepage of www.neprafoods.com via the "Shop" link. Shipping will be available throughout the U.S. and Canada.  CONTINUED…  Read this full release for Nepra Foods at:  https://www.financialnewsmedia.com/news-npra/ 

Other recent developments in the markets of note include:

Oatly Group AB (NASDAQ: OTLY) recently announced the introduction of its latest product innovation, Oatly non-dairy frozen dessert bars (also lovingly referred to as, Oatly on a stick). The indulgent and delicious treats join a North American portfolio of Oatly frozen desserts that in less than two years, has become the number one oat-based ice cream brand. Entering a frozen novelties category worth $5.4 billion in the U.S., Oatly non-dairy frozen dessert bars unlock a significant opportunity for people to continue making the switch to plant-based foods like oatmilk, which have a lower impact – on emissions and natural resources - than animal-based foods like cow's milk.

"Our new non-dairy frozen dessert bars are fantastic, and I can't wait for people to try them," said Mike Messersmith, President, Oatly North America. "We're proving that oatmilk is not just for coffee, cereal or cooking, but can also be the foundation for great-tasting treats to be enjoyed during celebration moments or when a pick-me-up reward is needed. We are so proud of this product and are very excited to bring it to many frozen aisles across the country soon."

ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX- V: BABY) recently announced that is has received the World Plant Based 2021 Award for its Plant-Based Complete Nutrition for Toddlers, as Best Dairy Product Alternative. The Award was announced this week at Plant Based World Expo in New York city.

The World Plant-Based Awards, in association with Plant Based World Expo and FoodBev Media, are a celebration of innovation and excellence across the Plant-Based food and drink industry, honoring top innovative brands in the sector. Else was amongst dozens of candidates in the dairy product alternative category.

"We're thrilled and humbled by this honor by Plant Based World Expo," said Hamutal Yitzhak, CEO & Co-Founder of Else Nutrition. "We continue to receive an outpour of very touching stories from parents, expressing what a difference our products are making in their families, and especially for their little ones. This makes it all worthwhile," she added.

The Very Good Food Company, Inc. (NASDAQ: VGFC) (TSX-V: VERY) recently announced that their popular Stuffed Beast, under its core The Very Good Butchers brand, will be available for purchase in select Loblaws and Real Canadian Superstore locations across Canada.

After selling out of the limited-edition Stuffed Beast last year, VERY GOOD increased production and distribution for the 2021 holiday season. Available for purchase in mid December, the Stuffed Beast can be found in 123 Real Canadian Superstore locations nationally and 40 Loblaw and Zehrs stores throughout Ontario (collectively "Loblaws stores"); along with other Canadian retailers such as Whole Foods, Thrifty Foods, La Moisson, Country Grocer, Natures Emporium, Organic Garage, Fiesta Farms, Good Rebel, Vegan Supply, and many more natural and independent stores. This seasonal rotation at Loblaw stores is incremental to the 1,400 stores that are currently selling The Very Good Butchers products across North America.

Tattooed Chef, Inc. (NASDAQ: TTCF) recently announced financial results for the three and nine months ended September 30, 2021.  "We are pleased with our third quarter results with record revenue driven by our Tattooed Chef branded products," said Sam Galletti, President and CEO of Tattooed Chef. "Tattooed Chef is now a top 10 brand across the club, grocery and mass channels in the categories in which we compete. Our branded products are now in over 13,000 stores nationwide as we have executed on our plan to diversify both channel and customer mix. Looking ahead, we believe we are well positioned to execute on our growth strategy with tremendous momentum entering 2022 and beyond."

Sarah Galletti, Chief Creative Officer and "The Tattooed Chef", added, "We are thrilled with Tattooed Chef's acceptance at retail stores and believe our products resonate with the next generation of consumers. We are constantly looking for new ways to go to market and, supported by our recently announced acquisitions, we plan to expand our product portfolio beyond the freezer aisle allowing consumers to enjoy Tattooed Chef products at home and on-the-go. I have never been more excited about our future opportunities for growth."

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