Food Manufacturers with Plant-Based Protein Not Only Targeting Vegans, but Meat-Eaters Too
VANCOUVER – USA News Group – Competition is ramping up between manufacturers of plant-based “fake meat” products for a market share that goes beyond vegetarians and vegans, but also into the predominant meat-eating consumer base . Analytical market research is projecting that the plant-based protein market is set to reach $21.23 billion by 2027 , growing at a CAGR of 9.5% along the way. For many consumers the gap in both taste profiles , and price points is closing, as plant-based proteins are becoming more and more competitive, with new products coming out from large fast-food chains like Yum! Brands, Inc. (NYSE:YUM) and McDonald ’ s Corporation (NYSE:MCD), which work well with plant-based proteins and CPG specialists such as Beyond Meat, Inc. (NASDAQ:BYND), Conagra Brands, Inc. (NYSE:CAG), and newly-public Nepra Foods (CSE:NPRA).
Nepra Foods (CSE:NPRA) provides proprietary ingredients and processes to major national brands, and launching its own products directly to consumers. Having already established a network for supply chain management and distribution around the world, Nepra Foods hit the ground running following its recent IPO.
At the forefront of Nepra’s offerings are the company’s hemp-based protein products, backed by a proprietary ingredient called THPTM (Textured Hemp Protein)—all of which are Non-Soy, Non-GMO, Allergen-Free and Gluten-Free.
The company has decades of experience in the industry, having successfully helped many national brands take products from concept to market with new ingredients and technical know-how.
Their multicategory, plant-based foods that include frozen meals, plant-based dairy, salty snacks, and meat alternatives that are high in protein and fiber, lower in carbohydrates, and are truly nutritious.
Among the company’s management are Co-Founder, CEO & Director David Wood, and Chief Innovation Officer & Director Chadwick White, who were both involved with the success of Udi’s Gluten Free Foods, which was sold to what is now Conagra Brands, Inc. (NYSE:CAG) in 2012 for US$125 million.
Another acquisition that’s paying off for Conagra Brands, Inc. (NYSE:CAG) is its Gardein plant-based meat brand, which generated retail sales of $170 million over the last year—up 33.5% versus two years ago.
“We are encouraged by the growth that is coming from meat eaters in this space,” said Ashley Lind, Senior Director, Consumer Insights, Predictive Science at Conagra Brands in an interview with FoodNavigator-USA . “Meat eaters represent 95% of the total population and represent almost 80% of buyers of the plant-based meat alternative category, and their growth rates in terms of both new buyers and dollar spend is also outpacing that of vegan and vegetarian counterparts.”
In an effort to woo those meat eaters over, a collaboration between McDonald ’ s Corporation (NYSE:MCD) and Beyond Meat, Inc. (NASDAQ:BYND) seems to have won over taste testers in the UK’s Mirror online publication, describing the new McPlant burger to have a taste that’s “just like beef”.
It’s clear from the launch that the fast food giant isn't just targeting vegetarians, instead also focusins on appealing to flexitarians, people who enjoy a mainly eat a vegetarian diet but occasionally eat meat.
According to a McDonald’s spokesperson said the McPlant is “all about giving customers more choices”. McDs has also described the McPlant as delivering “our iconic taste in a sink-your-teeth-in (and wipe-your-mouth) kind of sandwich”.
World-famous friend chicken chain KFC — owned by parent company Conagra Brands, Inc. (NYSE:CAG)—is also working to replicate its trademark offering , which began through a collaboration with Beyond Meat .
So far, a plant-based faux chicken nugget with Beyond Meat’s help has been tested, but not yet taken nationwide. Beyond Meat noted in an email to CNBC that its chicken tenders, based on the Faba bean, came out just as restaurants were experiencing shortages and price hikes on the supply side and consumer demand was skyrocketing.
In an interview with Bloomberg, KFC’s US President, Kevin Hochman said, “What we’re trying to replicate is a tenderloin where you actually have the muscle fibers. The texture is a bit more pleasing than what we’d call a chewed-and-glued. It’s a different technology.”
Many innovations are still on the way, as producers look to replicate beef , chicken , and even fish . As new shortages seem to be arising, there is potential for meat alternatives to fill the gap .
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Nepra Foods. advertising and digital media from USA News Group (“the Company”). There may be 3rd parties who may have shares of Nepra Foods, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Nepra Foods, which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Nepra Foods at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.