Food Industry Responds to Growing Plant Demands with Innovative Meatless Offerings

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VANCOUVER – United States Press Group – A new report from Bloomberg Intelligence predicts that the global plant-based food market could grow five-fold by 2030. As demand for plant-based dairy and meat substitutes continues to increase, the food industry is also seeing an increase investments in new products and production methods, coming from a variety of ingredient and GPC manufacturers, including new Nepra Foods (CSE: NPRA), as well as established food industry giants such as Kellogg Company (NYSE: K), Brands Conagra, Inc. (NYSE: CAG), Ingredient Incorporation (NASDAQ: INGR), and Archer-Daniels-Midland Company (NYSE: ADM).

David Wood, CEO of Nepra Foods (CSE: NPRA), just published an open letter on his company’s public trading, praising the “favorable tailwinds” in the industry, which contributed to his company’s recent successful IPO.

In Wood’s opening statement, he labeled Nepra as “much more than just a producer of meat analogues,” having since its inception in 2016 established a growing business-to-business portfolio providing proprietary specialty ingredients to food producers across North America.

Of the society existing operations have already grown by over 100% year-over-year and are targeting sales of US $ 6-8 million this year.

What differentiates Nepra Foods many of its peers are its hemp-based protein products, backed by a proprietary ingredient called THPTM (Textured Hemp Protein), which are all soy-free, GMO-free, allergen-free, and gluten-free.

Their multi-category offerings include plant-based foods that include frozen meals, plant-based dairy products, salty snacks, and meat alternatives that are high in protein and fiber, low in carbohydrates, and truly nutritious.

Wood focuses on strategically targeting his business to meet the food allergy challenge. In the letter, he cites WHO estimates that between 1% and 3% of adults worldwide suffer from food allergies, noting how that number drops to 4% to 6% for children.

“Producing high-quality, nutritious allergen-free food can be a challenge and requires specialized technical creativity,” Wood writes. “The Nepra team has the experience and skills to tackle these challenges head-on. “

by Nepra the team is quite familiar with food allergies, given that Wood, and chief innovation officer and director Chadwick White, have both been involved in the success of Udi’s gluten-free foods, which have been sold to this who is now Brands Conagra, Inc. (NYSE: CAG) in 2012 for US $ 125 million.

“Focus on plant-based foods that are high in protein and fiber, low in carbohydrates and really nutritious – everything Nepra is plant-based, allergen-free and gluten-free, ”Wood writes. “In addition, the Company develops and produces proprietary ingredients which are sold to other food producers and used in our own consumer products… We are looking for long-term trends in the market that will create sustainable growth opportunities, such as reducing waste and production problems. surrounding the gluten-free baking industry. So the work we do at Nepra moves the whole industry forward.

Food industry supplier Ingredient Incorporation (NASDAQ: INGR) recently increased its footprint in plant protein manufacturing capacity with a expansion of its production assets in Vanscoy, Saskatchewan. In the USA, Ingredient signed a distribution agreement with Batory Foods cover 15 states and consolidate Ingredient reach of distributors in the western and central Midwestern United States.

“The extended distribution of our ingredient solutions through Batory Foods enables us to meet the fluctuating needs of manufacturers resulting from changing consumer demand, ”said Gary Leeson, distributor sales manager for Ingredient. “With solutions ranging from native and functional Clean Label starches to multifunctional flours and fibers, plant proteins and hydrocolloids, Ingredion has a broad portfolio of ingredients sought to help manufacturers get to market faster with brands designed for consumers. prefer.”

Brands Conagra, Inc. (NYSE: CAG), owners of Gardein brand, welcomed the 33.5% increase in retail sales of its plant-based meat products, which the the company says is fueled by “the growth that comes from the meat eaters in this space.”

Gardein is the second player in the frozen meat substitutes category, behind the Morningstar Farms Mark of Kellogg Company (NYSE: K).

“Meat eaters make up 95% of the total population and nearly 80% of buyers in the plant-based meat substitutes category, and their growth rates in terms of new buyers and dollar spending also exceed those of their vegan and vegetarian counterparts. Said Ashley Lind, senior director, consumer insights, predictive science at Conagra brands in an interview with FoodNavigator-USA. “We expect to see herbal opportunities develop in the restaurant business as the entire industry rebounds, and we see Gardein gain shares in space.

As the U.S. vegetable meat market is poised to hit $ 2.6 billion by 2027, Kellogg and his MorningStar Farms brand are making strides to pave the way for product innovation. Earlier this summer, Kellogg combined his signature Eggo waffle mark with MorningStar Farms Incogmeato line, to make the company’s first plant-based alternative to their classic chicken and waffle dish.
“We’re always on the lookout for new ways to make vegetarian foods more accessible to everyone, so we’re excited to partner with an iconic brand like Eggo to give a delicious new twist to a beloved dish like chicken and waffles ”, marketing director, MorningStar Farms and Incogmeato To Kellogg Company Heidi Ray said. “This limited edition combo pack gives people another chance to see how delicious plants can be and to experience our Chik’n Tenders that look, cook, taste and tear like the real thing. “

Back in July, Archer-Daniels-Midland Company (NYSE: ADM) announced an extension to its plant activity, through the acquisition of Soy protein, a leading European supplier of non-GMO soy ingredients, which achieved more than $ 100 million in sales in 2020, with offerings in the segments of meat substitutes, confectionery, protein bars, pharmaceuticals, pet food and animal feed.

“Thirty years ago, ADM invented the soy vegetable burger, giving birth to the vegetable protein segment,” said Leticia Gonçalves, president of Global Foods ToSMA. “Today, alternative proteins represent one of our key growth platforms, and as this $ 10 billion global industry grows to $ 30 billion over the next decade, we are investing to expand our capabilities. unmatched. “

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