Global Plant Based Protein Market Expected to be Valued At $34.5 Billion By 2032
PALM BEACH, Fla., Aug. 25, 2022
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PALM BEACH, Fla. , Aug. 25, 2022 /PRNewswire/ -- Plant-based food is becoming a long-term solution for customers all over the world, owing to the growing number of product possibilities in the plant-based business. If sales continue to grow, as projected, the plant-based food industry has the potential to become a viable choice in supermarkets and restaurants alike. Plant-based food is considered to be a broad variety of food items which are made from natural plant-based ingredients. Vegetables, fruits, nuts, whole grains and legumes are commonly used in these goods, which do not contain any animal and animal-sourced items like milk, meat, or eggs. Tofu, coconut, almond milk, tempeh, and seitan are some of the most popular plant-based food. A recent report projected that the global plant-based food market is expected to reach market valuation of USD 10.9 Bn in 2022, accelerating with a CAGR of 12.2% by 2022-2032. Plant-based food sales are likely to account for about 96.5% of the demand in the global plant-based protein market anticipated to be valued at USD 11.3 Billion by 2022 and reach USD 34.5 Billion by 2032. The report said: Historically, plant-based food consumption grew at a CAGR of 10.0% from 2017 to 2021 as the period marked a shift in consumer eating habits as people started taking up veganism. Additionally, the discovery of novel goods such as plant-based milk, egg substitutes, and meat substitutes in recent years has resulted in rising consumer acceptance of these food items. These goods are high in critical nutrients and taste virtually comparable to those derived from animals. Furthermore, awareness campaigns by celebrities and athletes have promoted the intake of vegetarian products in order to have a healthy diet in addition to easy accessibility of these products over online sales channels, which are expected to propel the market further. Active companies in the markets this week include: Pangea Natural Foods Inc. (OTCPK: PNGAF) (CSE: PNGA), Beyond Meat, Inc. (NASDAQ: BYND), The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY), Oatly Group AB (NASDAQ: OTLY), ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY).
The report added: The increased incidence of chronic lifestyle disorders and sensitivity to animal protein is one of the key factors driving the market's growth. Furthermore, the sector is being propelled forward by the global adoption of vegan dietary habits. As people grow more aware of animal health and the prevention of cruelty to animals in the food industry, there is a trend in public preference for plant based food items all over the world. Manufacturers of plant-based food work with restaurants and large chains and industry titans… are attempting to gain a competitive advantage by expanding their plant-based product distribution and launching advertising efforts that highlight their diversity of possibilities. Higher sales and utilization of plant-based alternatives will be aided by international food chains and large businesses that provide plant-based sausage, burger, and milk substitutes will inspire consumers to change their eating habits."
Pangea Natural Foods Inc. (OTCPK: PNGAF) (CSE: PNGA) BREAKING NEWS: PANGEA BEGINS UNITED STATES EXPANSION WITH PRODUCT LISTING IN H MART - Pangea Natural Foods Inc. ("Pangea" or the "Company"), a natural food company, is pleased to announce it has expanded into the United States with retail distribution in H Mart.
Founded in 1982, H Mart is an American supermarket chain operated by the Hanahreum Group and headquartered in Lyndhurst, New Jersey. The chain has 84 stores throughout the United States, as well as outlets in Canada, and the United Kingdom. As of July 16th, 2022 the Company's Plant-Based Patties were listed in select H Mart locations across Texas.
The Company's Plant-Based Patties are made of pea-protein and free of GMO ingredients, fillers, antibiotics, hormones, and bioengineered ingredients.
Pangea's CEO, Pratap Sandhu, commented on the Company's new distribution with H Mart, "Building on the positive momentum of our recent distribution across Canada, we're excited to now expand into the United States. We look forward to introducing our products to a broader range of customers - making delicious, nutritious and sustainable eating more accessible than ever before."
All of the Company's products are manufactured in the Vancouver lower mainland at an in-house facility approved by both the Canadian Food Inspection Agency and the U.S. Food and Drug Administration. To provide a convenient experience for its customers, the Company offers its products for purchase via e-commerce platforms and traditional retail outlets. CONTINUED… Read this full release and more news for Pangea Natural Foods at: https://www.pangeafood.com/ Other recent developments in the markets include:
Beyond Meat, Inc. (NASDAQ: BYND) recently reported financial results for its second quarter ended July 2, 2022. Second Quarter 2022 Financial Highlights Were: Net revenues were $147.0 million, a decrease of 1.6% year-over-year; Gross profit was a loss of $6.2 million, or gross margin of -4.2% of net revenues. Gross profit was negatively impacted by approximately $14.5 million, or -10.0 percentage points of gross margin, associated with sales to the liquidation channel and increased inventory reserves, and a further $7.7 million, or -6.7 percentage points of gross margin, related to Beyond Meat® Jerky; Net loss was $97.1 million, or $1.53 per common share. Net loss as a percentage of net revenues was -66.1%; and Adjusted EBITDA was a loss of $68.8 million, or -46.8% of net revenues.
Beyond Meat President and CEO Ethan Brown commented, "In Q2 2022, we recorded our second largest quarter ever in terms of net revenues even as consumers traded down among proteins in the context of inflationary pressures, and we made solid sequential progress on reducing operating and manufacturing conversion costs. Across the balance of the year, we are tightly focused on intensifying OpEx and manufacturing cost reductions, executing against a series of planned market activities for our global strategic partners, and strengthening our retail business through core support and the introduction of one of our best innovations to date. Through these and other measures, we are confident we will emerge from the current economic climate leaner and stronger, and well positioned for our next chapter of growth."
The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY), a leading plant-based food technology company, recently reported its financial results for the second quarter ended June 30, 2022. Financial Highlights Were: Revenue decreased $1,279,215 or 46% to $1,501,446 in Q2 2022, compared to $2,780,681 in the same period in 2021. The decrease in revenue was driven by a decrease of $1,825,436 in eCommerce sales, offset by an increase of $523,223 in wholesale revenue; Wholesale revenue increased 117% to $987,278 in Q2 2022 as compared to the same quarter last year due to an increase in the number of stores and distribution points as well as increased unit velocities on core and new items; eCommerce revenue decreased 83% to $380,967 in Q2 2022 as compared to the same period last year due to the Company's strategic decision to limit its eCommerce sales due to high digital marketing costs to acquire new customers, lowered production and headcount at some locations to manage inventory levels. VERY GOOD is focusing on its wholesale and foodservice channels and is evaluating potential exit plans for its eCommerce business; General and administrative expense ("G&A expense") decreased $3,899,256or 57% to $2,935,624 in Q2 2022 compared to $6,834,880 in Q2 2021.
Oatly Group AB (NASDAQ: OTLY), the world's original and largest oat drink company, recently announced financial results for the second quarter and six months ended June 30, 2022. Toni Petersson, Oatly's CEO, commented, "We delivered strong second quarter financial results with sales growth of 22%, or 30% in constant currency, despite several headwinds including COVID-19 lockdowns in China.
Profitability metrics improved compared to the first quarter of 2022 and we expect this trend to continue in the second half of the year. As we expand and scale our more localized production footprint while remaining disciplined in our capital allocation, we are confident in our ability to achieve much better production economics and operating efficiencies, reduce our environmental impact, and achieve profitability. Global consumer demand remains as strong as ever and we have a proven multi-channel strategy that we believe positions us well for long-term growth and profitability."
ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX-V: BABY), recently announced that it has launched in Canada on Amazon.ca. Else launched on Amazon.com in the United States in September 2020, and in less than 2 years grew to an annual business of 4m CAD. In this short period, Else's offerings grew from a single SKU to three product lines with more than 15 SKUs. In its Q2 2022 financial results Else reported outstanding results on the Amazon platform - 84% QoQ sales increase and doubling its loyal subscriber community on the platform from 1,000 to almost 2,000.
The Else Amazon.ca launch includes a full range of Canadian compliant products with bilingual compliant packaging, including a Toddler nutrition product, Kids shakes in Vanilla and Chocolate flavors, and to be soon followed by Supper Cereals for babies from 6 months and older in a few flavors.
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