Increasing Global Appetite for More Sustainable Meat Alternatives a Big Boon for Plant-Based Meat Industry
PALM BEACH, Fla., Sept. 29, 2022
FinancialNewsMedia.com News Commentary -
PALM BEACH, Fla., Sept. 29, 2022 /PRNewswire/ -- The inclination towards the plant-based food industry has led to huge growth, since people have become more cautious about the healthy consumption of foods. Despite the major impact to the food industry caused by the global pandemic, there is a noticeable growth in plant-based meat and non-dairy milk products, which signals a growing worldwide appetite for more sustainable alternatives to the old method of consumption of direct meat. Increase in consumer interest towards plant-based meals and meat supply disruptions due to the COVID-19, has expanded sales by 49% according to a report from ReportLinker. The report said that the plant-based meat market by revenue is expected to grow at a CAGR of around 19% during the period 2022–2027. It continued: "A growing number of angel investors, venture capitalists, and accelerators, as well as increased investment activity from strategic food industry investors such as General Mills, 301 Inc, and Kraft Heinz, as well as direct investors such as Mapleleaf Foods, Cargill, and Danone, are all helping to propel the industry growth. In 2021 Europe was the world's largest market for plant-based meat. The increase of ethical and health-conscious consumer groups is one of the key factors driving the market for plant-based meat, precisely in the United Kingdom. Active companies in the markets this week include: Pangea Natural Foods Inc. (OTCQB: PNGAF) (CSE: PNGA), Beyond Meat, Inc. (NASDAQ: BYND), Hormel Foods Corporation (NYSE: HRL), Tattooed Chef, Inc. (NASDAQ: TTCF), The Very Good Food Company Inc. (NASDAQ: VGFC) (TSX-V: VERY).
Another report from Plant Based News added that: "Of all the different regions across the world, it is Asia-Pacific that's expected to see the fastest growth in the sector. This is partially due to the surging population, according to the report. With North America being the largest market for plant-based meat products, it is also predicted to generate the most money. This is due to 'growing public preference' the researchers claim. Moreover, the report states: "The rising concerns regarding food security and sustainability and rising investments in plant-based protein sources are the key driving factors for the meat substitutes market."
Pangea Natural Foods Inc. (OTCQB: PNGAF) (CSE: PNGA) BREAKING NEWS: PANGEA ADDS PLANT-BASED CHIKKEN NUGGETS TO ITS LINEUP OF INNOVATIVE PRODUCTS - Pangea Natural Foods Inc. ("Pangea" or the "Company"), a natural food company, today announced the launch of Pangea Chikken Nuggets, a protein-rich vegan meat alternative.
The Company's vegan Chikken Nuggets are made with three types of pea protein and are free of GMO ingredients, fillers, antibiotics, hormones, and bioengineered ingredients. This is the Company's second plant-based product, after the Pangea Plant-Based Patties.
The global vegan food market is projected to grow from US$26.16 billion in 2021 to US$61.35 billion in 2028 at a CAGR of 12.95% in the forecasted period of 2021-2028. The global vegan food market is projected to grow from $26.16 billion in 2021 to $61.35 billion in 2028 at a CAGR of 12.95% in forecast period, 2021-2028.
"We are excited to launch another plant-based product given the immense growth that the sector is experiencing globally. Understanding consumer lifestyle and food trends, and a commitment to innovation, allows our team to continuously introduce new products, such as the Chikken Nuggets, to the market." says Pangea CEO Pratap Sandhu, "The Pangea Chikken Nuggets are the perfect meat alternative because they taste great, they are healthy, and are packed with iron, and calcium. Plus, each nugget has 21 grams of protein."
Pangea offers a broad portfolio of innovative healthy food products that taste great and are sustainably sourced. Pangea's signature products include the Pangea Plant-Based Patties, Old Fashioned Ghee and Munchie Mix, which are available on the Company's website and in over 250 leading national retail food stores across Canada and the United States.
The Company manufactures their products in-house at their Vancouver Lower Mainland facility. The Company's facility has been approved by both the Canadian Food Inspection Agency and the U.S. Food and Drug Administration. CONTINUED… Read this full release and more news for Pangea Natural Foods at: https://www.pangeafood.com/ Other recent developments in the industry include:
Beyond Meat, Inc. (NASDAQ:BYND) Panda Express®, the largest family-owned and operated Asian dining concept in the U.S., recently announced the return of its breakthrough innovation, Beyond™ The Original Orange Chicken™. Now available nationwide for a limited time while supplies last, this delicious entrée is co-developed with Beyond Meat® to capture the irresistibly crunchy texture and flavor of The Original Orange Chicken®, while giving guests the flavor they know and love as a plant-based option. Panda is the first national Asian restaurant concept to serve Beyond Meat across the U.S. This expanded partnership perfectly brings together Panda's expertise in American Chinese recipes and Beyond Meat's best-in-class plant-based protein capabilities to create a fresh new take on a classic favorite.
"Our team has been overjoyed by the undeniable excitement and incredible demand generated when we first introduced Beyond The Original Orange Chicken last summer as an innovative twist on our most iconic dish," says Andrea Cherng, Chief Brand Officer at Panda Express. "After nearly 40 years of creating original American Chinese dishes, quality and innovation remain at the core of who we are. We're continuously exploring creative ways to present our guests with the comfort and crave-ability they can expect from Panda while appealing to their evolving preferences and tastes."
Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, recently reported results for the third quarter of fiscal 2022.
"We delivered another quarter of record sales and double-digit operating income growth," said Jim Snee, chairman of the board, president and chief executive officer. "In the current environment, delivering seven straight quarters of record sales and four consecutive quarters of earnings growth is a notable achievement and speaks to the effectiveness of our strategy and the importance of our brands in uncertain times. Our team's execution played a pivotal role in our growth this quarter, as together, we overcame significant challenges, including continued broad-based inflationary pressures, persistent upstream and downstream supply chain disruptions, limited turkey supply, and impacts in China from COVID-related restrictions and temporary plant shutdowns."
Tattooed Chef, Inc. (NASDAQ: TTCF) ("Tattooed Chef" or the "Company"), a leader in plant-based foods, recently announced an expanded distribution agreement with Walmart, Inc. that will increase the availability of Tattooed Chef branded products at Walmart stores across the United States. The Company also announced the simultaneous signing and closing of an asset purchase agreement with Desert Premium Group and the signing of a new lease agreement that will strengthen its vertically integrated operating model and add approximately 80,000 square feet of manufacturing capacity.
Walmart Expansion - Under the agreement with Walmart, Tattooed Chef will increase the brand's frozen shelf presence from 5 to 13 SKUs and expand the availability of these 13 SKUs from an average of 300 Walmart stores to an average of 2,000 Walmart stores. Initial availability of Tattooed Chef's products at these new Walmart locations is expected no later than October 2022.
The VERY GOOD Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V) recently announced that seven of its best-selling Very Good Butchers products have become available for sale online in a Variety Pack with a major, membership-only wholesale chain. The arrangement significantly increases the availability of VERY GOOD's natural, plant-based food products for Canadian consumers.
The Variety Pack contains two packages of each product, including the Taco Stuff'er, Very Good Pepperoni, the award-winning mmm Meatballs, the Flippin Burger, Cajun Sausage, Breakfast Sausage and the Bratwurst Sausage.
Parimal Rana, CEO of VERY GOOD, commented: "Greater availability across diverse North American venues is our strategic priority. Our Variety Pack with this wholesaler will put our offering in front of a new audience and is a great opportunity to acquaint consumers with The Very Good Butchers clean, plant-based products."
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