Corporate Profiles - 2022 - 54

INDUSTRY REVIEW: ALTERNATIVE PROTEINS
Alternative Proteins
F
ood technology companies are exploring sustainable ways to feed a
growing global population, stoking the appetites of investors, who have
poured billions of dollars into the space in recent years.
Investment in the development of plant-based meat, dairy and egg alternatives,
cultivated meat and alternative protein fermentation companies reached
$5 billion in 2021, according to the Good Food Institute, an alternative protein
advocacy group based in Washington.
" The investor community is beginning to see the huge potential of alternative
proteins to transform our food system, as well as the strong potential to meet
their target returns, " said Sharyn Murray, senior investor engagement specialist.
" With more and more investors acknowledging that climate risk is investment
risk, alternative proteins offer a scalable solution
that gets the world closer to a more
secure, carbon-neutral food system. Managing
climate risks is impossible without
addressing food and agriculture, and alternative
proteins offer us a tool to do that. "
-25%
Plant-based creamers
purchased.
-17%
A PLANT-BASED STALL?
Plant-based sausage
and fish alternatives
purchased.
-9%
Dairy-free yogurt
purchased.
-8%
-7%
Several plant-based categories are
seeing an uptick in adoption, but a much
larger portion experienced declines in penetration
this year, according to data from
the Brightfield Group, Chicago.
The company's consumer insights platform
found the portion of shoppers purchasing plant-based creamers fell 25%
in the second quarter of 2022, while those purchasing plant-based sausage
and fish alternatives fell 17%. Penetration also declined for dairy-free yogurt
(down 9%), dairy-free cheese (down 8%), burger alternatives (down 7%),
chicken alternatives (down 6%) and dairy-free ice cream (down 3%). Only
Source: Brightfield Group
LEADING REFRIGERATED
almond milk vendors
1 Blue Diamond Growers
2 Danone US LLC
3 Califia Farms LLC
4 Simply Orange Juice Co.
5 Mooala Brands LLC
6 Malk Organics
7 Hiland Dairy Foods Co. LLC
8 Three Trees Organics
9 Silver Springs Citrus
Private label
Total
% change
from
Dollar sales
$558,662,915
$535,079,255
$101,216,986
$33,608,663
$3,824,923
$2,843,944
$2,301,481
$1,278,721
$624,333
$275,002,464
$1,515,702,280
year ago
-6.1%
6.9%
3.7%
7.0%
25.0%
67.8%
-10.9%
47.6%
NA
-3.0%
-0.1%
-6%
Plant-based sales stall; emerging technologies gain traction
plant-based frozen meals and plant-based bacon saw modest gains, up 5%
and 1%, respectively.
Economic pressures and higher grocery bills are pushing shoppers toward
conventional animal-based products, said Bethany Gomez, managing director
at Brightfield. But price isn't the only factor driving declines. The category's
health and environmental halos are beginning to lose their shine as more consumers
associate plant-based products with complicated labels full of unfamiliar
ingredients.
Dairy-free cheese
purchased.
Burger alternatives
purchased.
Chicken alternatives
purchased.
Closing the price gap may help unlock growth. Startups are tapping fungi,
algae and other novel sources of protein to develop more affordable options.
Brevel, Tel Aviv, Israel, raised $8.4 million in seed funding this year to expand
production of microalgae-based
protein that is neutral in color and flavor,
functional, sustainable and scalable, according
to the company. Brevel's technology
combines sugar-based fermentation
of microalgae with a high concentration of
light at industrial scales and is based on
indoor, sterile and fully automated systems.
The process reduces the cost of producing
microalgae by more than 90%. Existing
options for microalgae cultivation as an alternative
protein have high costs as well as
flavor barriers, according to the company.
" For the first time Brevel will be providing
a truly sustainable solution that is not
only tasty and blends perfectly into different food applications to increase their
nutritional value, but is also at an affordable cost that puts it on the path for
global-scale mainstream adoption, " said Yonatan Golan, chief executive officer
and co-founder of Brevel.
Meati Foods, Boulder, Colo., raised $150 million in Series C funding to
LEADING REFRIGERATED
almond milk brands
1 Blue Diamond
2 Silk
3 Califia Farms
4 Simply
5 Mooala
6 Malk
7 Hiland
8 Three Trees
9 Ardmore Farms
Private label
Total
% change
from
Dollar sales
$558,622,915
$535,079,184
$101,216,986
$33,608,663
$3,824,923
$2,843,944
$2,301,481
$1,278,721
$624,333
$275,002,464
$1,515,702,280
Data for 52 weeks ended Sept. 4, 2022
Total US - Multi-outlet with C-Store (Supermarkets, Drugstores and Mass Market Retailers, Gas/C-Stores, Military Commissaries and Select Club & Dollar Retail Chains)
Source: IRI
54 \ November 2022
Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry * Dairy Processing
Corporate Profiles
year ago
-6.1%
7.0%
3.7%
7.0%
25.0%
67.8%
-10.9%
47.6%
NA
-3.0%
-0.1%

Corporate Profiles - 2022

Table of Contents for the Digital Edition of Corporate Profiles - 2022