Hi everyone, the alternative protein sector once again dominated the consumer headlines over the past week with a regulatory framework for cultured products underway and global retail sales for plant-based food projected to grow exponentially, according to a new report from Bloomberg Intelligence. Check out some of the latest product launches in the space, as well as notable deals across CPG below:
What’s going to happen?
- Cell-cultured meat pioneer UPSIDE Foods has teamed up with Michelin-starred chef Dominique Crenn to provide culinary counsel and recipe development as it prepares to launch its first consumer product – UPSIDE chicken – later this year in San Francisco, pending regulatory review. – FoodNavigator-USA
- Global retail sales of plant-based food alternatives may reach $162 billion by 2030, up from $29.4 billion in 2020, according to a new report from Bloomberg Intelligence, “Plant-based Food Poised For Explosive Growth.” With tha figure, the projected plant-based food market would comprise 7.7% of the global protein market. The two largest subcategories of plant-based alternatives, milk/dairy and meat, will continue to dominate sales in the segment. – Supermarket News
- The hard seltzer The industry is dominated by Truly and Mark Anthony Brands’ White Claw, which collectively command 75% of the category, with others like Bud Light Seltzer, Topo Chico Hard Seltzer, Vizzy and Corona Hard Seltzer also fighting for market share. Despite the abrupt warning by Truly maker Boston Beer in July that it overestimated demand, many predict further growth in the category and a few major players to eventually dominate. – Food Dive
- Nabati Foods Global Inc., a plant-based food tech company offering whole, natural, plant-based foods for health-conscious consumers, is launching its plant-based liquid egg product in Canada. Nabati Plant Eggz™ is now available at Nabati.ca, and soon at Sobeys in Quebec, and at Whole Foods across B.C. and Ontario. Nabati Plant Eggz™ are made using lupin and pea protein. Each serving has just 100 calories, with six grams of protein, two grams of fibre, and no cholesterol. They are also high in vitamin a, vitamin e, riboflavin, niacin, vitamin b12, and pantothenic acid. The product will be sold in liquid form in 355ml bottles. – Embargoed Release
Who’s raising money and going IPO?
- Starday, a healthy and sustainable food products company, raised $4 million in seed funding to take on “big food” incumbents, co-led by Equal Ventures and Slow Ventures and were joined by Haystack, Great Oaks Venture Capital, XFactor Ventures, ABV and a group of angel investors. – TechCrunch
- Bayer AG and other investors will funnel $45 million to an agriculture startup that claims its products can cut 30% of global nitrogen fertilizer use, the equivalent of removing 200 million cars from the road. Sound Agriculture, based in Emeryville, California, has developed an alternative to synthetic fertilizer for corn and soybeans that gives plants access to more soil nitrogen and phosphorus, as well as a breeding technique that accelerates plant development. – Bloomberg
- Apeel Sciences – the Santa Barbara-based firm behind an invisible plant-based edible skin that can dramatically extend the shelf-life of fresh produce – has raised $250m in a series E funding round led by Temasek, supported by Mirae Asset Global Investments, GIC, Viking Global Investors, Disruptive, Andreessen Horowitz, Tenere Capital, Sweetwater Private Equity, Tao Capital Partners, K3 Ventures, David Barber of Almanac Insights, Michael Ovitz of Creative Artists Agency, Anne Wojcicki of 23andMe, Susan Wojcicki of YouTube, and Katy Perry, that takes its cumulative funding to $635 million, and gives it a valuation north of $2 billion. – FoodNavigator-USA
- Swiftarc Ventures announced its $10 million Swiftarc Beauty Fund to support female founders leading the next wave of beauty and wellness brands. The fund will target categories including clean and sustainable beauty, science-backed beauty products, technology-enabled and community-driven beauty and gender-neutral and inclusive brands Jawahar anticipates funding five to seven companies so that Swiftarc can provide the right kind of expertise to the companies, but could increase that to 10. The firm already invested in Alleyoop, a makeup and skincare line for busy women. – TechCrunch
- Olam food Ingredients announces plan for an IPO on London Stock Exchange – Confectionery News
Who acquired who?
- Kinderhook Industries, LLC, recently announced the acquisition of Fairfield, California-based Primal Pet Foods. With this acquisition, Kinderhook will bring together portfolio companies Primal Pet Foods and Prairie Dog Pet Products, a premium specialty manufacturer and marketer of freeze-dried, smoked and natural dog treats. This combination together with the Himalayan and Holistic Hound brands creates the newly formed Primal Pet Group (PPG) – Press Release
- Kainos Capital announced that it has acquired Muenster Milling, a clean, high-protein pet food provider, in partnership with Mitch and Chad Felderhoff. Financial terms were not disclosed. Kainos is a private equity firm that specializes in acquiring and managing food and consumer businesses. – Press Release
- BrightFarms has been acquired by Cox Enterprises, accelerating the hydroponic indoor farming company’s mission of bringing leafy greens to more households throughout the US. Cox Enterprises has invested more than $1bn in sustainable businesses and technologies including taking a majority stake in BrightFarms in 2018 as part of its growing ‘cleantech’ investment portfolio. – FoodNavigator-USA
Who’s on the move?
- VMG Partners will announce next week the appointment of Brianna Rizzo as the company’s newest Talent Partner. Among her many responsibilities, Rizzo will lead the Talent strategy for VMG Catalyst, a fund that launched in 2019 and is dedicated to ushering in the next wave of tech businesses, including digital consumer products, services, experiences and marketplaces as well as the infrastructure and technology stack that enable these businesses. In tandem with Rizzo’s new role, the San Francisco-based company also announces the firm’s expansion with a recently opened office in New York City. – Embargoed Release
Thank you, and have a great weekend!