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Beyond Burger

© Beyond Meat

Company News

Beyond Meat’s Q4 2023 Earnings Exceed Analyst Estimates, Prompting Stock Surge

Plant-based meat industry leader Beyond Meat has disclosed its financial results for the fourth quarter and full year ending December 31, 2023, triggering a surge in its stock value. Beyond Meat’s Q4 2023 net revenues were reported at $73.7 million, reflecting a 7.8% decrease compared to the previous year. Despite this decline, the figures exceeded the average analyst estimate of $66.8 million, as compiled by Bloomberg, propelling the company’s stock to a notable upswing. The gross profit for Q4 2023 saw a loss of $83.9 million, mainly due to non-cash charges related to a Global Operations Review report in November, and changes in accounting estimates. The net loss for Q4 2023 amounted to $155.1 million, compared to $66.9 million in the corresponding period last year. …

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A package of La Vie's new plant-based ham

Image courtesy of La Vie

Politics & Law

Plant-Based Companies Respond to French Decree Banning Meat-Like Words on Veggie Packaging

Yesterday 27 February, the French government issued a decree prohibiting the use of words such as “steak, “ham”, “cutlet”, or “escalope” on the labels of meat-free foods. The ruling comes in response to allegations from the meat industry that such terms are confusing for consumers. Similarly, last December, the Republican (Les Républicains) party of France introduced a bill to prohibit the production and marketing of cultivated meat in the tradition-focused country. The measure seriously compromises the sales prospects of home-grown French innovations in the face of major foreign companies not affected by this new legislation, argues French vegan whole-cut leader Umiami. Despite the French government’s support for the industrialisation of the plant-based sector, including the Umiami startup factory, these regulations seriously hamper their economic development …

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Avena Foods oats and pulses

© Avena Foods

Investments & Acquisitions

Protein Industries Canada Announces $19.2M Investment in Canadian Plant-Based Ingredients Project

Global innovation cluster Protein Industries Canada has unveiled a $19.2 million investment initiative to develop innovative Canadian ingredients for new snack and food options. Avena Foods, a key player in this project, will leverage the funding to create oat and pulse ingredients that will replace processing aids in products by Big Mountain Foods, Danone Canada, and Old Dutch Foods. This will lead to new consumer offerings, including allergy-friendly alternatives. The Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry, stated, “The global food market is in need of sustainable and nutritious ingredients, and Canada is helping meet that demand. By supporting projects like this one, Protein Industries Canada, one of Canada’s global innovation clusters, is securing Canada’s position as a global supplier of plant-based ingredients.” Protein …

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Libre Foods bacon

© Libre Foods

Politics & Law

The Government of Catalonia Invests €12M in Open Access Facility for Alternative Proteins 

The government of Catalonia will invest €12 million in a pre-industrial facility to extract, produce, and develop alternative protein ingredients and foods. The facility, located in Alcarràs, Lleida, will provide open access, from R&D to pre-industrial manufacturing, for companies to validate their developments before mass production. As reported by local news, the complex will feature different production lines, including plant protein extraction, wet extrusion, and final product processing. It will also offer a dedicated precision fermentation facility and an analysis laboratory to help companies bring innovations to market. According to local media Aral, the facility will “open access to any of the hundreds of Spanish producers currently interested in developing innovative lines of alternative foods to meat.” The project is part of the Biohub Cat, an …

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© Roquette

Algae, Microalgae & Seaweed

Roquette Introduces 4 New Pea Protein Ingredients for Improved Taste and Texture in Plant-Based Foods

Leading ingredient manufacturer Roquette announces the launch of four multifunctional pea proteins designed to improve taste and texture in plant-based and protein-rich foods. The French company, which currently operates in more than 100 countries through more than 30 manufacturing sites, broadens its portfolio with four specialized pea protein ingredients: NUTRALYS® Pea F853M (isolate), NUTRALYS® H85 (hydrolysate), and two textured variants, NUTRALYS® T Pea 700FL and NUTRALYS® T Pea 700M. These innovations are tailored to overcome common issues in incorporating plant proteins into food and beverage products, offering enhanced texture and protein density for items like nutritional bars, protein drinks, and plant-based meat and dairy alternatives. The NUTRALYS® Pea F853M isolate is described as offering exceptional gel strength, facilitating the creation of meat alternatives and plant-based …

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Los Angeles

© Olenka Kotyk on Unsplash

Politics & Law

Los Angeles County Implements Plant-Based Food Policy to Tackle Environmental and Health Concerns

Los Angeles County has enacted a new plant-based policy addressing environmental, public health, and animal welfare concerns. The legislation, initiated by supervisors Lindsey Horvath and Hilda L. Solis, mandates a comprehensive shift towards plant-based food in the county’s food service provider contracts. Mercy For Animals worked closely with Horvath’s office to develop the policy, which encompasses Health Services, Parks and Recreation, and Public Works departments and includes updates to nutritional standards, recommendations for plant-based procurement, and tracking greenhouse gas emissions. Leah Garces, president at Mercy for Animals, announced the development on social media:  “We at MFA call for enactment and enforcement of animal protection laws and a shift to a plant-based food system. As more Americans choose plant-based food for health, environmental protection, and animal …

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Keith Lesser, Vegan Accountants

Keith Lesser Vegan Accountants

Interviews

Vegan Accountants: “Building a Vegan Team is a Great Way to Ensure Retention and Compatibility with Values”

Vegan Accountants, based in East London, serves the unique needs of ethical and plant-based businesses in the UK, having pivoted around five years ago to a purely vegan business model when partner Keith Lesser became increasingly focused on the vegan lifestyle, wanting to work with mission-aligned founders in the space. Recognising the distinct financial and ethical considerations of vegan businesses, Vegan Accountants offers a comprehensive suite of services tailored to support businesses in navigating the complex landscape of sustainability-focused finance. With a commitment to promoting ethical business practices, the firm offers expertise in tax, accounting, and financial planning to empower clients ranging from startups to established enterprises. What advice can you give to businesses looking to incorporate ethical practices into their financial management? To be …

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Pluri develops cell-based coffee at industrial scale

© Pluri

Cultivated, Cell-Cultured & Biotechnology

PluriAgtech Introduces Cell-Based Coffee to Provide an Alternative to Traditional Production

Israeli biotechnology firm Pluri, formerly Pluristem, (Nasdaq, TASE: PLUR) has launched PluriAgtech, a subsidiary leveraging plant cell culture to grow sustainable coffee and break away from traditional farming methods.  As global warming continues to impact the coffee industry, shrinking viable land for cultivation and increasing demand leads to higher prices and less production.  According to the company, by 2050, land for coffee production will be reduced by half, and 30% must shift to higher altitudes since Arabica plants are temperature-sensitive. Moreover, the rising demand for coffee significantly impacts the environment, resulting in deforestation and increased water and pesticide use.  PluriAgtech claims it can produce high-quality “real” coffee at scale while reducing water usage by 98% and growing areas by 95%, thus preventing deforestation and making …

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Truly Gluten Free Original Pour into Coffee Mug

© Truly Grass Fed

Milk- and Dairy Alternatives

USA: “Sustainable” Irish Dairy Brand Truly Grass Fed Launches Gluten Free Oat Milks

Truly Grass Fed, a brand of animal milk and cheese products for the US market owned by Irish dairy cooperative Tirlán Ingredients, has launched Truly Gluten Free Premium Irish Oat Milk in two varieties; Truly Gluten Free Original Oat Milk and Truly Gluten Free Extra Creamy Oat Milk, both made from 100% Irish oats. Tirlán Ingredients, previously known as Glanbia Co-operative Society Limited, under the umbrella of Glanbia Ireland DAC, employs over 1,500 people in Kilkenny Ireland. Its traditional milk proteins, whey proteins, cheese, butter, and casein products are sold to more than 100 countries annual turnover of over €1billion as of 2022. The company clearly has its eyes on the milk alternative sector as evidenced by this Veganuary post on its social channels from …

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plant-based yogurt in a glass bowl

© Nishihama – stock.adobe.com

Milk- and Dairy Alternatives

Research Finds Novel Method of Improving Gelling and Texture Properties of Soy Yogurt

Chinese researchers have developed a new approach to improving the properties of soy yogurt through different processing techniques. The study investigated the impact of three factors — the soybean proteins 7S and 11S, homogenization pressure, and glycation modified with glucose — on the gelling of soy yogurt. Homogenization is the process of making two non-soluble liquids the same throughout, while glycation involves attaching a sugar to a protein through covalent bonding (the sharing of electron pairs between atoms). The results indicate that using a 7S/11S globulin-glucose conjugate at a 1:3 ratio, combined with a homogenization pressure of 110 MPa, significantly improves the properties of soy yogurt. The resulting product has better characteristics than soy yogurts made using additives such as pectin or maltodextrin. “These findings provide …

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PLNT plant-based lamb strips

© PLNT

Products & Launches

PLNT to Showcase New Plant-Based Lamb Strips and Chicken Sausages at Alimentaria

PLNT, a plant-based meat brand owned by Dutch protein producer Jan Zandbergen, has developed two new products — plant-based lamb strips and chicken-style sausages. The lamb strips are made from pea, wheat, and soy protein, and are said to be ideal in an Indian curry or as a topping on naan bread. They can be prepared in three to four minutes, and feature an open structure to capture seasonings and sauces. The sausages are made with rice and soy protein, replicating the texture and flavour of traditional chicken sausages. They are said to be especially suitable for the food service industry. Both products will be presented at Alimentaria, a food industry trade show taking place in Barcelona from March 18-24. Targeting meat-eaters Jan Zandbergen began …

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Vivici fermentation unit

© Vivici

Cultivated, Cell-Cultured & Biotechnology

Global Biomanufacturing Capacity Must Grow 20X to Reach Industry Growth of $200 Billion by 2040, Says New Report

A recent report, co-authored by the New York-based biotech firm Synonym and Boston Consulting Group, has outlined a roadmap for the biomanufacturing industry, predicting a potential explosion to a $200 billion market in specialty sectors over the next ten years. The report Breaking the Cost Barrier on Biomanufacturing encourages the transition to biomanufacturing to address issues of sustainability and cost-efficiency in current industrial production methods. However, the report’s estimated $200 billion market value is focused on precision fermentation to produce food ingredients, chemicals, and chemical precursors. According to the authors, the figure is considered conservative and reflects only a fraction of the potential for growth within the industry. “The big problem—and the reason that precision fermentation remains an underused technology despite continuing advances in genome engineering and …

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Plantbased Business Hour

How to Get Your Food Business Acquired with Yves Potvin

Three-time founder, Yves Potvin, discusses the current state of the plant-based innovation sector and how to grow a food business to be acquired. Having sold Gardein to Conagra and Yves Veggie Cuisine to Hain Celestial, Yves is now championing Konscious Foods with a plan to be acquired. Learn from this ultra-successful pioneer on The Plant-based Business Hour with Elysabeth Alfano. Specifically, they discuss How to have a successful exit/acquisition for your company. The most important steps in building a robust company. Why, after starting and successfully selling Yves Veggie Cuisine and Gardein, he decided to start Konscious Foods. The common mistakes founders make that can implode their companies. The current state of the industry. Below is a highlight clip and transcription from our long-form conversation. …

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BlueNalu yellowtail

© BlueNalu

Cultivated Seafood

BlueNalu Becomes First Cell-Cultured Seafood Company to Enter National Fisheries Institute

BlueNalu, a California-based cellular aquaculture startup, has become the first cultivated seafood company to join the National Fisheries Institute (NFI), the trade association for the United States seafood industry. The development demonstrates the growing recognition of the role of cell-cultured seafood within the traditional seafood sector. BlueNalu’s induction into the NFI also includes a pivotal role as a founding member of the newly established Sushi Council, which aims to develop and distribute food safety guidance to sushi’s supply chain. The announcement comes after BlueNalu’s active participation in last month’s NFI’s Global Seafood Market Conference. There, in collaboration with Nutreco and Pulmuone Co. Ltd., BlueNalu showcased how cell-cultured seafood can complement traditional seafood production methods. Worth noting is that The National Fisheries Institute, known for its global …

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VFG group acquires Tofutown

© VFC

Investments & Acquisitions

VFG’s Strategic Acquisition of TOFUTOWN to Boost Group Revenues Over €100M, Further M&As on Horizon

Vegan Food Group (VFG), the recently rebranded holding company formerly known as VFC Foods Ltd, announces it is on track to becoming one of Europe’s largest plant-based manufacturers with the acquisition of TOFUTOWN, a German producer with revenues of €60 million. Following the group’s revelation of its intentions to create a “vegan Unilever” at the start of this year, VFG’s fourth acquisition, following Clive’s Purely Pies, Meatless Farm, and its chick*n brand VFC, creates a major European CPG company boasting 80 SKUs in the UK and EU across 21,000 distribution points. The combined entity of the four brands is already poised to achieve profitability in 2024, with a clear line of sight for scaling group revenues beyond €100M. This is just the start of VFG’s …

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Oatly creamers

© Oatly

Products & Launches

Oatly Expands Beverage Portfolio with New Oatmilk Creamers in the US

Oatly today announces the introduction of Oatly Oatmilk Creamers in the United States. This product line addition targets the coffee segment with creamers designed to emulsify smoothly into coffee beverages. It comes in four flavors: Sweet & Creamy, Vanilla, Caramel, and Mocha. The company views its launch into flavored creamers as a significant opportunity to engage both new and current customers, citing data from Nielsen that reports a 13% increase in dollar sales and a 9% rise in unit sales for plant-based creamers over the past year. Following the announcement this morning, there has been a slight uptick in the company’s stock price, a pattern that has consistently emerged with the unveiling of new products or partnerships.  Leah Hoxie, SVP of Innovation at Oatly North …

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Grupo Agrovin has launched an alternative to animal-based fining agents for wine based on yeast proteins.

© Agrovin

Ingredients

Agrovin Unveils New Yeast Alternative to Animal-Based Wine Clarifiers

Agrovin, a Spanish biotech supplier of oenological products, winemaking equipment, and services, has launched an alternative to animal-based fining agents based on yeast proteins. Branded Clarifine Proyeast, the new development is a 100% vegan, organic, and allergen-free clarifier for wine. It can be used to produce organic wines according to European and NOP regulations. Agrovin extracts a yeast protein from the strain Saccharomyces cerevisiae to develop the product. With a molecular weight of more than 15 KDa, it is said to offer a higher absorption degree, favoring the cleanliness of the wines by collecting the impurities. Clarifine Proyeast is said to deliver cleaner whites and rosés with greater brilliance, refined reds that preserve their color, and a reduction of astringency, improving mouthfeel. Additionally, it protects …

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Students eating outside

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Food Service

Kent State University Partners with Forward Food, Aims for 30% Plant-Based Meals by 2026

Kent State University in Ohio has announced its plan to increase its plant-based meal offerings to 30% across all dining services by 2026. This initiative, developed in partnership with the Humane Society of the United States’ Forward Food program, aims to enhance the sustainability and nutritional value of food choices available to students on campus. Kent State University’s decision to double the plant-based meal target comes after the university successfully exceeded its previous objective of making 15% of its meals plant-based in its residential dining facilities. Sarah Korzan, a licensed and registered dietician and assistant director of Kent State’s culinary services, says that the shift is part of a move to cater to the diverse dietary preferences of the student population. “With over a third …

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France Flag

© Björn Wylezich - stock.adobe.com

Politics & Law

France Finally Bans “Meaty” Names from Plant-Based Labels in New Decree

The French government has finally published a decree specifying the list of names that plant-based companies cannot use to label their products, including, among many others, ‘steak,’ ‘entrecote,’ ‘ham,’ ‘butcher,’ and ‘cutlet.’ The text responds to a long-standing demand of animal agri-food players to ban meat-product names in plant-based foods, claiming that these labels mislead and confuse consumers.   France, the first country in the EU to take measures against plant-based meat labels, published the first decree in June 2022, but last year, the French Conseil d’Etat halted the process to ask the European Court of Justice if banning these names in plant-based products was compatible with the EU. However, the government revealed a renewed proposal to ban “meaty” names last September, alleging consumer confusion. Two prohibiting lists …

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© Alexandre Bompard

Retail & E-Commerce

Carrefour Exceeds Target for Sales of Plant-Based Alternatives With €514M Turnover

French multinational supermarket chain Carrefour — one of the world’s largest retailers — has reported that it made €514 million in sales of plant-based alternatives last year, exceeding its target of €500 million by 2026. The plant-based alternatives category includes meat and dairy substitutes, as well as legumes. The latter were recently added to the scope following requests from stakeholders, and accounted for €142 million in sales in 2023. Carrefour has now increased its plant-based sales target to $650 million by 2026. The supermarket chain has also reported that 306 suppliers were part of its Food Transition Pact last year, up from 204 in 2022. The pact helps suppliers to become more sustainable through measures such as boosting biodiversity, offering healthier choices, and removing unnecessary …

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