Facts & Figures

Tiba Tempeh

Founders Alexandra and Ross Longton. © Tiba Tempeh

Tiba Tempeh Secures Over £1.1M in Funding Following 736% Surge in Retail Sales Value

UK tempeh brand Tiba Tempeh has raised over £1.1 million in funding. The round was led by Maven Capital Partners through its Northern Powerhouse Investment Fund II, supported by the British Business Bank. Perfect Redd, the venture capital arm of Samworth Brothers, also made a follow-on investment. The funding will be used to enhance Tiba Tempeh’s marketing, sales, and product development, with new product launches planned for 2025. The news comes after Tiba Tempeh saw its retail sales value increase by a huge 736% in the past year, reportedly becoming the fastest growing brand in the UK chilled meat-free category*. The company has contributed £1.2 million in retail sales value over the past year, as demand for less processed meat alternatives continues to rise. Tiba …

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New Veganuary CEO Wendy Matthews

Wendy Matthews. Image: LinkedIn

Veganuary Announces New CEO & Campaign Achievements for 2025

Veganuary, the global campaign encouraging people to try a vegan diet in January, has announced that CEO Ria Rehberg is stepping down. On LinkedIn, Rehberg said she would be taking some time to rest and recharge. Wendy Matthews, Veganuary’s current Head of International Partnerships and Expansion, will take over as CEO from March 15. “While I’m grateful for this incredible progress, this moment is also bittersweet for me as it marks my final Veganuary as part of the organization,” said Rehberg. “After leading this campaign for six years and helping transform it from a primarily UK-based initiative to a truly global movement active in 20 countries worldwide, I’ve decided to step down and hand the reins to someone new. “Having worked alongside Wendy in our …

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S Group

© Ronnie Hole/S Group

Finnish Retailer S Group Reports Increase of Over 10% in Plant-Based Milk & Cheese Sales in January

Finnish grocery retailer S Group has reported a significant increase in sales of plant-based products following a successful campaign in January. This year, the group expanded its collaboration with Vegaanihaaste (the Vegan Challenge) to all its grocery stores, including S-market, Prisma, Sale, and Alepa. The challenge reportedly attracted a record number of participants. As a result, sales of plant-based milk and cheese products increased by more than 10 percent in January compared to a year ago. Meanwhile, sales of fava protein brand Härkis and alt dairy brand Oddlygood were up several dozen percent. Demand for fresh vegetables, frozen vegetables, and plant-based cooking products also rose compared to January last year; this was encouraged by the “Alle euron hevi” concept, which highlights produce that costs less …

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GOAT cheese lifestyle shot, I Am NUT OK

© I AM NUT OK

Cashew Cheese Brand I AM NUT OK Reports 24% Increase in YOY Sales

I AM NUT OK, a UK producer of cashew-based cheese alternatives, has reported a 24% increase in festive year-on-year sales. The rise, which saw the brand’s MinerThreat and NeroMinded cheeses sell out, has been partly attributed to a recent six-figure investment in production capacity and a UK-wide retail listing at Ocado. I AM NUT OK believes that the growth indicates increased demand for less processed cheese alternatives. This year’s Veganuary campaign has also reportedly brought a 39% uplift in I AM NUT OK’s sales compared to 2024. The brand now hopes to create a new cashew cheese category to help move the dairy alternatives sector away from ultra-processed foods. “This year, we expected a significant rise in sales given our partnership with Ocado and have …

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Irish consumers go plant-based

© Oatly

Oatly Reports 5% Rise in Revenue, Expects First Full Year of Profitable Growth in 2025

Oatly has published its financial results for the fourth quarter and full year ending December 31 2024. Q4 revenue was $214.3 million, up 5% from the same period in 2023. Gross margin was 28.8%, a 5.4% increase compared to the prior year period. Fourth quarter net loss attributable to shareholders of the parent was $91.2 million, down from $298.7 million in Q4 2023. Adjusted EBITDA loss was $6.1 million, an improvement of $13.1 million on the prior year period. Oatly has also revealed that it is discontinuing the construction of a manufacturing facility in China, less than two months after announcing the closure of its Singapore facility as part of an asset-light strategy. Profitable growth expected Oatly now expects to achieve its first full year …

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© Albert Heijn

Albert Heijn Reports Strong 2024 Sales Growth, Led by Plant-Based and Sustainable Products

In 2024, customers of Albert Heijn showed a clear preference for sustainable and healthy products. According to the annual report, the retailer achieved strong growth for the sixth consecutive year, resulting in an increased market share in both the Netherlands and Flanders. In the Netherlands, the market share rose from 36.8% in 2023 to 37.7% in 2024, according to figures from NielsenIQ. This growth was driven by an increase in customer numbers and greater loyalty among existing customers. Significant revenue growth for Albert Heijn’s plant-based private label Albert Heijn’s revenue growth was partly due to an increase in the sale of healthy and sustainable products. The share of products with a Nutri-Score of A or B increased by 0.8% to 48.8%, despite Albert Heijn tightening …

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Beyond Meat headquarters in El Segundo, California

Beyond Meat headquarters in El Segundo, California ©JHVEPhoto-stock.adobe.com

Beyond Meat Releases LCA Study, Highlights Environmental Benefits of Beyond Steak in 2023 ESG Report

On December 20, 2024, Beyond Meat, Inc. (NASDAQ: BYND) released its 2023 ESG Report and announced its Beyond Steak life cycle assessment (LCA) study. Beyond Meat’s 2023 ESG Report covers topics such as health and nutrition, human capital, governance and climate management. The company has expanded its disclosures on climate and its approach to ESG, including a corporate-level GHG inventory across the company’s direct and indirect emissions (Scope 1, 2 and 3), an assessment of climate-related financial risk and opportunity, and an updated ESG materiality analysis. Beyond Steak LCA study The 2023 ESG Report also includes the results of Beyond Meat’s recently completed LCA study for Beyond Steak, a consumer favorite which delivers both a juicy, meaty taste and a nutrition profile that meets the …

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Tesco Christmas main dishes

© Tesco

Tesco to Prioritise Veg-Led Christmas Mains as Over 27% of Brits Consider Serving Meat-Free Options

Tesco’s 2024 Christmas Report, based on two surveys that polled 6375 UK adults, has found that 27% of people plan to serve or will consider serving meat-free Christmas main dishes this year. Figures also indicate that consumers are increasingly seeking plant-rich options made from pulses, nuts, seeds, and vegetables. These veg-led foods now account for 40% of Tesco’s plant-based sales, according to IRI/Circana figures (data 41 weeks to 12 October 2024 versus last year). This means the retailer has sold almost 600,000 more veg-led dishes this year than in the same period in 2023. With this in mind, Tesco is focusing on vegetable-based Christmas centrepieces this year. Vegan-friendly options include: Finest Roasted Vegetable and Cranberry Star — Seasoned roasted butternut squash and parsnip with cranberries …

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Oatly's oat milk cartons

© Oatly

Oatly Achieves 9.6% Revenue Growth and Expands Market Share in Q3

Oatly has reported its financial results for the third quarter of 2024, showing significant improvements in gross margin, volume growth, and strong progress in North America, moving closer to profitability. The company’s revenue for the second quarter increased by 10.9% to $208 million, or 9.6% year-on-year when excluding currency fluctuations. Gross profit nearly doubled from $32.6 million in 2023 to $62.0 million in 2024, and the gross margin in the third quarter was 29.8%, an improvement of 12.4 percentage points over the same period in the previous year. These improvements were mainly due to enhanced supply chain efficiency, particularly in North America and Greater China, and a strategic shift in product mix in Greater China, according to the report. Increased revenue in retail and food …

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Beyond Meat Beyond sun sausage

© Beyond Meat

Beyond Meat Returns to Growth With Encouraging Q3 Financial Results

Beyond Meat has reported its financial results for the third quarter of 2024, demonstrating a promising return to growth. The company achieved net revenues of $81.0 million, an increase of 7.6% year-on-year. Gross profit reached $14.3 million, compared to a loss of $7.3 million in the year-ago period. Loss from operations was $30.9 million, down from $69.6 million in Q3 2023, while net loss decreased from $70.5 million to $26.6 million. Finally, adjusted EBITDA was a loss of $19.8 million, compared to a loss of $57.5 million in the year-ago period. The increase in revenues was primarily driven by a 15.8% increase in net revenue per pound achieved through lower trade discounts, price increases for certain products, and changes in product sales mix. This was …

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La Vie

© La Vie

La Vie Raises €25M, Reports €19M in Revenue and Significant UK Retail Growth

French plant-based pork and deli brand La Vie has secured €25 million in a new funding round, taking the total amount it has raised over the past three years to €50 million. The round saw participation from historical shareholders and new specialised investors such as Zintinus and Sparkfood. A crowdequity campaign with over 3,000 investors, claimed to be France’s largest, also contributed to the €25 million total. La Vie will use the funding to improve its existing plant-based deli products and develop new ones. The funding round was successful despite the current economic situation, which has seen food tech investments fall significantly. While many plant-based companies have struggled in this environment, La Vie continues to thrive; the startup has reported revenues of €19 million so …

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Beyond Stack Burger_spread

© Beyond Meat

Beyond Meat Exceeds Q2 Revenue Guidance, Says Plant-Based is Victim of “Sustained Misinformation” Campaigns

Beyond Meat has published its financial results for Q2 2024, showing that the company exceeded revenue guidance and achieved its best quarterly margin since Q2 2021. Net revenues reached $93.2 million, above the guidance range of $85 to $90 million; this was partly due to price increases on certain products. However, the figures still reflect an 8.8% decline compared to the same period last year. This was driven by a 14% decrease in the volume of products sold, which was partially offset by a 6.1% increase in net revenue per pound. President and CEO Ethan Brown said a “sustained misinformation campaign” by the animal protein and pharmaceutical industries had negatively impacted consumer perception of plant-based meat alternatives. However, he explained that the company was countering …

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Tufts / Tender Food

Tufts / Tender Food

FAIRR & Tufts University Publish Protein Research Paper for Investors, While Tufts Announces “Unprecedented” Cell Ag Hires

The FAIRR initiative — a global network of investors addressing ESG issues in the food system — has partnered with Tufts University to publish a paper called the ‘Protein and Nutrition Research Overview’ for investors. According to the authors, ESG frameworks tend to focus on environmental issues such as carbon emissions without taking nutrition into account, resulting in a tradeoff between health and environmental priorities. However, there is considerable potential for investors to be aligned with both, especially with the rise of “sustainable nutrition” funds. Setting the record straight & debunking misconceptions The new overview outlines major protein sources in food, setting the record straight about their health effects with supporting scientific evidence. It also outlines notable trends, risks, and opportunities in the protein supply …

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Flora plant butter with paper packaging

© Flora Food Group

Upfield Reports €3.3Bn in Net Sales & Significant Emissions Reductions in 2023

Global plant-based food producer Upfield has published its 2023 Financial & ESG Summary, reporting significant business growth and sustainability achievements. The company achieved net sales of €3.3 billion for the calendar year 2023, reaching an additional 55 million consumers globally through brands such as Flora, Violife, Blue Band, Rama, and Proactiv. The total addressable market for Upfield products across the spread, margarine, cheese, and cream categories is estimated to be over €150 billion, indicating significant potential for further growth. Upfield’s sustainability achievements in 2023 included the reduction of Scope 1 and Scope 2 greenhouse gas emissions intensity by 13.5% per ton of production compared to 2022. This was made possible by responsible sourcing practices and investment in low-carbon energy. Additionally, the company launched a plastic-free …

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© SHICKEN

SHICKEN Unveils “Category First” Allergen-Free Plant-Based Chicken with Locally Sourced Ingredients

Fast-growing challenger brand SHICKEN Foods announces what the company describes as a category first: a plant-based chicken recipe that is free from the top 14 allergens, created solely with British ingredients at its newly certified allergen-free site, in Kent, England. As part of its strategy to make plant-based food more inclusive, removing consumption barriers around dietary requirements, SHICKEN explains that the recipe reformula involves a switch from soy and wheat to pea proteins, sourced from peas farmed in East Anglia; reportedly making it the first meat alternative protein in the UK to be allergen-free whilst using completely home-grown ingredients. This March, the British Asian pioneers received a further investment from Veg Capital to the tune of £4 million, bringing the total funding to date to …

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Better Nature

© Better Nature

Better Nature Tempeh Becomes the UK’s Fastest-Growing Wholefood Protein Brand 

Better Nature Tempeh announces the achievement of some major milestones. This week the brand expands its retail distribution in Tesco and Asda, as such it has become the UK’s fastest-growing wholefood protein brand; the B-corp now represents 51% of tempeh sales growth in the country, as shoppers increasingly look towards healthy protein options. “Despite the consolidation and shrinkage of the meat-free category, tempeh is coming out on top, growing 30% year-on-year. As a brand, we’re responsible for more than half (51%) of that growth*, with two of the top three Tempeh SKUs in the UK (by volume) being Better Nature Tempeh,” says co-founder and CEO Christopher Kong. The business has grown by 250% YOY and increased distribution to over 1,000 supermarkets across the UK, say …

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Irish consumers go plant-based

© Oatly

Oatly Stock Rises Following Promising Q1 Financial Results

Leading oat milk producer Oatly has published its financial results for the first quarter of 2024, revealing an “encouraging start to the year”. The results have boosted Oatly stock, which is up 3.42% and has risen above the 200-day line. Compared to the same period last year, Oatly’s Q1 revenue rose by 1.8% to $199.2 million, while constant currency revenue increased by 1.2% due to growth in the North America and Europe & International segments. Gross margin reached 27.1%, up 9.7 percentage points. First quarter net loss was $45.8 million, an improvement of $29.8 million compared to Q1 2023; meanwhile, adjusted EBITDA loss was $13.2 million, a $36.7 million improvement. These results indicate that Oatly is moving towards break-even. For the remainder of 2024, Oatly …

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French plant-based egg producer Yumgo reports strong financial results

© Yumgo

French Plant-Based Egg Producer Yumgo Reports Turnover of Over €1M

Yumgo, a French plant-based egg producer, has reported strong financial results for 2023 with a turnover of over €1 million. The company has also shared some impressive environmental results, claiming it has saved approximately 301 tonnes of CO2, 29,000 m3 of water, 5.7 million eggs, and 14,000 chickens since March 2020. Yumgo’s success comes in the wake of its launch across France via the distributors Délice & Création, Végétalfood and Episaveurs. The brand has also expanded internationally to Belgium, the UK, Scandinavia, Germany, Japan, and the US. Yumgo is now looking to raise between 3 and 5 million euros this year to recruit more staff and begin manufacturing some of its powdered egg alternatives internally. The company previously raised 1.6 million euros in 2022. “A …

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Willicroft dairy alternatives

© Willicroft

Willicroft Dairy Alternatives Produce Up to 25X Fewer Emissions Than Conventional Dairy

Dutch dairy alternatives producer Willicroft has published a product emissions report comparing the environmental impact of its plant-based cheeses and butter to equivalent dairy products. The results take into account agricultural processes, production, packaging, transportation, and end-of-life for packaging. They show that Willicroft cheeses produce up to 25 times fewer carbon emissions than their dairy equivalents; for example, Willicroft Greek White generates just 1.26 kg of CO2 equivalent per kilogram, while traditional feta produces 34.1 kg. The brand’s butter alternative, Original Better, produces 2.48 kg CO2-eq/kg, compared to 16.9 kg for dairy butter. Furthermore, many of the products have lower emissions than dairy alternatives made by other plant-based brands. Original Better outperforms an Upfield butter alternative, and is roughly on par with Naturli’s organic spread. …

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Freshcut Foods

© Freshcut Foods

Plant-Based Ingredients Supplier Freshcut Foods Reports Strong Performance With £42.4M Turnover

Freshcut Foods, a UK supplier of plant-based ingredients, has reported strong financial results for the year ending in July 2023. The company’s profit and loss account shows a turnover of over £42.4 million, up from £35.4 million the previous year. However, pre-tax profits were down from £709,567 to £179,270. Freshcut Foods aims to “make veg the hero”, supplying fresh vegetables to global food service brands, chilled food manufacturers, and recipe box operators. The company is catering to the growing trend towards flexitarianism in the UK, with a report published last year finding that the country’s plant-based food market is growing at a rate of 9.58%. Freshcut Foods recently announced on LinkedIn that it had led a Plant Forward Cuisine session for major supermarket chain Tesco, …

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