Tiger Brands, South Africa’s largest food company, is to co-invest in plant-based food company Herbivore Earthfoods, marking the major food producer’s first foray into the fast-growing alt protein sector as demand for plant-based in South Africa continues to rise.
Herbivore Earthfoods produces a vast range of alt dairy and alt meat products such as dairy-free cheeses and cakes, vegan mayo and milk drinks, as well as pea protein burger patties sausages.
Tiger Brands’ investment in Cape Town-based Herbivore comes through the group’s recently launched venture capital fund, together with co-investor Secha Capital, taking a minority shareholding in the plant-based business.
Plant-based in South Africa
Tiger Brands, like so many major food companies in the world, is looking to tap into emerging consumer trends in health, nutrition, and plant-based meat products with its investment, as South Africa continues to see a surge in vegan food options.
A recent study found high demand for alt meat in the country, with over 67% of people in the study saying they were highly likely to try plant-based meat. US brands Upton’s Naturals and JUST Egg recently hit shelves across South Africa, while Cape Town company Mzansi Meat is set to showcase what it claims is Africa’s first cultivated meat burger next month.
“At Herbivore we see plant-based as the future of food. More consumers are realising the benefits of a plant-based diet,” Herbivore founder Chanel Grantham stated, as first reported by Reuters.