9 Plant-Based Food Startups are transforming the Food Industry
According to the Good Food Institute, the sales of plant-based foods grew three times faster than overall food sales in 2021. Not just that, The global market for plant-based meat is projected to burst to US$85 billion in 2030.
It is not surprising as veganism is growing at a faster speed. As per Google trends, in 2016, the searches for the term “vegan” surpassed the term “meat” for the first time.
Although there are still more people that eat meat, the number of vegan people is, however, on a steady rise. As per Guardian, there are almost 79 million vegans around the world. And the number will be growing more.
That rise in veganism is why prominent companies like Kellogg and Nestle are researching plant-based food.
With the fast growth in consumer base and companies’ research in plant-based foods, the global plant-based food market is expected to reach $10.9 Billion in 2022, accelerating with a CAGR of 12.2% by 2022-2032, per Future Market Insights.
This brought a huge opportunity for startups as well that are providing many plant-based solutions as an alternative to animal-based food.
As a tech scouting company, we researched, identified, and evaluated the startups with plant-based solutions that will make a mark in the industry.
Here are the top 9 plant-based food startups:
|Total Funding Amount||$441.4 Million|
|Top Investors||Blackstone Group, Verlinvest, China Resources|
|Innovative Tech||Uses patented enzyme technology to produce dairy alternatives from oats.|
What Innovative Solution is being used by Oatly?
Patented Enzyme Technology – The patented enzyme technology of the firm replicates a process that occurs naturally and converts high-fiber oats into nutritious liquid food, formulated for people.
In the first step, the oats are crushed with hot water in order to expand the starch in the oats. The next process takes place in the enzyme tanks where natural enzymes are added to the oat starch. The oat starch is subsequently broken down into smaller parts, such as maltose or malt sugar, which acts as a natural sweetener.
After that, the insoluble fibers are removed so that the final product is smooth, and then a little bit of salt is added to it. Beta-glucan, a natural and beneficial soluble oat fiber, is preserved during the innovative production technique, making it one of the drink’s distinct properties. (Source)(Source)(Source)
“I understand that it may sound naive at times to actually believe that Oatly can change the world—that the impact of what we do can inspire others to make changes that will lead to a global behavioral shift among consumers—but that’s fine. Investments from firms like Blackstone in companies like Oatly is a critical step in securing a future of focused green investment that transcends traditional CSR work and focuses on urgent, systemic efforts to address the climate crisis.”– Toni Petersson, CEO, Oatly. (Source)
Oatly’s Product Range
Which Collaborations and Acquisitions were made by Oatly?
In 2021, Oatly and Deutsche Bahn partnered to offer the Oatly Barista Edition as the first plant-based milk replacement product for consumers in the onboard catering of ICE and Intercity trains. This provided passengers with the option to experience a plant-based milk alternative that, on average, has a smaller environmental impact than cow’s milk. (Source)
“At Oatly, we want to drive a more sustainable food system, because this is essential not only for our health but especially for the climate. To achieve this, we need to make the switch to a more plant-based diet as easy as possible by making tasty plant-based products available to more consumers. We are proud that Deutsche Bahn is introducing Oatly as the first ever plant-based milk alternative in their onboard catering. And we hope that many other companies follow this example.”– Tobias Goj, General Manager Oatly in Germany
In 2022, Oatly and Espresso House extended and expanded their partnership, including all of the Espresso House locations. They will offer around 130,000 guests every day the option of switching from dairy to oat drinks in their coffee. Oatly is now available at all Espresso House cafés in the Nordics and Germany.
“Making plant-based alternatives such as oat drink part of more peoples’ everyday lives is exactly the kind of step we need to take to shift to more sustainable food norms. Espresso House reach more consumers than any other café chain in the Nordics and we are proud to collaborate with them.”– Jonas Persson Follin, Nordic Business Manager, Oatly. (Source)
In 2022, Oatly and Einride plan to expand their collaboration to power up Oatly’s North American fleet. By next year, Oatly will bring around five Einride smart electric trucks into service at its operations in Ogden, Utah, and Millville, New Jersey. These will make journeys to recycling and packaging partners in the region. (Source)
Which Awards have been Received by Oatly?
- Oatly received the Honorary Award 2022 by SwedCham. (Source)
- The Oat Drink Barista Edition by Oatly’s secured 2nd place at the World’s Ten Best Vegan Milks for 2022 by abillion. (Source)
- The Barista Oat Milk by Oatly won the PETA Community Prize at the Vegan Food Award 2020. (Source)
- Oatly won the Brand of the Year award by BevNET Best of 2020 Awards. (Source)
How many Patents does Oatly have?
Oatly’s patents majorly discuss solutions related to plant protein. For example, one of its patents (US) describes a mixture of deamidated oat base and plant protein isolate, as well as the use of transglutaminase fermenting the mixture with starter cultures from yogurt, sour cream, or cheese to cross-link the glutamine and lysine units of the autoprotein included in both the protein isolate and the oat base. It also discloses the products obtained by the current method and their applications.
Oatly has filed 89 patent applications of which only 19 are active now. A majority of its patents are already expired and some got discontinued.
The startup has filed the majority of its patents in Europe region along with some countries in the Asia-Pacific region.
2. Eat Just
|Total Funding Amount||$465 Million|
|Top Investors||Khosla Ventures, Horizons Ventures, Qatar Investment Authority, C2 Capital Partners|
|Innovative Tech||Makes egg using Mung bean protein isolate.|
What Innovative Solution is being used by Eat Just?
Mung Bean – Mung bean protein isolate is the primary component of JUST Egg. This component is blended with a number of additional components, such as canola oil that has been expeller-pressed and natural extracts of carrot and turmeric. The creation of the company’s egg, which is made from mung beans rather than chickens, uses 98% less water and 84% less land than the production of traditional chicken eggs, and it results in 93% less greenhouse gas emissions.
The finished product has been certified as Kosher, is devoid of cholesterol and dairy, is non-GMO, and each serving contains 5 grams of protein. Their competencies range from the functionalization of plant proteins to the culture of animal cells. (Source)(Source)(Source)
“Forward-thinking consumers in Europe have been asking for JUST Egg since the day it launched in the U.S. Whether because of climate change, health, or a connection to animals, the demand has been significant as has interest from retail and food service partners. I’m grateful for the recent approval, which opens the door to begin distribution across Europe before the end of the year.”– Josh Tetrick, Co-founder, and CEO of Eat Just. (Source)
Which Collaborations and Acquisitions were made by Eat Just?
In 2022, Eat Just, Inc. collaborated with Mikey’s and Crepini to introduce three new revolutionary plant-based packaged foods to consumers for breakfast and later snacks. Mikey’s plant-based breakfast pockets and Crepini Eggless Wraps introduced consumers to fresh and delightful ways to enjoy JUST Egg™. (Source)(Source)
In 2022, Eat Just, Inc. (JUST Egg) partnered with Caribou Coffee to launch its first-ever 100% plant-based menu, the JuST Egg™ Roasted Tomato & Pesto Flatbread. This flatbread will be available at over 400 Caribou coffeehouses. Caribou is one of the largest coffeehouse chains to showcase JUST Egg’s plant-based product due to its nationwide availability.
According to Matt Riley, Chief Revenue Officer at Eat Just, Inc., “It’s an absolute honor to collaborate with Caribou Coffee for their first entirely plant-based product. Caribou Coffee’s wide reach and commitment to sustainability made them a natural fit for a partnership. We’ve seen our partners across the industry gain an immense amount of support for their contributions to the next wave of plant-centric options, and we have no doubt that Caribou guests will enjoy this savory flatbread sandwich made with ingredients that are better for the environment.” (Source)(Source)
In 2021, Eat Just, Inc. (JUST Egg) partnered with the Field Roast™ brand to produce Field Roast Classic Style Sausage, Egg & Cheese Plant-Based Breakfast Sandwich, which JUST Egg helped develop. This first co-branded vegan breakfast sandwich integrated some of the most popular plant-based food offerings among customers, including Field Roast Plant-Based Breakfast Sausage Patty, JUST Egg™ Folded, and Chao Creamery Creamy Original Cheese Slice.
“Since its inception, Field Roast has built equity leveraging bold flavor profiles to create mouth-watering plant-based food. This collaboration adds an innovative new co-branded product to their already impressive portfolio. Our combined expertise in the breakfast space has produced a superior breakfast offering that delivers on both flavor and convenience.”– Josh Tetrick, Co-Founder, and CEO of Eat Just (Source)
Which Awards have been Received by Eat Just?
- JUST Egg was recognized as a Webby Winner and People’s Voice Winner under the category Food & Drink at the Webby Awards 2022. (Source)
- JUST Egg won the 2020 NEXTY Award under the category Best New Frozen Product. (Source)
- JUST Egg won an award for the Best Plant-Based Protein at The World Plant-Based Awards 2020. (Source)
How many Patents does Eat Just have?
Eat Just has filed 10 patent applications of which only 2 are active. The startup has filed the majority of patents in the US and a few patents in Japan.
|Total Funding Amount||$363 Million|
|Top Investors||SOSV, Tiger Global Management, Kaszek, L Catterton, Bezos Expeditions, The Craftory, Future Positive, Enlightened Hospitality Investments|
|Innovative Tech||Uses AI-based Giuseppe technology to replicate animal products using 100% plants.|
What Innovative Technology is being used by NotCo?
Proprietary AI Technology – Giuseppe – The firm created Giuseppe to know everything about the foods that people enjoy eating and then find methods to replicate those delicacies using only plant-based components instead of any elements that contain animal by-products. It does this by locating plant-based alternatives to animal proteins among the hundreds of components available. First, Giuseppe begins the process of producing a number of possible recipes that are comparable to the product that the firm wants to duplicate. After that, it looks for matching in a variety of attributes like taste, appearance, nutrition, and function, among others. (Source)(Source)
“Flavor will always reign supreme, but what we feel when we smell our food is a powerful nuance. Smells and aromas are a critical part of motivating more people to adopt plant-based options long-term. These new patents further strengthen the experience by creating plant-based products that taste, function, and smell just like their animal-based counterparts. By matching the nostalgic smells people associate with certain memories and emotions we’re opening a new avenue for them to make the switch to plant-based.” – Karim Pichara, Co-founder and CTO, NotCo. (Source)
NotCo Product Range
Which Collaborations and Acquisitions were made by NotCo?
In 2022, NotCo solely partnered with LSG Group to develop plant-based food solutions using NotCo’s first-of-its-kind proprietary A.I. technology (Giuseppe). By collaborating with NotCo, the LSG Group will be able to expand its offering with plant-based meals that use NotCo’s products and components. Customers in the aviation and food retail industries can benefit from this solution.
According to Matias Muchnick, Co-Founder, and CEO at NotCo, “We are super excited about our partnership with the LSG Group and look forward to our first plant-based concepts powered by NotCo together. The collaboration with LSG Sky Chefs, the airline-catering market leader in the U.S. and Latin America allows us to reach a wider audience of customers in the airline industry and continue our mission of removing the animal from the equation with delicious plant-based options.” (Source)
In 2021, NotCo joined forces with The Kraft Heinz Company to become The Kraft Heinz Not Company LLC. The companies will leverage AI technology to build plant-based versions of co-branded items that match the demanding preferences and interests of consumers. The objective was to rapidly develop the market for plant-based meals in order to reduce individual and communal carbon footprints while also satisfying evolving consumer palates.
According to Matias Muchnick, Co-Founder, and CEO of NotCo, “Today is an exciting milestone for the plant-based industry and shows the power of technology’s role in driving mainstream adoption. We’re thrilled to partner with Kraft Heinz and their iconic brands and work hand-in-hand on building a more sustainable food system.” (Source)
In 2021, NotCo partnered with Mostaza, one of Argentina’s top fast food businesses, to introduce its new Mega NotBurger range. The Not Burger range includes Mega Deluxe NotBurger, Mega Classic NotBurger, and Mega Cuarto NotBurger types made from pea protein, chia, coconut oil, beet, and spinach. This unique product line is accessible in more than 150 outlets around Argentina.
According to Mauricio Alonso, Country Manager of NotCo Argentina, “Our alliance with Mostaza is a great milestone for the company, but above all a milestone for the plant-based industry, which has been growing rapidly for several years in the country. With this launch, we strengthen our purpose by increasing the offer of real food alternatives to animal protein.” (Source)
Which Awards have been Received by NotCo?
- In 2021, NotCo was named in the annual list of Fast Company’s World’s Most Innovative Companies and ranked #1 in Latin America. (Source)
- In 2021, NotCo was awarded the Roquette Innovation Challenge at the Future Food-Tech Summit.
4. Ripple Foods
|Total Funding Amount||$264 Million|
|Top Investors||Khosla Ventures, GV, OurCrowd, S2G Ventures, Prelude Ventures|
|Innovative Tech||Makes plant-based food and beverages from the protein derived from yellow peas.|
What Innovative Technology is being used by Ripple Foods?
Pea Protein Dairy Alternative – Ripple uses cutting-edge technology that removes undesirable components such as color and flavor from plant protein isolates that are available on the market. This leads to the creation of ‘Ripptein,’ a protein that has a neutral flavor and can be added in large quantities to a variety of foods and beverages. Products such as Plant-Based Milk, Protein Shakes, Half & Half, and Frozen Desserts are produced by Ripple Foods using the protein that is derived from yellow peas. The business has invented a technique, which it is presently attempting to patent, that can separate the nutritional advantages of the pea from its flavor and color. (Source)(Source)(Source)
“There are very few products in the plant-based arena that offer consumers a no-compromise proposition like Ripple: great taste, great nutrition, and great for the environment. There is a huge demand for high-quality Ripple products around the world, and we look forward to helping Ripple enter new markets as they become the go-to alternative to dairy for consumers everywhere.” – Gabriel Ruimy, Rage Capital’s Managing Partner. (Source)
Protein- Ripple vs. Other Milks
Sugar- Ripple vs. Other Milks
Saturated Fat- Ripple vs. Other Milks
Calcium and Vitamin D- Ripple vs. Other Milks
Which Collaborations and Acquisitions were made by Ripple Foods?
In 2021, Ripple Foods PBC collaborated with GrainFrac Inc., Tomtene Seed Farm to develop and use GrainFrac’s unique specialized dry processing technology. This method transformed Tomtene Seed Farm’s pulses into fine flours, from which starches and proteins were separated to collect as much protein as possible into concentrates and isolates. In response to increased demand for plant-based dairy alternatives, Ripple Foods intended to test these components in 36 new beverage compositions.
According to Celia Homyak, Ripple Foods Research and Development Lead, “We have been testing plant proteins in plant-based products for the past five years and looking forward to combining our expertise in plant-based products with that of Tomtene Seed Farm and GrainFrac for better vertical integration in addition to utilizing advanced protein processing technologies. Additionally, we are honored to be in collaboration with Protein Industries Canada, which has been at the forefront of plant protein technology.” (Source)(Source)
In 2021, Ripple Foods partnered with Uncountable to create a cooperative R&D data informatics platform. Ripple Foods chose Uncountable because of its user-friendly UI and robust data architecture. The Uncountable platform will enable researchers to plan experiments and track processes from bench to scale-up development, all while simply conveying crucial data points.
According to Celia Homyak, Research Team Lead at Ripple Foods, “Given how complex our workflows are becoming, we were looking for a flexible solution that could help us save time when developing new plant proteins and plant-based food products. We are excited to implement Uncountable and make Ripple’s technology platform more seamless!” (Source)
Which Awards have been Received by Ripple Foods?
- Ripple Dairy-Free Soft Serve by Ripple Foods was recognized as a winner at the 2022 Food & Beverage (FABI) Awards. (Source)
- The startup won the Rising Star award at the BevNET Best of Awards 2018. (Source)
- In 2017, Ripple Foods won the East Bay EDA’s Food Innovation Award under the Innovative Food category. (Source)
How many Patents does Ripple Foods have?
Ripple Foods has filed 50 patent applications of which only 3 are granted. The startup has filed patents in many jurisdictions, the majority in the US.
|Total Funding Amount||$252.5 Million|
|Top Investors||National Science Foundation, Bond, Congruent Ventures, Revolution Growth, Acre Venture Partners|
|Innovative Tech||Offers meat alternatives using Mycelium.|
What Innovative Technology is being used by Meati?
Mycelium-based Meat Alternative – Meati produces whole-cut meats that are composed of 95% mushroom root and include 17 grams of protein, 12 grams of dietary fiber, and a sufficient amount of zinc and vitamin B12. The firm is one of the very few companies that is using mycelium to provide better protein choices than typical animal products. Mycelium is a type of superfood protein that is very identical to the mushroom’s root structure. (Source)(Source)
“We know Meati has the potential to diversify the protein category with whole-food alternatives that deliver high-quality nutrition which have widespread support as evidenced by the early enthusiasm from our pre-order offering. Today’s national debut has been years in the making, and we’re eager for people at home to try Meati and feel the difference our whole-cut, whole-food nutrition delivers.”– Tyler Huggins, CEO, and co-founder of Meati. (Source)
Meati Product Range
Which Collaborations and Acquisitions were made by Meati?
In 2020, Meati Foods partnered and joined the PPIC at the Associate level. It became the 20th PPIC member. This collaboration was done to further accelerate the research on plant-based meat. PPIC focuses on research within Food Science and Nutrition. (Source)
How many Patents does Meati have?
Meati has filed 11 patent applications in multiple jurisdictions such as the US, Europe, Canada, China, and South Korea.
6. Beyond Meat
|Total Funding Amount||$122 Million|
|Top Investors||Obvious Ventures, Cleveland Avenue, Future Positive, General Mills, The Humane Society of the United States|
|Innovative Tech||Offers plant-based meat using natural components.|
What Innovative Technology is being used by Beyond Meat?
Plant-based Meat – Beyond Meat provides a variety of innovative plant-based proteins that are produced using only natural components. Also, these do not include any GMOs, bioengineered chemicals, hormones, antibiotics, or cholesterol. They obtain their carbs, proteins, and lipids from plant-based foods such as peas, beans, potatoes, and brown rice and minerals, tastes, and colors from plants. (Source)(Source)
Beyond Meat Product Range
Which Collaborations and Acquisitions were made by Beyond Meat?
In 2022, Beyond Meat and PepsiCo’s Planet collaborated to launch the Beyond Meat Jerky. Planet Partnership, LLC, the joint venture, has released its first product, which is a delicious and convenient plant-based jerky. Beyond Meat Jerky, which comes in three different sizes, is Beyond Meat’s first shelf-stable product, opening up new channels of distribution with availability everywhere from grocery stores to gas stations, club stores to pharmacies, powering better-for-you snacking that’s both convenient and accessible.
According to Dan Moisan, CEO of Planet Partnership, “We are thrilled to introduce the first product from Planet Partnership, our joint venture with Beyond Meat and PepsiCo. The nationwide launch of Beyond Meat Jerky will make plant-based meat accessible to millions of households. It tastes great, it’s a good source of protein, and it’s convenient to eat whether you’re on the go, at the office, or out on adventures.” (Source)
In 2022, Beyond Meat and Pizza Hut Canada collaborated to make Beyond Italian Sausage Crumbles a permanent menu item to fulfill rising customer demand for plant-based protein. Beyond Italian Sausage, Crumbles are made to mimic the meaty texture and delicious flavor of Pizza Hut’s original Italian pig sausage. As more Canadians embrace flexitarian diets, the two brands are expanding the availability of delicious, nutritious, and sustainable protein sources year-round.
According to Deanna Jurgens, Chief Growth Officer, Beyond Meat, “With the combined strength of our brands, we are continuing to increase the accessibility of plant-based protein for Canadians everywhere. At Beyond Meat, we believe that small changes like choosing plant-based protein on your favorite pizza can make a positive impact on human health and the health of our planet.” (Source)
In 2021, Beyond Meat strategically collaborated with Yum! Brands to co-create and produce craveable and unique plant-based protein dishes that will only be available at KFC, Pizza Hut, and Taco Bell in the coming years. Both firms aimed to use their industry-leading research and development skills to match the changing tastes of present and future consumers. The strategic relationship will build on the companies’ growing track record of working together to provide delicious and sustainable plant-based products.
According to Ethan Brown, Beyond Meat Founder & CEO, “We are honored to enter into a global strategic partnership with Yum! Brands, one of the world’s largest restaurant companies. We look forward to expanding our work with the teams at Yum’s iconic KFC, Pizza Hut, and Taco Bell brands to together bring truly delicious plant-based product innovation to consumers.” (Source)
Which Awards have been Received by Beyond Meat?
- People Magazine awarded Beyond Chicken Tenders the 2022 People Food Awards. (Source)
- Beyond Burger won the 2021 Sustainable Innovation Awards by Good Housekeeping. (Source)
- Beyond Chicken Tenders won the 2021 FABI Award Winner under the Best New Product Innovation category. (Source)
- In 2021, Beyond Burgers was named the Best Plant-Based Burger by People Magazine. (Source)
How many Patents does Beyond Meat have?
Beyond Meat has filed 10 patent applications of which 2 patents are granted. The startup has filed 4 patents in Australia, 2 patents in Israel, and one patent each in the UK, Japan, and the US.
7. Nobell Foods
|Total Funding Amount||$75 Million|
|Top Investors||Breakthrough Energy Ventures|
|Innovative Tech||Uses patented technology to create Casein from plants for dairy alternatives.|
What Innovative Technology is being used by Nobell Foods?
Patented Technology of Plant-Based Casein – Nobell Foods has invented a patented technology for genetically engineering Casein. Casein, a key protein that can be found in cow’s milk, provides cheese with all of its functional properties, such as stretchiness, melt, and texture.
After years of study, the firm has found a technique to create casein from plants, which allows them to achieve the same flavor and texture as dairy products while causing none of the environmental damage that comes with raising cows. They identified a way to reproduce this genetic code in soybean seeds, which allowed them to cultivate plants with the identical dairy caseins that are in animal milk. (Source)(Source)
Which Collaborations and Acquisitions were made by Nobell Foods?
In 2021, Nobell Foods and Fifty Years collaborated to harness the power of plants for animal-free cheese. Nobell Foods has successfully inserted the casein gene into soy plants. Using their particular biology, these plants were bred to produce enormous amounts of casein and store the protein in the soybean. Fifty Years was thrilled to work with Nobell in their pre-seed round and to deepen the collaboration in their Series B, inspired by their mission to establish a radically more compassionate and ecological food system. (Source)
In 2021, Nobell Foods and AH Capital Management, L.L.C. (“a16z”) collaborated, and a16z also invested in Nobell Foods to establish an entirely new platform for food delivery that is better for everyone, beginning with delicious, plant-produced cheese. Nobell creates dairy proteins from plants, resulting in tasty cheeses that are cost-competitive with animal cheese. (Source)(Source)
Which Awards have been Received by Nobell Foods?
Nobell Foods was recognized in the 2022 World Changing Ideas Awards by Fast Company. (Source)
How many Patents does Nobell Foods have?
Nobell Foods has filed 6 patent applications, all in the US, of which 2 are granted.
8. Fable Food
|Total Funding Amount||$6.3 Million|
|Top Investors||Blackbird Ventures|
|Innovative Tech||Offers fungi-based alternative meat products using shiitake mushrooms.|
What Innovative Technology is being used by Fable Food?
Mushroom-Based Meat Alternative – The products sold by Fable are produced using shiitake mushrooms, which have rich, meaty fibers and umami flavors that are naturally similar to those of meat. The company’s goal is to shake up the meat industry with its fungi-based alternative meat products and to make food healthier and more environmentally friendly by maximizing the nutritional benefits and natural umami flavors of mushrooms. (Source)(Source)(Source)
“We’re continually developing delicious meaty mushroom products to make it as easy as possible for people to eat less meat. We want to inspire people to make more healthy and sustainable food choices, and we believe that people shouldn’t have to compromise on taste or quality to do so.” – Michael Fox, Co-founder, and CEO of Fable Foods. (Source)
Fable Food Product Range
Which Collaborations and Acquisitions were made by Fable Food?
In 2021, Fable Restaurant Co. collaborated with Guzman Y Gomez to develop the Mexican food chain’s first plant-based filling within three years. They’ve got a fantastic new taco called the Chimi Shredded Mushroom Taco. They have created a delectable Shredded Shiitake Mushroom protein filling seasoned with GYG’s signature authentic Mexican flavors such as smoky paprika, garlic, and onion in partnership with Aussie real food inventors, Fable Food Co.
According to Fable Food Co., “We are incredibly thrilled to have teamed up with our friends at GYG and offer you plant-loving legends delicious and nutritious option on the menu – Shredded Shiitake Mushrooms. It’s clean, packed with flavor, and just damn tasty.” (Source)(Source)
In 2021, Fable Food Co. collaborated with Beatnic (previously known as byChloe) to launch its mushroom-based meat products in the United States for the first time. Fine-dining chef and mushroom scientist Jim Fuller invented Fable products with Shiitake mushrooms, utilizing their nutritional content and natural umami flavors. Beatnic used the collaboration to introduce a “Plant Pass” to encourage customers to consume more plant-based products in honor of World Vegan Month.
According to Michael Fox, Co-Founder, and CEO of Fable Food Co., “We are so excited to collaborate with Beatnic as our US launch partner and add our Fable Meaty Mushrooms to their incredible menu in celebration of World Vegan Month. I first went vegetarian while living in the US and Beatnic’s Bleecker Street venue was my go-to on trips to New York City, so it’s a real personal thrill to partner with them for our US launch.” (Source)
In 2021, Fable Food Co. collaborated with Grill’d, an Australian restaurant company, and Chef Heston Blumenthal. The company’s collaboration with Grill’d brought three new plant-based burgers to menu options across the country. It also developed an off-menu special experience featuring the ‘Heston Fable Burger,’ created in collaboration with Michelin-starred chef Heston Blumenthal and featuring a specially designed Fable patty.
According to Michael Fox, Co-Founder and CEO of Fable Food Co., “The big drivers for consumers to actually reduce their meat consumption are the products have got to taste great and they’ve got to be reasonably priced. As we continue to scale we’re going to be able to bring those costs down further.” (Source)
9. Next Gen Foods
|Total Funding Amount||$132.2 Million|
|Top Investors||AENU, Alpha JWC Ventures, K3 Ventures|
|Innovative Tech||Offers plant-based meat employing environmentally friendly components.|
What Innovative Technology is being used by Next Gen Foods?
Plant-Based Meat – Next Gen Foods focuses on producing TiNDLE, a plant-based chicken. The plant-based chicken alternative they provide is still a mostly untapped market. The company provides a sustainable business strategy that employs environmentally friendly materials and components. Along with chicken products, it intends to offer additional plant-based meat substitutes. The company is currently in its infancy and early phases of development. (Source)
Which Collaborations and Acquisitions were made by Next Gen Foods?
Next Gen Food’s TiNDLE plans to strengthen its collaborations with US chefs in 2022, as well as create exposure for TiNDLE at foodie-focused festivals and celebrations such as the South Beach Wine & Food Festival, as well as earlier testing at the New York City Wine & Food Festival last fall. Next Gen Foods intends to expand its footprint in Europe after the firm is properly established in the United States. (Source)
In 2021, Next-Gen Foods partnered with the Food Tech Innovation Centre (FTIC), a company wholly owned by Temasek, to launch its first global R&D and innovation center in Singapore. FTIC housed Next-Gen Foods’ full-time R&D and technology teams based in Singapore, with ambitions to expand its R&D in the coming years. (Source)
“At the core of Next Gen Foods is a dedication to creating plant-based foods that are not only sustainable – but also delicious, nutritious, and scalable, We can only do this through a commitment to continuous product innovation and growth, and we’re thrilled to become the first company to put down roots in the brand-new FTIC. It is a significant milestone that reinforces our commitment to building a global impactful player based in Singapore, and we are grateful to our partners at A*STAR and the Asia Sustainable Foods Platform for joining us on our mission to create a better food system for future generations to come.” – Timo Recker, Co-Founder and Executive Chairman of Next-Gen Foods. (Source)
Though the number of vegans is growing, it is still a very low number compared to the world population. Further, this growth has been seen mostly in Europe and America compared to Asian countries that hold a large share of the world population.
Nearly 1 in 10 people in India are vegan (9 percent), as well as about 3 percent of German consumers, 2 percent of U.S. consumers, 1 percent of Chinese consumers, 1 percent of Mexican consumers, and 1 percent of consumers in Brazil, according to the online Statista Global Consumer Survey.
These plant-based foods are better alternatives to meat products. So, with the rising number of people switching to veganism, these startups would certainly make a mark in the industry.
Besides Plant-based foods, the food & beverage industry is witnessing other trends as well.
In the next post, we’ll discuss sustainable beverages, one of the current trends in the F&B industry. Want to be the first one to know about it?
Authored By: Vipin Singh, Market Research