As consumers become more health-conscious, there is a growing demand for plant-based meat substitutes. Two leading companies in this industry are Beyond Meat and Impossible Foods.
In this article, we will provide an overview of the two companies and compare their products, expansions, and FDA approvals.
Beyond Meat Overview
Beyond Meat is a plant-based meat alternative company that uses protein from peas, mung beans, and other plant sources to create products that look and taste like meat. Its products include beef crumbles, sausage, chicken strips, burger patties, and more.
Beyond Meat has managed to create products that resemble meat in texture, taste, and even bleed like conventional meat due to beet juice. This makes them a popular choice among vegans, vegetarians, and meat-eaters who are looking to reduce their meat consumption.
Plant-based Meat Alternatives
Beyond Meat’s products are made from plant-based substitutes that mimic the texture, taste, and nutritional content of conventional meat. The company uses a blend of plant proteins, such as pea protein isolate, mung bean protein, and brown rice protein, to create its products.
The result is a product that closely resembles meat, but is healthier, more sustainable, and cruelty-free.
Expansion and Partnerships
Beyond Meat has expanded its reach by partnering with various restaurants and grocery chains. In 2019, Beyond Meat partnered with KFC to launch plant-based chicken nuggets and wings.
It also partnered with McDonald’s to provide a limited-time offering of the P.L.T – plant, lettuce, and tomato sandwich in Canada, and has recently announced its partnership with Pizza Hut to create plant-based meat toppings for pizzas. Tesco, the UKs largest grocery retailer, has announced a major expansion of plant-based meat alternatives in partnership with Beyond Meat.
Estimated to boost Tesco’s vegan products sales by 70%, the partnership is set to launch in more than 4,000 locations across Europe.
Revenue Growth and Market Dominance
Beyond Meat’s commitment to innovation and expansion has paid off in terms of profitability. Its net revenue increased 141% to $297.9 million in 2019.
Revenue growth has also been seen as more people become aware of the benefits of a plant-based diet. In 2020, Beyond Meat continued to accelerate its sales and expand its reach, holding a market share of around 3% of the total U.S. retail meat market.
Impossible Foods Overview
Impossible Foods is another plant-based meat alternative company that produces burgers, sausages, and pork. Impossible Foods signature product is the Impossible Burger, which looks, tastes, and feels like a regular beef burger.
Like Beyond Meat, Impossible Foods also uses plant-based protein sources such as soy and potato to create its products.
Products and Similarity to Beyond Meat
Like Beyond Meat, Impossible Foods has created products that are designed to mimic real meat. Their Impossible Burger is known for its bleeding effect, and their sausage and pork substitutes closely resemble their meat counterparts.
Impossible Foods is also similar to Beyond Meat in terms of nutrition and sustainability. Their products have fewer calories and no cholesterol compared to traditional meat, and they produce fewer greenhouse gas emissions than beef.
Lawsuit and FDA Approval
In 2019, Impossible Foods faced controversy when the Center for Food Safety filed a lawsuit against the company for not proving the safety of their key ingredient, soy leghemoglobin, which contains high levels of heme. Heme is a protein that occurs naturally in meat and is responsible for its characteristic flavor and aroma.
Despite the lawsuit, Impossible Foods popularity remained unaffected. Impossible Foods also received FDA approval for its use of soy leghemoglobin, which was a significant milestone in the company’s history.
This approval allowed the company to expand its reach and availability in restaurants and grocery stores across the country.
Conclusion
Beyond Meat and Impossible Foods are two leading companies creating plant-based meat substitutes that closely mimic meat products. Both companies have seen significant growth in revenue and market dominance in recent years.
Beyond Meat’s partnerships with major fast-food chains and grocery stores have expanded its reach, while Impossible Foods’ FDA approval has increased its credibility and allowed for wider distribution. With consumer demand for healthier and more sustainable options on the rise, it’s likely that companies like Beyond Meat and Impossible Foods will continue to gain popularity as people seek alternatives to traditional meat products.
Kellogg’s is a consumer packaged goods company that produces numerous popular brands such as Pringles, Cheez-It, Frosted Flakes, Krave, Corn Flakes, etc. Recently Kellogg’s has expanded its reach into the plant-based food industry, announcing its Incogmeato line of meat substitutes.
Kellogg’s Brands and Plant-Based Products
Kellogg’s Incogmeato line of plant-based products includes burgers, chicken nuggets, and tenders. The line was launched in 2019 with the aim of catering to the increasing demand for plant-based alternatives.
The products use a blend of non-GMO soy and pea protein to provide similar taste and texture to meat but with less fat and fewer calories. In addition to the Incogmeato line, Kellogg’s has also made strides in the plant-based dairy alternatives market.
The company recently launched a plant-based version of its popular Cheez-It snack brand, which has received significant positive reviews and sales. Kellogg’s has also acquired the plant-based protein company MorningStar Farms and continues to expand its portfolio of plant-based offerings.
Revenue Generation and Growth in Frozen Foods Business
Kellogg’s plant-based business has contributed to significant revenue growth in recent years. The company’s net sales were $13.77 billion in 2020, up from $13.55 billion in 2019.
The plant-based offerings have helped Kellogg’s to reach and expand its customer base in a market that is becoming increasingly health and eco-conscious. Kellogg’s has also seen growth in its frozen foods business, thanks in part to its plant-based meat substitutes.
The company has shifted its focus to developing plant-based options to tap into the growing demand for healthier, sustainable foods. This shift spurred a 20% growth in Kellogg’s frozen foods business in 2020.
Cargill is another player in the food industry that focuses on producing farm products, grains, beef, glucose syrup, vegetable oils, and fats. The company employs over 155,000 people in 70 countries, and in 2020, it generated $114.6 billion in revenues.
This makes it one of the largest privately held companies in the world. Cargill’s Business and Ingredients Production
Cargill is primarily involved in the production and processing of agricultural products like soybeans, corn, and wheat.
Its beef business is also responsible for the production of over 20% of the beef consumed in the United States. Cargill has also ventured into the production of other ingredients, such as glucose syrup and vegetable oils and fats.
Cargill has been actively developing solutions around sustainability and transparency in its supply chain. Recently, Cargill launched its regenerative agriculture program, designed to help farmers decrease their carbon footprint, improve soil health, and increase biodiversity.
This program aims to achieve a 30% decrease in greenhouse gases by 2030.
Lawsuit and High Profit Generation
In 2020, Cargill and Nestle faced a lawsuit alleging that the companies sold chocolate to consumers knowing that child slavery within their supply chain was being utilized to produce the chocolate. The case was dismissed by the US Supreme Court due to the difficulty of holding a foreign company responsible for the actions of its foreign suppliers.
As a privately-held company, Cargill’s net income is not publicly available, but the company has a long history of high-profit generation. In the fiscal year 2020, Cargill’s revenue was $114.6 billion, and in the previous year, the company reported a net income of $2.8 billion.
Conclusion
Kellogg’s and Cargill are two leading companies in the food industry with a focus on sustainability and innovation. Kellogg’s has expanded into plant-based alternatives, offering healthier options for its customers and contributing to the growth of its frozen foods business.
On the other hand, Cargill has been committed to improving its supply chain’s sustainability and has sought to reduce its carbon footprint while ensuring high-profit generation. Both companies have proven to be significant players in the industry, and it will be interesting to see how they continue to evolve and adapt to meet the changing needs of consumers and our planet.
Nestle is one of the world’s largest food conglomerates, with a vast portfolio of food products ranging from baby food to drink condiments to ice cream and cereals. Recently, the company has been expanding into the plant-based food industry and made a significant acquisition of plant-based meat company Sweet Earth.
Nestle’s Food Products and Acquisition of Sweet Earth
Nestle’s vast portfolio includes several recognizable brands, such as Gerber baby food, Nesquik, and Maggi condiments. In 2017, Nestle acquired Sweet Earth, a California-based company specializing in plant-based foods.
Sweet Earth produces a range of products, such as burgers, sausages, and deli meats, using ingredients like seitan (wheat protein), legumes, and vegetables. The acquisition of Sweet Earth has allowed Nestle to tap into the growing plant-based food market.
The company has continued to expand its Sweet Earth line with new products like vegan mac and cheese and vegan cream cheese. Nestle’s introduction of plant-based products reflects the growing trend of consumers looking for healthier and more sustainable food options.
Revenue Decline and Focus on Acquisitions
Nestle’s annual revenue declined in 2020 due to the COVID-19 pandemic, leading the company to focus more on acquisitions. In 2019, Nestle announced its ambition to sell $10 billion worth of plant-based foods by 2027.
The acquisition of Sweet Earth and the continued growth of its plant-based portfolio reflects Nestle’s commitment to this goal. Nestle has also made several acquisitions outside of the plant-based food industry.
In 2020, it acquired Freshly, a U.S.-based subscription meal delivery service, as part of its focus on expanding its presence in the fast-growing online food delivery market. Hormel Foods is a food company with a portfolio of brands, including SKIPPY, SPAM, Hormel Natural Choice, Applegate, Justin’s, Columbus, and Happy Little Plants.
Recently, Hormel has entered the plant-based meat market. Hormel Foods’ Brands andof Plant-Based Meats
Hormel Foods’ portfolio of brands includes a wide range of meat products, including SPAM and bacon, but the company has also expanded into plant-based products.
Hormel Foods’ plant-based brand, Happy Little Plants, offers products like plant-based ground meat, plant-based protein puffs, and plant-based breakfast links. The company also acquired Applegate, a natural and organic meat producer, which offers plant-based burgers and vegan deli meats.
Hormel Foods has also introduced plant-based options in its other product lines. Its Columbus brand has launched a line of plant-based deli meats, and Hormel Natural Choice has introduced plant-based uncured pepperoni.
Sales Growth and Future Revenue Projection
Hormel Foods’ foodservice sales, which include sales to restaurants and institutions, have been affected by the pandemic, leading to a decline in overall revenue. However, the company has seen growth in its retail sales and has continued to invest in plant-based products to capture market share in this growing industry.
Hormel Foods’ net income in 2020 was $843 million, and the company has projected a revenue growth rate of 3%-5% for 2021. Its continued investment in plant-based products is expected to be a significant contributor to future revenue growth.
Conclusion
Nestle and Hormel Foods are two large food companies that have recently expanded into the plant-based food industry. Nestle’s acquisition of Sweet Earth has allowed the company to expand its plant-based portfolio and target the growing demand for plant-based options.
The pandemic has led to a decline in Nestle’s revenue, leading the company to focus more on acquisitions and diversification. Similarly, Hormel Foods has diversified its product line with the Happy Little Plants brand and the acquisition of Applegate to capture the growing demand for plant-based options.
Although the pandemic has affected its revenue, the company has projected growth in 2021 and continues to invest in plant-based products, reflecting its commitment to sustainability and market adaptability. Quorn is a leading competitor in the plant-based food industry, specializing in meat substitutes made from protein-based mince, chicken nuggets, burgers, sausages, and more.
The company has gained recognition for its marketing campaign and commitment to sustainability. Quorn’s Meat Substitutes and Marketing Campaign
Quorn offers a diverse range of meat substitutes that closely resemble their animal-based counterparts in taste and texture.
Their protein-based mince is a popular choice for vegetarian chili and pasta dishes, while their chicken nuggets, burgers, and sausages provide a savory and satisfying alternative to meat. Quorn’s products are known for their high protein content and low levels of saturated fat, making them appealing to health-conscious consumers.
One of the key factors contributing to Quorn’s success is its marketing push. The company has strategically positioned itself as a sustainable and eco-friendly choice.
By emphasizing the environmental benefits of choosing plant-based alternatives over traditional meat, Quorn has captured the attention of consumers who are concerned about the impact of animal agriculture on the planet.
Revenue Generation and Green Initiatives
Quorn has experienced significant revenue growth in recent years. The company reported annual revenues of 220 million ($294 million) in 2020, reflecting a 19% increase from the previous year.
This growth can be attributed to several factors, including increased consumer demand for plant-based alternatives and Quorn’s focus on expanding its product range. Quorn is committed to reducing its carbon emissions and has implemented several green initiatives to achieve this goal.
The company has set a target to achieve a 53% reduction in carbon emissions by 2030. To accomplish this, Quorn has invested in renewable energy sources, improved the energy efficiency of its manufacturing processes, and implemented packaging innovations to minimize waste.
Eat JUST, another competitor in the plant-based food industry, is known for its groundbreaking plant-based eggs and no-kill meat products. Using innovative technology, Eat JUST has developed a plant-based egg substitute made from mung bean protein and has successfully replicated the texture and taste of traditional eggs.
Eat JUST’s Plant-Based Eggs and No-Kill Meat Products
Eat JUST’s plant-based eggs have gained popularity among consumers seeking a cruelty-free and vegan alternative to eggs. The product, known as JUST Egg, is made from mung bean protein and is free from cholesterol and antibiotics.
It can be used in various culinary applications, such as scrambled eggs, omelets, and baking. In addition to plant-based eggs, Eat JUST is also pioneering the development of lab-grown meat products.
The company has successfully produced lab-grown fillets of chicken and has plans to expand its product line to include other meats. This innovation has the potential to revolutionize the meat industry by providing a more sustainable and ethical alternative to conventional meat production.
Funding and Potential IPO
Eat JUST has received substantial funding from investors, allowing the company to accelerate its research and development efforts. The company has raised over $300 million in funding, with investments from prominent venture capital firms and high-profile individuals in the food industry.
This financial support has enabled Eat JUST to expand its production capabilities and introduce its plant-based products to a wider market. Furthermore, Eat JUST has expressed interest in potentially going public through an initial public offering (IPO).
By going public, the company aims to raise additional capital to support its growth and expansion plans. This move would not only raise the company’s visibility but also enhance its ability to compete with other players in the plant-based food industry.
Conclusion
Quorn and Eat JUST are two prominent competitors in the plant-based food industry, each revolutionizing the way we think about food. Quorn’s diverse range of meat substitutes and its sustainability-focused marketing campaign have contributed to its revenue growth and solidified its position as a leader in the market.
Likewise, Eat JUST’s innovative plant-based eggs and no-kill meat products have gained recognition and attracted substantial funding. The potential for an IPO further highlights the company’s growth prospects.
As consumer interest in plant-based alternatives continues to rise, both Quorn and Eat JUST are well-positioned to meet the evolving demands of health-conscious and environmentally-conscious consumers. Oatly has made a significant impact in the plant-based food industry with its oat milk products.
The company has recently gone public through an initial public offering (IPO), solidifying its position as a leading competitor in the industry. Oatly’s Oat Milk Products and IPO
Oatly offers a range of oat milk products that have gained popularity as a plant-based alternative to traditional dairy milk.
The company’s oat milk is made from oats, water, and other natural ingredients, resulting in a creamy and nutritious beverage. Oatly’s oat milk is known for its smooth texture and ability to be foamed, making it a popular choice for coffee lovers and baristas.
The company’s IPO was a significant milestone in its growth strategy. In 2021, Oatly went public on the NASDAQ stock exchange and raised approximately $1.4 billion in its initial offering.
The IPO allowed Oatly to access additional capital to invest in production capabilities, expand its product range, and fuel further innovation.
Revenue Growth and Popularity of Oat Milk
Oatly has experienced rapid revenue growth in recent years, reflecting the increasing popularity of oat milk as a dairy alternative. The company’s annual revenue reached $421 million in 2020, representing a surge of 106% compared to the previous year.
Oatly’s success can be attributed to the growing consumer demand for plant-based options, as individuals seek more sustainable and healthier alternatives to dairy products. Oat milk’s popularity has been further fueled by the rising trend of consumers opting for dairy alternatives in coffee shops.
Oatly has secured partnerships with numerous coffee chains, including Starbucks and Dunkin’, making oat milk more accessible to a wider audience. The creamy texture and ability to foam well have made Oatly’s oat milk a preferred choice for coffee shop customers seeking a plant-based alternative to traditional dairy milk.
The Very Good Food Company (VGF) is another significant competitor in the plant-based food industry, specializing in plant-based meat alternatives. The company has made strategic acquisitions to expand its product line and reach a broader customer base.
VGF’s Plant-Based Food Products and Strategic Acquisitions
The Very Good Food Company offers a range of plant-based food products under its brand, Very Good Butchers. Their product line includes vegan meat alternatives such as “butcher’s choice” burgers, sausages, ribs, and more.
VGF’s products are known for their high-quality ingredients and taste, making them appealing to both meat-eaters and individuals following a plant-based lifestyle. VGF has made several strategic acquisitions to bolster its product offerings and strengthen its position in the market.
They acquired The Cultured Nut, a plant-based cheese company, to expand their range of dairy alternatives. The company also acquired Lloyd-James Marketing Group, which provides distribution and sales support, to enhance its retail network.
Additionally, VGF partnered with Copper Branch, a plant-based restaurant chain, and Fresh Prep, a meal kit delivery service, to increase its reach within the foodservice and meal kit sectors.
Sales Growth and Expansion into Meal Kit Space
VGF has experienced significant sales growth, reflecting the increasing demand for plant-based food options. In 2020, their foodservice sales grew by over 900%, highlighting the company’s success in the restaurant and hospitality sectors.
VGF’s retail network has also expanded, with their products being sold in grocery stores across North America. The company’s partnership with Fresh Prep, a meal kit delivery service, has further propelled its growth.
The collaboration allows VGF to reach a wider audience and tap into the growing market for convenient and sustainable meal options. By offering their plant-based meat alternatives in meal kits, VGF provides consumers with an easy and accessible way to incorporate plant-based foods into their diets.
Conclusion
Oatly and the Very Good Food Company are two notable competitors in the plant-based food industry, each offering unique products and experiencing significant growth in the market. Oatly’s oat milk has gained popularity as a dairy alternative, especially in coffee shops, and the company’s recent IPO has provided them with additional resources for expansion.
The Very Good Food Company’s strategic acquisitions and partnerships have allowed them to expand their product line and reach more customers through foodservice and meal kit channels. As the demand for plant-based food continues to rise, both Oatly and the Very Good Food Company are well-positioned to capitalize on the ongoing shift towards more sustainable and ethical food choices.
Perfect Day is a competitor in the plant-based food industry, specializing in animal-free dairy proteins. The company has developed a unique process to create casein and whey, two key proteins found in dairy, without the need for traditional animal agriculture.
This innovation has allowed Perfect Day to create a range of dairy-based products that cater to consumers looking for more sustainable and ethical options. Perfect Day’s Animal-Free Dairy Proteins and Product Line
Perfect Day’s proprietary fermentation process enables the production of casein and whey proteins without the use of animals.
These proteins are the primary components found in dairy products like milk, cheese, and yogurt. By utilizing their animal-free dairy proteins, Perfect Day has developed a range of plant-based products that closely resemble traditional dairy items.
One of Perfect Day’s notable products is its animal-free ice cream, which has gained recognition for its creamy texture and authentic taste. By using their casein and whey proteins, Perfect Day is able to replicate the properties of conventional dairy, resulting in a rich and indulgent ice cream experience for consumers.
Fast Company Award and Expansion into Cheese and Yogurt
Perfect Day’s innovation has been widely recognized, and the company received the Fast Company World-Changing Ideas Award in 2021. This prestigious award highlights Perfect Day’s commitment to providing sustainable alternatives to conventional dairy products.
In addition to ice cream, Perfect Day has expanded its product line to include cheese and yogurt alternatives. The company has partnered with other food manufacturers to incorporate their animal-free dairy proteins into a variety of cheese and yogurt products.
This expansion into different dairy categories allows Perfect Day to offer a wider range of options to consumers seeking plant-based alternatives. Miyoko’s Creamery is another key player in the plant-based food industry, known for its high-quality dairy-free alternatives.
The company’s products, including butter, cream cheese, and mozzarella, have gained popularity among consumers seeking authentic and delicious options to traditional dairy. Miyoko’s Dairy-Free Products and Celebrity Backing
Miyoko’s Creamery offers a range of dairy-free products made from plant-based ingredients.
Their vegan butter is crafted using a blend of organic coconut oil, cashews, and other plant oils to create a rich and creamy texture. Miyoko’s cream cheese and mozzarella alternatives are also known for their close resemblance to their dairy counterparts in taste and texture.
The mission of Miyoko’s Creamery is supported by notable businesswoman and celebrity Ellen DeGeneres and her wife Portia de Rossi. The couple has invested in Miyoko’s Creamery and actively advocates for plant-based alternatives.
Their support has helped to raise awareness and increase the popularity of Miyoko’s products.
Revenue Growth and Store Presence
Miyoko’s Creamery has experienced impressive revenue growth in recent years. In 2020, the company reported annual revenue of $35 million, reflecting a significant increase from the previous year.
The demand for high-quality dairy-free options has been a driving factor behind Miyoko’s success, with consumers flocking to their products at an increasing rate. Miyoko’s Creamery has increased its presence in the market through strategic partnerships with major retailers.
Their products can now be found in popular grocery chains such as Walmart and Target, expanding their reach and accessibility to a wider customer base. Additionally, Miyoko’s products are available in various specialty stores and online platforms, further enhancing their store presence and availability.
Conclusion
Perfect Day and Miyoko’s Creamery are both formidable competitors in the plant-based food industry, each leveraging innovative approaches to provide high-quality alternatives to traditional dairy products. Perfect Day’s use of animal-free dairy proteins has allowed them to create a range of dairy-based products like ice cream, cheese, and yogurt.
Their recognition with the Fast Company award highlights their commitment to sustainability and industry-changing ideas. On the other hand, Miyoko’s Creamery has gained a significant following with their dairy-free products, backed by the support of notable figures like Ellen DeGeneres and Portia de Rossi.
Their revenue growth and expansion into major retailers have solidified their position as a key player in the market. As consumer demand for plant-based options continues to rise, Perfect Day and Miyoko’s Creamery are well-positioned to meet the evolving needs of individuals seeking delicious, sustainable, and ethical food choices.
Upside Foods, formerly known as Memphis Meats, is a leading competitor in the emerging field of cell-based meat production. The company focuses on cultivating real meat from animal cells, providing a more sustainable and ethical alternative to traditional animal agriculture.
Upside Foods’ Cell-Based Meat Products and Name Change
Upside Foods is at the forefront of developing cell-based meat, also known as cultured meat or lab-grown meat. The company utilizes innovative biotechnology to produce real meat by culturing animal cells in a controlled environment.
This process allows Upside Foods to create meat products without the need for raising and slaughtering animals. One of Upside Foods’ notable achievements is the successful production of cultured chicken.
By using a small sample of animal cells, the company can produce chicken meat that replicates the taste, texture, and nutritional content of conventionally farmed chicken. This breakthrough has significant implications for the future of meat production, as it offers a more sustainable and ethical way to meet the global demand for meat.
Recently, Upside Foods underwent a name change to better align with its mission and values. The new name, Upside Foods, reflects the company’s commitment to creating a positive impact on the environment, animal welfare, and human health through their innovative cell-based meat products.
Funding and Expansion Plans
Upside Foods has garnered substantial funding from investors who recognize the potential of cell-based meat in revolutionizing the food industry. The company has raised over $200 million in funding, which has allowed them to further develop their technology and scale up production capabilities.
With the infusion of funding, Upside Foods has ambitious expansion plans. The company aims to bring their lab-grown meat products to market and make them accessible to consumers.
Upside Foods is investing in research and development efforts to refine their production processes and reduce costs. The company is also actively expanding its team and building partnerships with food industry stakeholders to establish a strong presence in the market.
New Wave Foods is another competitor in the plant-based food industry, specializing in plant-based shellfish products. The company aims to provide sustainable alternatives to traditional seafood by developing plant-based shrimp made from ingredients like seaweed and plant protein.
New Wave Foods’ Plant-Based Shellfish Products
New Wave Foods has focused on creating plant-based shrimp, an innovative offering that addresses both seafood sustainability concerns and the growing demand for plant-based alternatives. By using seaweed as a key ingredient, New Wave Foods has been able to replicate the taste, texture, and appearance of traditional shrimp without relying on traditional aquaculture or wild-caught sources.
The plant-based shrimp developed by New Wave Foods is made from a combination of plant proteins and seaweed extracts. The result is a product that has a similar taste and texture to real shrimp, while also being more sustainable and ethical.
New Wave Foods’ plant-based shrimp offers a viable solution to the overfishing and environmental impact caused by the seafood industry.
Funding and Market Expansion
New Wave Foods has received significant funding from investors who are eager to support sustainable and plant-based alternatives to seafood. The company has raised several million dollars in funding, which has enabled them to further develop their products and expand their market presence.
With the infusion of funding, New Wave Foods has been focused on expanding its market reach. The company has partnered with various foods