Plant Based Food Alternatives Expected to Continue to Gain Popularity as the Market is Thriving

PALM BEACH, Fla., March 17, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The plant based food markets have flourished in recent years and look like they will continue to do so in the coming years. The growth in this market is mainly attributed to the increasing incidence of intolerance for animal proteins, nutritional benefits offered by plant-based food, increasing vegan population, and venture investments in plant- based food. Moreover, emerging economies provide significant opportunities for players operating in the global plant-based food market. Pandemic challenges in 2021 impacted the plant-based industry in divergent ways, as more consumers experimented at home and operators across restaurants and retail prioritized inventory over innovation. An article in The Food Institute said: ""At retail, we are seeing the biggest [plant-based] players continue to grow volume, and smaller players cede share, underscoring how important scale has been to deal with pandemic-related production and supply chain issues," senior analyst Jennifer Bartashus of Bloomberg Intelligence told The Food Institute. Similarly, many restaurants and other foodservice outlets pared back menus to focus on high sales-velocity items, she added… All the while, investments continue to flood the market.  According to PitchBook, companies creating bio-engineered foods — which includes plant-based, cultivated, and fermented proteins— raised $5.2 billion in global Venture Capital funding as of November 2021, marking a 68% year over year increase. (Nov 23)."  Active Companies in the markets today include Nepra Foods Inc. (OTCQB: NPRFF) (CSE: NPRA), Komo Plant Based Foods, Inc.  (OTCQB: KOMOF) (CSE: YUM), Oatly Group AB (NASDAQ: OTLY), The Very Good Food Company Inc. (NASDAQ: VGFC) (TSX-V: VERY), Tattooed Chef, Inc. (NASDAQ: TTCF).

"Manufacturers have also been investing in plant-based innovations. As IRI forecast in a recent dairy report, many of those items will finally hit shelves later in 2022.  Dairy alternatives are also gaining traction across new retail categories and enjoying boosts within the thriving coffee shop sector. Oat milk saw a 5.4% increase on menus over the past year, according to data from Technomic's Ignite Menu.  Other milk alternatives, such as rice milk – which showed 7.9% growth in the past year – may also become more prevalent," Katie Belflower, Associate Editor at Technomic, told The Food Institute.  Both meat and dairy alternatives are expected to continue growing in the forecast period from 2021 to 2024, with dairy alternatives remaining the larger category ($7.9 billion vs $2.6 billion), but meat alternatives seeing a higher growth rate (7% vs 15%), according to NPD Group data shared in a recent Food Institute webinar… Bartashus echoed the growth potential of plant-based seafood as well as bacon alternatives."

Nepra Foods Inc. (OTCQB: NPRFF) (CSE: NPRA) BREAKING NEWS:  Nepra Foods Samples Its Vegan, non-GMO, Gluten and Dairy-Free Salad Dressings for Private Label Production - Nepra Foods Inc. (the "Company" or "Nepra"), the creator of nutritious plant-based and allergen-free food, is pleased to announce a private label sampling of salad dressings made from its proprietary cold-pressed virgin hemp oil. The anticipated volume agreement is estimated to generate initial orders totaling up to 20,000 gallons of dressings per month to be sold in large retail chains across the United States. As a bi-product of its Colorado White Hemp Heart Flour production line, Nepra produces its refined hemp oil using a cold process to preserve the natural omegas, yielding an extra fresh oil that is vibrant, golden, and well-balanced for blending into a wide variety of clean label dressings, including Creamy Italian, Balsamic Vinaigrette, Citrus Thai, and Creamy Caesar.

"Our new line of chef-developed salad dressings are formulated for consumers who want to add healthy fats and omegas to their plant-based diets but have limited non-GMO options available on grocery store shelves," said David Wood, Co-Founder and CEO of Nepra Foods. "We believe our cold-processed virgin hemp oil that we press fresh daily in our Colorado facility is the best tasting alternative to genetically modified oils, including corn, canola, or soybean."

Nepra's initial entry into the global salad dressings and mayonnaise market, estimated to reach 23.8 billion by 2026, is part of its vertical integration strategy enabling Nepra to better control its global supply chains and cost of goods. As a result, from seeds to final products, Nepra can maintain the highest levels of quality and a predictable supply for end consumers.   CONTINUED…  Read this full release for Nepra Foods at:  https://www.financialnewsmedia.com/news-npra/ 

Other recent developments in the markets of note include:

Komo Plant Based Foods, Inc.  (OTCQB: KOMOF) (CSE: YUM) recently announced that it's February revenue catapulted to over $100k, a full 46% increase over Komo's previous best month of sales in December 2021.

"We are extremely proud of the momentum that the brand is gaining, and we have been focused not only on driving immediate sales, but also on laying the foundation for sustainable growth by strategic expansion of our distribution network, and customer-centric new product development," said William White, CEO of Komo. "We have an aggressive expansion strategy that we are implementing for the U.S. retail market, while also continuing to expand our distribution throughout Canada."

Oatly Group AB (NASDAQ: OTLY), the world's original and largest oat drink company, recently announced financial results for the fourth quarter and full year ended December 31, 2021.

Toni Petersson, Oatly's CEO, commented, "2021 was a record year for Oatly, with revenue growth of greater than 50% year-over-year fueled by global demand for our products, despite ongoing COVID-19 variant-related challenges across the more than 20 countries in which we operate. Our team added new production capacity at an unprecedented pace with the addition of three new manufacturing facilities to capitalize on the consumer appetite for our products as we convert traditional dairy users to plant-based milk consumers. We have a proven, disciplined and thoughtful multi-channel strategy for growth that we believe sets us apart from the competition based on our success thus far in building our brand across three continents with a significant amount of whitespace to add new markets."

The Very Good Food Company Inc. (NASDAQ: VGFC) (TSX-V: VERY), a leading plant-based food technology company, recently announced that the Company is temporarily lowering production throughput and headcount to manage inventory levels, and implementing initiatives such as pausing non-critical capital expenditures and lowering SG&A spending, to manage both short and long-term liquidity and to establish a path towards profitability.

"As a result of the supply chain environment, we undertook certain stock safety measures to protect against stock outages," stated Mitchell Scott, CEO, and founder of VERY GOOD. "This, in conjunction with retailer reset timing delays, has resulted in inventory being at levels that require us to lower production at some of our locations. This decision was made after a long and careful review of our options and will impact some of our production team members. We are thankful for their contributions."

Tattooed Chef, Inc. (NASDAQ: TTCF), a leader in plant-based foods, recently announced financial results for the fourth quarter and full year ended December 31, 2021, as well as full year 2022 guidance.

"2021 was a milestone year for Tattooed Chef," said Sam Galletti, President and CEO. "We grew our revenue by approximately 44%, consummated two transformative acquisitions, expanded our national presence, diversified our channel and customer mix, and broadened our product line. That these financial and operational achievements were realized against a backdrop of supply chain stresses and pricing pressures is a testament to our team, the resiliency of our vertically integrated infrastructure, growing interest in our plant-based offerings, and a validation of the investments we are making in our people, products, and processes.

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