It’s another Monday Monday, fellow nerds! *cue the Mamas & the Papas* 🎶
This week in the news roundup, we’re taking a look at the growing visibility and availability of plant-based products in mainstream outlets — as well as a few ways that the bigger plant-based brands are insinuating themselves into consumers’ daily lives. 🍔🥗☕
Plant-Based is Mainstream Now — Thanks to COVID
Insights from Archer Daniels Midland show consumers are more concerned about getting healthy and staying that way as a result of COVID-19. Immune health is, no surprise, the #1 focus, but coming in at #2? An increased interest in alt protein products. 🥩
Ninety-two percent of consumers who tried alt protein for the first time during the pandemic say they’re likely to keep buying. And with 20% of the world’s population identifying as flexitarian, there’s a lot of market share available for alt protein brands to capture.
Alt Meat is (Just About) Everywhere…
Who would have thought there would come a day when you could wander into Walmart (or Publix, or BJ’s, or Kroger…) and head home with vegan meat? It’s happening now as the biggest brands continue to expand into more retail chains across the U.S. And it’s pretty clear as to why: Plant-based meat was worth more than $939 million in sales in 2019, and sales spiked 218.6% this year during the height of the pandemic. 📈
The next big thing? Direct-to-consumer sales. Beyond Meat is ready to become a player in the delivery game with the launch of its new e-commerce platform. The brand plans to deliver a variety of its alt meat products right to consumers’ doors via UPS 🚚 two-day carbon-neutral shipping.
…And Alt Dairy is Following Suit
Consumers are also scarfing down a lot more plant-based cheese. 🧀 Market projections show a 10% compound annual growth rate between 2019 and 2027, culminating in a category worth over $7 billion by 2030. (That’s a lot of plant-based cheese!) A growing awareness of non-dairy alternatives — plus a boost in promotion from celebrities and social media influencers — is getting more eyes on this rapidly expanding category.
Meanwhile, the oat milk craze is making its way into Starbucks locations across Canada.☕☕ It’s all part of the chain’s effort to serve up more sustainable options — although gulping down a dairy-free latte every day might not be quite so sustainable for your wallet. Just something to keep in mind. 😉
Is it Any Surprise a New Investor Wants In on Alt Protein?
Say hello to Grover & Company, a venture capital fund management company with a very specific focus, including plant-based and cell-based food and beverage startups. Founder Amit Grover seeks to partner with innovative entrepreneurs who are looking to expand their businesses in these categories. 💲💲
Grover & Company is ready to help startups making products for the end consumer, as well as companies working on the ingredients and frameworks that go into making those products. This opens up yet another funding option for alt protein startups — and sets the stage for continued market growth.
Hopefully all this interesting news got you out of your Monday blues (if you were, in fact, cryin’ all of the time). 🌞😎
Feeling inspired now? Share this edition of The Modern Health Nerd with the plant-based or plant-curious people in your life! 👇🏻🌿