Growing Wave of Plant-Based Protein Products Potentially Making Beef Industry 'Nervous'

VANCOUVER, BC, Oct. 21, 2021 /PRNewswire/ -- USA News Group  -  New data is projecting that the global plant protein market could hit $162 billion by 2030, in a wave of momentum that's allegedly making the beef industry "nervous", according to think tank Faunalytics. The market continues to receive new plant-based protein options from retail through to restaurants, with a growing number of products being offered from newly-IPO'd Nepra Foods (CSE:NPRA),  Beyond Meat, Inc. (NASDAQ:BYND), Conagra Brands, Inc. (NYSE:CAG), and available at giant locations such as WalMart Inc. (NYSE:WMT), and Yum! Brands, Inc. (NYSE:YUM).

Creators of nutritious plant-based, allergen-free food products, Nepra Foods (CSE:NPRA), recently announced the launch of its line of  PROPASTA^TM meals—the first Consumer Packaged Goods (CPG) product offering from Nepra, utilizing the company's proprietary plant-based analogues and pasta.

Their proprietary plant-based protein products come from a newly public company led by key members of the team that grew Udi's Gluten Free Foods brand up to its eventual US$125 million sale to what is now, Conagra Brands, Inc. (NYSE:CAG).

"The current market offerings of allergen-free, ready-to-eat convenience meals with plant-based meat analogues and dairy-free cheeses are extremely limited and, frankly, aren't the best tasting," commented David Wood, CEO of Nepra Foods. "Our PROPASTA ^TM meals are uncompromisingly tasty and offer substantially more plant-based protein complete with all 20 amino acids and balanced healthy fats. In addition, our unique formulations contain dramatically fewer carbohydrates and a lot less sodium. We are expeditiously working on optimizing production of PROPASTA ^TM using a combination of internal production capacity and co-manufacturers and anticipate launching the product with US retailers in early 2022."

The PROPASTA ^TM line of ready-to-eat frozen dinners contain Nepra's proprietary pasta, meat analogues, and cheeses high in plant-based protein and low in carbohydrates, representing genuinely healthy eating.

Nepra's approach targets two segments of American grocery shoppers, not often focusing on plant-based alternatives, which MRI-Simmons Research calls "convenience and ease" and "variety on a budget."

While many of the newest plant-protein meat substitutes on the market right now rely on pea protein, Nepra's alternative is made from hemp, and called THP^TM (Textured Hemp Protein).

The company's plant-based food offerings now currently include frozen meals, plant-based dairy, salty snacks, and meat alternatives that are high in protein and fiber, lower in carbohydrates, and nutritious.

The response has been quite positive, as Nepra's revenues have grown over 100% year-over-year, and it's currently targeting to hit US$6-8 million in revenues this year.

Beyond the $162 billion by 2030 projection mentioned above, Conagra Brands, Inc. (NYSE:CAG) was named by the FAIRR Initiative, an investor network supported by more than 100 investors with combined assets of nearly $18 trillion, as a "pioneer" and the top-ranked US company on sustainable protein research and innovation.

"We recognize the importance that plant-based proteins play in building climate-smart future food systems," said Katya Hantel, senior director of sustainability at Conagra Brands. "As an industry leader in plant-based protein innovation, we are well positioned to meet the needs of investors, customers, and consumers who are calling for more sustainable foods."

Conagra has launched an ambitious, science-based climate change target to reduce the carbon intensity of Conagra-sourced goods and services by 20% by 2030, complimenting efforts to reduce the absolute greenhouse gas emissions of owned manufacturing operations by 25% over the same timeframe.

In the United States, Beyond Meat Inc. (NASDAQ:BYND) recently worked with McDonald's to test launch its jointly-developed McPlant meatless burger on US menus.

"Eight McDonald's restaurants across the U.S. will be testing the McPlant for a limited time starting Nov. 3 while supplies last," said McDonald's in a company statement. The test locations are spread out among seven cities and four states and are El Segundo and Manhattan Beach, California; Cedar Falls, Iowa; Jennings and Lake Charles, Louisiana; and Irving and Carrollton, Texas.

Another major fast-food chain test-driving a new plant-based meat option is Taco Bell, owned by Yum! Brands, Inc. (NYSE:YUM). The new "Cravetarian" menu featuring "boldly seasoned plant-based protein" for vegetarians will be debuting in the Detroit market through November 10^th, at select metro Detroit locations.

This new range of menu offerings will include plant-based Taco Bell favorites such as the Nachos BellGrande, Burrito Supreme, Crunchwrap Supreme, and Crunchy Taco Supreme—all with a plant-based protein meat alternative beyond the company's typical refried and black bean offerings.

"Taco Bell has always been a go-to spot for vegans and vegetarians, with plant-based menu items having a prominent place on our menu for years," a Taco Bell spokesperson told VegNews. "We've long been committed to offering food for all, meaning that we strive to ensure more people, no matter their lifestyle, can enjoy the craveable flavors of Taco Bell. That's why we are constantly innovating, listening to our fans, and analyzing menu test results—in the plant-based space and beyond."

WalMart Inc. (NYSE:WMT) recently expanded its availability of options, working with Greenleaf Foods, SPC, owners of leading plant-based brands Lightlife® and Field Roast™ to expand distribution to include plant-based burgers, breakfast links and patties in Walmart's breakfast meat section.

This is the first time that Walmart will offer a plant-based option in the refrigerated breakfast meat section, while the Lightlife plant-based burger will be available in the frozen aisle.

"Flexitarian consumers continue to drive growth in the plant-based category, and we're excited to expand our partnership with Walmart to make delicious, simple plant-based products even more accessible," said Dan Curtin, President of Greenleaf Foods, SPC. "As we celebrated in our newest brand campaign, our Plant-Based Burger and breakfast items are part of Lightlife's commitment to providing people with plant-based options that taste great and are made with cleaner, more recognizable ingredients."

In the U.S. Greenleaf Foods, SPC is a wholly owned, independent subsidiary of Maple Leaf Foods Inc. (MFI).

For more information, please visit: https://usanewsgroup.com/2021/09/05/the-plant-based-food-revolution-is-here/ 

Article Source: 
USA News Group
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