Plant-Based Meat Alternatives Thrive in Health-Conscious Market

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Apr 08, 2022, 09:00 ET

FinancialBuzz.com News Commentary

NEW YORK, April 8, 2022 /PRNewswire/ -- According to recent data provided by the Plant Based Foods Association (PBFA), plant-based food retail sales grew three times faster than total food retail sales last year, with most plant-based categories outpacing their conventional counterparts. Meanwhile, the conventional protein market has been rocked by supply chain disruptions and escalating inflation. On the other hand, plant-based burgers continue to lead the plant-based meat category as the top-selling product type. At the same time, the industry is responding to consumer desire for more variety within the meat category. In fact, the fastest-growing plant-based meat product types in 2021 were plant-based meatballs, chicken nuggets, tenders, cutlets, and deli slices. Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF), Beyond Meat, Inc. (NASDAQ: BYND), Tattooed Chef, Inc. (NASDAQ: TTCF), Tyson Foods, Inc. (NYSE: TSN), Ingredion Incorporated (NYSE: INGR)

Major advancements have been made in recent years in terms of the production of alternative-meat products, which are now highly successful and widely known thanks to upstarts like Impossible Foods and Beyond Meat. As a result, more and more traditional food companies have joined the race to expand within the plant-based space, including major conglomerates like Tyson, Kellogg and Kraft Heinz. Furthermore, international fast-food restaurant chains have successfully adapted to the new normal as Taco Bell, Chipotle, Jamba Juice and even Starbucks are all set to play a significant role in increasing sales and consumption of plant-based alternatives.

Planet Based Foods Global Inc. (CSE: PBF) (OTCQB: PBFFF) announced earlier this week breaking news regarding, "a new distribution partnership with US Foods Inc. ("US Foods"), a leading supplier of food service products throughout the United States.

The Company's popular plant-based options will be initially distributed by two of US Foods' divisions, La Mirada and Corona, which supply a variety of products to restaurants, business and industry, healthcare and many key independent and multi-unit operators throughout the Southern California region. Both divisions will stock The Original Burger, Mild Breakfast Sausage Patties and The Italian Sausage Crumble, while the Green Chili Southwest Burger and Hot Breakfast Sausage Patties will also be available via special order.

'As our new distribution partner, we are thrilled that US Foods will be debuting the Planet Based Foods brand to their significant customer base, highlighting us as a premier and unique offering in their substantial plant-based and healthy-eating portfolio,' said Planet Based Foods' President and CEO Braelyn Davis. 'We are very excited to be working with one of America's leading food distributors, and look forward to expanding our product reach through this evolving partnership.'

For further details about the Company, please refer to the Company's listing statement at www.thecse.com as well as the Company's profile at www.sedar.com.

To view information about the Company and subscribe to automated email alerts for future news and public filings, visit the Planet Based Foods website at www.planetbasedfoods.com."

For our latest "Buzz on the Street" Show featuring Planet Based Foods Global Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=n-oxBdpRKJA

Beyond Meat, Inc. (NASDAQ: BYND) and Rite Aid announced yesterday, the introduction of the Beyond Burger® and Beyond Meatballs® at approximately 2,000 stores nationwide. With this roll out, Beyond Meat continues to strengthen its category leadership by increasing the accessibility of delicious and nutritious plant-based meat options to even more consumers. "Our goal is to make plant-based meat available to consumers, wherever they shop. With convenience being key for meal prep, we're making it easier than ever to incorporate Beyond Meat into your next meal by offering our products at Rite Aid locations nationwide," said Deanna Jurgens, Chief Growth Officer, Beyond Meat. "Expanding our presence across retail channels, including drugstores, is a natural next step as we aim to bring nutritious and sustainable plant-based protein to even more communities across the country."

Tattooed Chef, Inc. (NASDAQ: TTCF) announced on December 22nd, that on December 21, 2021 it completed the acquisition of Belmont Confections, Inc. ("Belmont"), a private label co-manufacturer of snack bars, for approximately $18 million in cash and stock, subject to a customary adjustment based on working capital at closing. Belmont specializes in the development and manufacturing of a variety of snack bars. The 47,000 square foot facility in Youngstown, Ohio expands Tattooed Chef's manufacturing capabilities into a new category and accelerates the Company's expansion into ambient and refrigerated products. The Company plans to launch new Tattooed Chef branded plant based bars in 2022.

Tyson Foods, Inc. (NYSE: TSN) Raised & Rooted™ brand announced last year, launch of its new Plant Based Bites. The snackable bites meet the growing demand and desire for plant-based products with delicious taste and fan favorite flavors. "Our new plant-based bites deliver the taste that will wow taste-buds in a better-for-you alternative," said David Ervin, vice president of marketing, Raised & Rooted. "We are excited to continue to grow our offerings and provide people with the alternative protein options they seek for meal or snack-time with beloved flavors."

Ingredion Incorporated (NYSE: INGR) announced last year, two new additions to its plant-based portfolio produced at the Company's new pea protein manufacturing facility in South Sioux City, Nebraska ̶ VITESSENCE® Pulse 1853 pea protein isolate and PURITY® P 1002 pea starch. The ingredient solutions are 100% sustainably sourced from North American farms, enabling food and beverage manufacturers to create innovative plant-based food and beverages. In comments made during a live virtual customer event celebrating the opening of the facility with several hundred customers, Jim Zallie, Ingredion's president and chief executive officer said, "I am incredibly proud of this milestone and our employees, particularly the team in Nebraska, who rallied together to make today a reality. We are committed to shaping the future of plant-based food — and we're continually investing to help our customers formulate and innovate in this rapidly developing space. I am confident that by working together, we will fulfill our purpose of bringing together the potential of people, nature and technology to make life better."

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