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Why the 2020s Are A Watershed Decade for Plant-Based Alternatives

by Sponsored Content

The following content is sponsored by The Very Good Food Company

plant-based alternatives infographic

The 2020s: A Watershed Decade for Plant-Based Food

Are you among the millions of people who have been eating less meat in recent years? Plant-based alternatives are exploding in popularity, a trend that has become especially apparent during the pandemic.

This infographic from the Very Good Food Company (VGFC) sheds light on why the global plant-based market is expected to go from a novelty to a new normal within the next decade.

The Market Outlook for Plant-Based Alternatives

Ever since the first vegetarian society was formed way back in 1847, plant-based diets have come a long way.

The U.S. plant-based food market is growing at impressive rates, as plant-based alternatives to conventional meat and animal products are flying off the shelves.

Total U.S. plant-based food marketGrocery sales of plant-based alternativesGlobal plant-based market value
2019: $5.5 billion2019: $850 million2020: $29.4 billion
2020: $7.0 billion2021: $1.3 billion2030P: $162 billion
National growth in sales of plant-based food outpaced regular retail food by nearly double between 2019 and 2020.This represents a 53% increase in just two years.Plant-based alternatives will make up 7.7% of future global protein demand.

Despite a slight dip in U.S. sales in the latter half of 2021, the big picture outlook for the industry remains promising for investors.

There are three factors powering this eye-watering growth: a more reliable supply chain, a boost in conscious consumers, and a move towards local, ethical (Read more...)

Mushroom-based meat alternative startup Fable Food raises $6.5M AUD, will launch in the US

by Catherine Shu

Sydney, Australia-based Fable Food is the latest plant-based food startup to announce funding. The company, which uses mushrooms in its meat alternatives, has raised $6.5 million AUD (about $4.8 million USD) in a seed round led by Blackbird Ventures, the Australian venture capital firm whose portfolio also includes Canva, Culture Amp and SafetyCulture. Other participants included agriculture and food tech venture firm AgFunder, sustainability-focused Aera VC and Better Bite Ventures, along with Singapore-based produce importer Ban Choon Marketing and former Sequoia Capital partner Warren Hogarth.

Fable is preparing to launch in the United States by the end of this year. In Australia, its products are available at retailers like Woolworths, Coles and Harris Farm Markets, along with restaurants including Grill’d, which recently started serving its Meaty Mushroom Burger Pattie at 136 locations. Fable’s products are also available at restaurants in Singapore and the United Kingdom.

The startup was founded in 2019 by fine dining chef turned chemical engineer and mycologist (mushroom scientist) Jim Fuller, organic mushroom farmer Chris McLoghlin and Michael Fox, whose previous startup was Shoes of Prey.

Fox, Fable’s chief executive officer, told TechCrunch in an email that after being a vegetarian for six years, he recently became a vegan “for a mix of health, environmental and ethical reasons.”

“Talking to my friends and family, a lot of people want to reduce their meat consumption for the same reasons but they find it challenging because they love the taste and texture of meat and giving it up is (Read more...)

Plant-based food startup Next Gen lands $10M seed round from investors including Temasek

by Catherine Shu

Singapore is quickly turning into a hub for food-tech startups, partly because of government initiatives supporting the development of meat alternatives. One of the newest entrants is Next Gen, which will launch its plant-based “chicken” brand, called TiNDLE, in Singaporean restaurants next month. The company announced today that it has raised $10 million in seed funding from investors including Temasek, K3 Ventures, EDB New Ventures (an investment arm of the Singapore Economic Development Board), NX-Food, FEBE Ventures and Blue Horizon.

Next Gen claims this is the largest seed round ever raised by a plant-based food tech company, based on data from PitchBook. This is the first time the startup has taken external investment, and the funding exceeded its original target of $7 million. Next Gen was launched last October by Timo Recker and Andre Menezes, with $2.2 million of founder capital.

Next Gen’s first product is called TiNDLE Thy, an alternative to chicken thighs. Its ingredients include water, soy, wheat, oat fiber, coconut oil and methylcellulose, a culinary binder, but the key to its chicken-like flavor is a proprietary blend of plant-based fats, like sunflower oil, and natural flavors that allows it to cook like chicken meat.

Menezes, Next Gen’s chief operating officer, told TechCrunch that the company’s goal is to be the global leader in plant-based chicken, the way Impossible and Beyond are known for their burgers.

“Consumers and chefs want texture in chicken, the taste and aroma, and that is largely related to chicken fat, (Read more...)