The Plant-Based Food Market Boom is Just Getting Started

plant-based food

Plant-based alternatives to animal product foods have been by far the biggest food industry trend of the past few years. Heading into 2021, that growth is showing no sign of slowing. The plant-based food market is set to reach $74.2 billion by 2027 for a CAGR of 11.9% in 2021. As the market grows, companies are now bringing to market products that fit into previously unserved niches in the plant-based food market, while established favorites like the Beyond Burger are still going strong. Consumers have embraced plant-based foods, setting up a market opportunity that is not going away any time soon. Now that the concept is a proven success, established legacy food companies like Kraft Heinz Co (NASDAQ:KHC), Tyson Foods, Inc. (NYSE:TSN), and Kroger Co (NYSE:KR) are establishing and expanding their plant-based offerings to join purpose-built plant-based food companies like Beyond Meat Inc (NASDAQ:BYND) and Else Nutrition (TSXV:BABY) (OTCQX:BABYF) in this rapidly growing market.

Else Nutrition Grows US Retail Availability

Israeli-based food and nutrition company Else Nutrition (TSXV:BABY) (OTCQX:BABYF) is one of the leading companies in plant-based nutrition innovation. The company is focused on developing innovative, clean, and plant-based food and nutrition for infants, toddlers, children, and adults. Else’s flagship product is a 100% plant-based infant nutrition formula that closely replicates the nutritional profile of human breast milk. All of Else’s products are free of dairy, soy, and corn-syrup, and are made with non-GMO ingredients.The company has been rapidly expanding its footprint in the United States market throughout 2020 with a successful e-store and Amazon launch and an ongoing rollout of its products in more than 380 retail locations throughout the United States.

On December 23, Else Nutrition announced a major development in the company’s US product rollout. Else announced that the company’s plant-based toddler nutrition formula would be carried by major US health food retailer Sprouts Farmers Market. Else formula will be available at more than 360 Sprouts locations throughout the country beginning in February 2021. This partnership between Sprouts and Else Nutrition will dramatically increase the size of Else’s footprint in the United States and put the company’s products front and center in the eyes of health conscious consumers throughout the country.

“Being on the shelves at Sprouts Farmers Markets is an incredible milestone for our brand,” Else CEO and Co-Founder Hamutal Yitzhak said in the company’s release. “We are appreciative of the belief and support Sprouts has shown in our line of products, as they become the first natural grocery account to distribute Else on a national level. We have our sights set on being highly accessible across the United States, and this will begin with retailers who share our values and exceptionally high standards for progressive nutrition and ‘better-for-you’ foods.”

Food Companies Expand Plant-Based Options and Availability

Beyond Meat Inc (NASDAQ:BYND), the company largely credited with popularizing the plant-based meat alternatives concept, is continuing to make its products available in a growing number of stores and restaurants. Most recently, the company announced in January that Beyond Meat will be available at Taco Bell restaurants beginning in March.

Kraft Heinz Co (NASDAQ:KHC) was relatively late to capitalize on the plant-based alternatives boom, and is still vastly behind Beyond in market share. The company is looking to catch up, however, particularly in the plant-based cheese and condiments segments. Kraft-owned Philidelpha cream cheese has been researching plant-based alternatives, and Kraft launched vegan mayo and salad dressing options in late December.

US meat giant Tyson Foods, Inc. (NYSE:TSN) is not looking to be left behind in the plant-based craze either. In 2019, the company launched its Raised and Rooted brand of plant-based and hybrid foods. Then, in November 2020, the company retooled the Raised and Rooted lineup to eliminate the hybrid options and go fully meatless. In January, the company added to its plant-based offerings with the introduction of meatless options to its Jimmy Dean breakfast sausage brand.

In October, Kroger Co (NYSE:KR) expanded its in-house Simple Truth brand of plant-based foods with the addition of more than 50 meatless items. These included dairy-free ice creams and desserts, along with plant-based deli slices, ‘Chick’n’ burger patties, and more.

Plant-based foods as alternatives to animal products are proving to be far more than a food industry fad. Heading into 2021, this segment’s growth is only just getting started, along with the significant market opportunities for plant-based food companies like Else Nutrition.

For more information on Else Nutrition, click here.

Featured image: DepositPhotos © undrey

Please See Disclaimer


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

2)The Article was issued on behalf of and sponsored by, Else Nutrition Holdings Inc. Market Jar Media Inc. has or expects to receive from Else Nutrition Holdings Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) one hundred eighty-eight thousand USD for 57 days (38 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on MicroSmallCap.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on MicroSmallCap.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.