Burcon NutraScience has teamed up with an unnamed “industry plant protein company” to submit a bid to acquire the assets of distressed plant protein processor Merit Functional Foods, which went into receivership on March 1.
From ‘designer fats’ made by microbes to oleogels, the race is on to find replacements for animal fats in meat alternatives, say the founders of California-based startup Lypid.
Bel Group—the multinational firm behind cheese brands Babybel, The Laughing Cow, and Boursin—has teamed up with AI-powered startup Climax Foods to develop plant-based versions of its iconic brands for launch in Europe and the US by the end of 2024.
US retail sales of plant-based foods rose 6.6% to $8bn in 2022, with growth in creamers, eggs, and butter partially offset by declines in meat, ice cream, and cheese, according to new reports from the Plant Based Foods Association (PBFA) and the Good Food Institute (GFI). Unit sales fell 3%.
Parties interested in bidding for distressed plant protein processor Merit Functional Foods have until April 21 to submit an offer, says receiver PriceWaterhouseCoopers.
If we’re being brutally honest, most plant-based cheese brands are over-promising and under-delivering, says the founder and CEO of alt dairy startup Stockeld Dreamery.
“Right now, a lot of plant-based products are no better than animal products, and in some cases they are actually worse,” claims the CEO at Climax Foods, a data-driven startup reverse engineering animal foods and rebuilding them with plants.
The public dispute between Miyoko Schinner and the board of the plant-based dairy company she founded heated up this week, with Schinner filing a lawsuit alleging she was forced out of Miyoko’s last year after complaining to HR about male executives who “openly denigrated women.”
As news about Silicon Valley Bank rippled through the exhibition halls at Expo West on Friday, AFN walked the show floor to catch up with key players in foodtech, from Climax Foods, showcasing the next generation of plant-based cheese, to Eat Just, which is taking “critical steps towards profitability.”
Burcon NutraScience—which developed the plant protein extraction technology utilized by Merit Functional Foods—says it will submit a formal proposal to acquire the distressed business, which went into receivership on March 1.
Tofurky’s new owner Morinaga Nutritional Foods paid north of $50m for the family-owned alt meat brand, one of the leading players in the US meat alternatives market, AFN has learned.
Meati president Scott Tassani says he remains confident his minimally-processed mushroom root-based steaks and cutlets can breathe fresh life into the North American meat alternatives category, and believes Meati can capture “20% of what we think will be a $5 billion retail market in five years.”
Sustainable Planet works with smallholder farmers in some of the world’s most arid places to produce water lentils that provide both food and income.
Beyond Meat CEO Ethan Brown faced a grilling from analysts Thursday evening as the plant-based meat firm posted a 20.6% decrease in net revenues to $79.9 million in Q4, 2022 vs Q4, 2021, with a net loss of $66.9 million.
Long-awaited FDA draft guidance on labeling for plant-based milks has been slammed by the milk lobby for its “circular logic” and criticized by plant-based advocates who say it “undercuts the administration’s climate goals.”
The dispute between Miyoko Schinner and the company she founded has grown uglier as Miyoko’s Creamery has filed a lawsuit accusing Schinner of “hatching a plot to steal company property, trade secrets, and confidential information” after being removed as CEO.
“Conflict grew around the best path forward for future growth,” says Miyoko Schinner as the board of the plant-based dairy co announced its search for a new leader after removing her as CEO from the company she founded.
The alternative protein sector was ‘overhyped, but now its demise is being over exaggerated,’ said investors at a recent industry event as the GFI unveiled results of a global investor survey suggesting a mood of cautious optimism.
Arkeon claims that ingredients are a bottleneck in the alternative proteins and is out to produce ingredients combined with vital amino acids.
Two of the biggest hurdles facing plant-based meat, says Rebellyous Foods, are price and quality-at-scale, which the Seattle-based startup is tackling head on with technology it claims can dramatically increase yields and slash labor costs.
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