The Plant-based Food Market Boom is Just Getting Started - Seite 2

"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.