One week in a post #31: Plant-Based Smoked Salmon, BamNut Legume, Restorative Eggs, New Joint-Ventures.
One week in a post #31: Plant-Based Smoked Salmon, BamNut Legume, Restorative Eggs, New Joint-Ventures.
3 Highlights of the Week
1/Food+Climate getting into countries agendas
Members of the European Parliament have backed a proposal for a law that would ban the sale of agricultural products linked to deforestation. Once the law is approved, businesses will be required to ensure that their agricultural goods do not contribute to deforestation anywhere in the world. The legislation will cover soy, cattle, palm oil, wood, cocoa, and coffee. It may also be extended to include meat from pigs, sheep, goats, and poultry.
President Biden signed an executive order aimed at advancing US leadership in biotechnology and bio-manufacturing, which includes exploring new innovations in the agricultural sector, and specifically mentions the advancement of alternative proteins.
2/Restorative vs Regenerative
Vital Farms has launched Restorative eggs, produced from chickens raised on pastures using regenerative agriculture practices like cover crops and perennial rotations. The company said it is using the term “restorative” instead of “regenerative” because there is a limited amount of third-party certification options for egg producers.
3/Market Consolidation
Nestlé announced earlier this week that it is preparing to launch new dairy milk alternative using Perfect Day’s animal-free precision fermentation whey.
Kraft Heinz’s new Chief Growth Officer reveals first NotCo products will launch in late 2022.
Plant-based seafood brand Good Catch’s North American operations were acquired by Wicked Kitchen in an all-stock deal.
Recently raised $
Planted gets $72M to put whole cuts of vegan chicken on Europe’s menu.
Eat Just bags $25M, gets Alibaba’s help to sell alternative protein in China
Meati Foods raised $150 million in Series C funding led by Revolution Growth with participation from Grosvenor Food & AgTech and Chipotle Mexican Grill’s venture fund Cultivate Next.
Neutral Foods, the first carbon neutral food company in the U.S., announced it closed on a $12 million Series A led by Breakthrough Energy Ventures, a fund co-founded by Bill Gates
Climate Friendly Products of the Week
1/Hooked Foods
Vegan seafood substitute for tuna. What I like about it:
Demand. The global plant-based seafood market is expected to see a CAGR of 30.4 percent through 2027 with a global market valuation of $1.3 billion expected by 2031.
European(!) Hooked has been the first-movers building a new category such as plant-based seafood in Europe.
Cool branding. Very fresh, fun and approachable brand identity.
2/Revo Foods
Plant-based Salmon, made in Europe. What I like about it:
Product. Revo has a smocked salmon on the shelves!
Small round, big impact. Revo reports to have raised “only” $4M, and they count already 2500+ selling points across Europe.
First Comers. Revo seems to be the first company in the world to release a plant-based alternative to graved salmon and salmon spread.
3/WhatIf Foods
Vegan noodles and milk using a groundnut that grows in degraded lands with minimal demand for resources.
Forgotten ingredient. Native to West Africa but now cultivated across the continent, the BamNut is a type of legume in the same food family as peanuts, peas, and beans.
Climate Friendly. The crop has the ability to capture atmospheric nitrogen and convert it into nitrogen compounds in the soil, making it an ideal cover crop and suitable for large-scale crop rotation.
Community. WhatIF Foods has partnered with local organization The Pond Foundation to establish an outreach program and collaborate with local research institutes to monitor farming practices and soil health and provide a meaningful livelihood to farming communities.