Consumer Pulse: Who's Buying Alt-Meat?

The Food Institute Plant-Based Insider The Food Institute December 19, 2023 Featured Focus Who’s Buying Alt-Meat? Unpacking Consumer Motivations When it comes to consumers, the alt-meat category has more than its fair share of challenges — and supporters. Here’s the latest purchasing insights from Brightfield Group’s quarterly shopper survey. READ NOW By the Numbers Industry News Peter McGuinness, CEO of Impossible Foods, believes that plant-based meat has an image problem. To counter the off-putting “wokeness” associated with these products and take on Big Meat more effectively, he’s planning a rebrand to make the alt-meat giant bigger and more inclusive, reported Green Queen. Full Story   Why are LTOs worthwhile for plant-based sweets brands? According to Lindzi Shanks, co-founder of XO Marshmallow, plant-based snack brands should leverage the ability of limited-time-only offerings to boost sales "by increasing the scarcity mindset of a product," reported Food Dive. Full Story Singer Billie Eilish is partnering with vegan restaurateur Nic Adler to open Argento, a new vegan Italian restaurant in Los Angeles. The Mediterranean-inspired space will be entirely vegetable-forward, without processed plant-based meat alternatives, reported VegNews. Full Story   Poland is tabling a decision to bar the naming of plant-based meat alternatives with words similar to meat products, such as “burger,” “sausage,” or “steak.” In its draft decree, the Polish Ministry of Agriculture outlined the restrictions, after being pressed by national farming organizations, reported Food Ingredients First. Full Story   FI Newscast Replay NEWSCAST Exploring Food Innovation FOOD INDUSTRY NEWS WEEKLY Watch Now: The latest FI Newscast features special guest, Nolan Lewin, Executive Director for The Rutgers Food Innovation Center. Nolan shares valuable advice on navigating innovation in the ever-evolving world of food and beverage, including 2024 trends, and unpacks the "New" RFIC and its mission. WATCH HERE Financial News Japanese tofu maker Yamami is ushering in record profits in 2023 as the company augments the ancient craft with automation. Shares are up 138% this year as production at the company's newest factory soars to 15,000 units of the bean curd per hour—several times more than its rivals, reported Bloomberg. Full Story  American consumer wellness brand CV Sciences has officially publicized the purchase of Cultured Foods, a European manufacturer and distributor of vegan food. The move allows CV Sciences to tap into the plant-based food market, reported Vegconomist. Full Story  Investment firm Lever VC has increased its equity stake in Birdman, a plant-based protein company in Mexico set to expand into the U.S. Birdman has demonstrated impressive sales performance, achieving a $65 million sales run rate amidst a challenging economic landscape, reported Vegconomist. Full Story   Heather Mills’ VBites, the U.K. vegan business set up by the entrepreneur 30 years ago, has gone into administration. VBites, which produces alternatives to meat, fish and dairy, was suffering from cashflow problems and a “softening” in consumer demand, reported Just Food. Full Story VIDEO: Digging Into Eatertainment 71 The Food Institute 19 9 Eatertainment is Winning the Dining Game From arcade havens to upscale dining experiences, eatertainment venues are outshining casual dining. From arcade havens to upscale dining experiences, Eatertainment stands at the crossroads of dining and entertainment. Despite economic challenges, Eatertainment venues are outshining casual dining. In this video, experts RJ Hottovy from Placer.ai, and David Henkes from Technomic discuss the industry's resilience, the unique allure of these experiences, and why this trend is not just expected to survive, but thrive into 2024. WATCH NOW Plant-Based Premiere: New Product News Plant-based food and beverage company Twrl Milk Tea has launched its complete line of boba milk teas in select Whole Foods Markets across the U.S. The full set includes four flavors: Hojicha Roasted Green Milk Tea, Jasmine Pu’erh, Taiwan-Style Black Milk Tea, and Ube Milk Tea, reported BEVNet. Full Story   FI Member Profile Knouse Food Cooperatives Knouse Foods is a Grower-Owned Fruit Cooperative. Together as a company, with more than 100 family farms throughout the Appalachian Valley, we bring fruit to consumers across the country. Our Cooperative started more than 100 years ago, with families of farmers expanding their apple orchards and needing a place to sell their fruit. Knouse Foods is now one of the largest processors and innovators of apple products in North America and sells our products under the brands Musselman’s and Lucky Leaf. To learn more about this Food Institute Member, please visit: www.knouse.com. LEARN MORE Know anyone else that would benefit from the Plant-Based Insider newsletter? Please send them the following registration to sign up. We also welcome your feedback on how we can continue to improve this newsletter. For advertising inquiries, contact Paola Garcia at [email protected]. CONNECT WITH THE FOOD INSTITUTE Linkedin  Facebook  Instagram  Twitter  Youtube   The Food Institute | 330 Changebridge Road, Suite 101, Pine Brook, NJ 07058 Constant Contact Data Notice Sent by [email protected]