The Future of Sustainable Food Celebrates Earth Day 🌎

Happy Earth Day! Climate action is an important social responsibility, and in this email, we focus on sustainable foods for the future generation. Although plant-based protein makes up a small slice of the current overall protein market, the tide is turning. In 2020, U.S. plant-based retail sales increased by 27%, according to a report by the Good Food Institute and the Plant-Based Foods Association. Moreover, shortages and disruptions in the supply chain due to COVID-19 have only accelerated a sense of urgency for plant-based and/or lab-grown milk, meat, poultry, pork, and fish alternatives.

The plant-based market is expected to reach a value of $21.2BN by 2027. Alternative meat substitutes alone are estimated to be a $450BN market by 2040. It’s a race around the globe for market share, and the following disruptors are changing the way we eat and impact the planet more quickly than experts expected. 

Three FoodTech Startups to Watch 

• Eat Just: The California-based startup, largely known for its egg-free mayo and egg substitute, gained regulatory approval from the Singapore Food Agency last December to sell its lab-grown chicken—making history as the world’s first commercial approval of cultured (i.e. cell-based) meat, which is already available at one Singaporean restaurant, a place called social club 1880. Eat Just has plans to expand to more restaurants in Singapore this year. As of a few weeks ago, the company has raised a new $200MM Round and now hints at IPO'ing possibly at the end of the year. The next step for Eat Just will be getting regulatory approval in the US.
• Impossible Foods: This California-based startup has seen its Impossible Burger make its way into almost every possible food channel, including partnerships with supermarkets, fast-food chains like Qdoba and Burger King, and Disney theme parks. The company is exploring an IPO within the year or a SPAC merger at a value of $10BN or more. When competitor Beyond Meat went public in May 2019, it was the best-performing large IPO in the U.S. in more than a decade, portending good returns for Impossible Foods, which recently nabbed ex-Apple creative Steve Turner as its first chief experience officer. A first-ever national ad campaign rolls out later this month, too.
• Atlast Food: This New York-based startup announced a $40MM Series A round from investors on April 15 (including Robert Downey Jr.’s Footprint Coalition Ventures) to develop and supply plant-based meat to partners around the globe as well as direct to consumer through its brand, MyEats. The company launched its flagship plant-based bacon product—made from the roots of mushrooms— last fall and quickly sold out its planned capacity through 2023. The new investment will go towards building and staffing a new production facility.