Beyond Meat has lowered its revenue forecast for 2022 and announced job cuts, as consumers reportedly trade down to cheaper proteins. The company’s net revenue for Q2 declined 1.6% to $147 million, missing analysts’ estimates which projected $149.2 million in sales, according to Refinitiv data, cited by Reuters. An around 14.2% decrease in net revenue per pound was primarily responsible for the weak second-quarter sales, with list price reductions in European markets hurting the plant-based meat giant’s international retail performance. Meanwhile, US retail channel net revenues increased 2.2%, driven by sales of Beyond Meat Jerky. In the company’s second-quarter earnings report, Beyond Meat president and CEO, Ethan Brown, said: “In Q2 2022, we recorded our second largest quarter ever in terms of net revenues, even as consumers traded down among proteins in the context of inflationary pressures, and we made solid sequential progress on reducing operating and manufacturing conversion costs”. Plant-based meat prices have slowed the category’s growth with consumers trading down to lower-priced chicken and beef, Brown said on a separate call, cited by Reuters. Beyond Meat announced it will cut approximately 4% of its global workforce in a move it expects will result in annualised savings of around $8 million. The California-based company also reported a wider-than-expected loss of $1.53 per share for the second quarter. Meanwhile, Beyond Meat lowered its outlook for full-year net revenue, and says it now expects growth in the region of 1-12%, compared with its previous forecast of 21-33% growth. “Across the balance of the year, we are tightly focused on intensifying OPEX [operating expense] and manufacturing cost reductions, executing against a series of planned market activities for our global strategic partners, and strengthening our retail business through core support and the introduction of one of our best innovations to date,” Brown said in the company’s earnings report. He continued: “With the recent, dramatic decline in consumer buying power, the importance of delivering on our price parity targets is magnified. We take note of this powerful reminder, and continue to advance as well as broaden cost reduction activities in service to realising price parity.” #BeyondMeat #financialresults

Belazu Ingredient Company has announced the retail launch of its Ve-Du-Ya ‘nduja paste alternative. The vegan offering was initially created in collaboration with pizzeria chain Pizza Pilgrims and has since been introduced in Honest Burger. The paste aims to emulate the taste, texture and melting qualities of traditional ‘nduja and is made by fermenting the same Calabrian chillies used in the classic recipe. Ve-Du-Ya is free from xanthan gum, palm oil and gelling agents, and can be used as a pizza topping, in sandwiches and ragùs, and to coat oven-roasted vegetables. Peter Oden, commercial director at Belazu, said: “As a vegetarian myself, I am still amazed by the limited availability of international flavours on offer. As such I am passionate about expanding our vegan portfolio and offering our customers the chance to enjoy vegan flavours from around the world. “‘Nduja has been growing in popularity in recent years and in line with more people opting for plant-based diets, we wanted to give consumers who don’t eat meat the opportunity to try the increasingly trendy paste in their recipes. The partnership with Pizza Pilgrims gave us just that opportunity and I am delighted with the results of our new Ve-Du-Ya.” The paste is available from Booths, Planet Organic, through the Belazu website and Ocado, and is arriving in Waitrose this month. #BelazuIngredientCo #UK

Alternative fat manufacturer Lypid is partnering with Louisa Coffee in Taiwan to bring plant-based burger patties to over 500 stores nationwide. The patties feature Lypid’s proprietary vegan animal fat analogue, PhytoFat, which enables the patties to replicate the taste experience of meat. PhytoFat contains 97% vegan oils and water, and delivers a taste similar to animal-like fat when cooked above 329°F. Six items will be available on the menu as part of the collaboration, including sandwiches, rice burgers, muffins, and bagels. Michelle Lee, co-founder and CTO of Lypid, said: “In the current market, ‘fat’ is the missing ingredient in the majority of plant-based meats. Vegan oils used today simply melt and leak out of the food matrices due to lower melting points. With our PhytoFat, we are bringing the secret sauce back.” Jen-Yu Huang, co-founder and CEO of Lypid, added: “We are thrilled to work with such an incredible partner to bring delicious alternative food to our daily life and show the infinite possibilities that PhytoFat can offer for sustainability initiatives. This is an amazing achievement for our efforts in advancing the plant-based movement. With the early success and highly positive feedback from consumers, we aim to take our innovation to more channels in the following months.” In March 2022, Lypid secured $4m in a seed funding round to expand its PhytoFat portfolio. #veganfats #Taiwan #LouisaCoffee #plantbasedburger #Lypid

UK vegan chocolate brand, Push Chocolate, is introducing low-sugar buttons with plant-based protein, aimed at health-conscious consumers. The new offering is free from all 14 major food allergens, including dairy, gluten, nuts and soy. The buttons are also said to contain sustainably sourced cocoa and no palm oil. The recipe features a mix of pea protein isolate and rice protein, that is said to deliver an optimal amino acid profile very similar to whey protein. The company uses an unrefined sugar called panela sugar, alongside inulin (chicory root fibre) to sweeten its chocolate. According to Push, the entire line contains a minimum of 42% cocoa solids and uses more than 50% less sugar per 100g than mainstream brands. Push Chocolate founder, Ant Wilson, said: “I firmly and passionately believe that sugar should not be the first ingredient in any product. Instead, Push Chocolate’s range uses a smart formulation of exceptional quality ingredients to deliver melt-in-the-mouth, creamy chocolate with fantastic taste and top-notch health credentials. Shoppers are becoming ever more conscious of their wellbeing and the sustainability of products.” The new buttons are available from the Push Chocolate website, priced at £4.99 per 100g pouch. #PushChocolate #UK

US food technology company Motif FoodWorks has announced the appointment of Michael Leonard as its new CEO, effective immediately. Leonard – who has served as chief technology officer at Motif since 2019 – is said to have nearly two decades of experience in senior industrial science and technology roles within the speciality food ingredient and FMCG industries. He succeeds Jonathan McIntyre, who is transitioning to an advisory role with the company. Motif FoodWorks is developing food tech solutions for the alternative protein sector. The company’s portfolio includes Appetex, which helps to simulate the texture of animal tissue in plant-based alternatives, and Hemami, an animal-free ingredient designed to add authentic flavour and aroma to meat substitutes. According to Motif, Leonard brings extensive experience in driving commercialisation and R&D. Prior to joining the company, he served as vice president for white space innovation and Springboard R&D at Kraft Heinz, and will focus on accelerating Motif’s go-to-market initiatives in his new role. Alongside its food tech solutions, Motif is introducing meat alternative finished formats. “Motif has developed unique approaches to analysing, discovering and designing both plant-based ingredients and foods to better address unmet customer needs and tastes,” said Leonard. “I look forward to leading this business as we strengthen our position in the market and deepen our organisational focus on commercialisation, technology development and growth. “The entire team at Motif thanks Jon for his outstanding leadership and contributions over the past three and a half years, and for his continued support of the company as we enter this new phase.” #Appointments #MotifFoodWorks #US

The plant-based sector is ever-evolving, reflected in a near constant stream of NPD. Whether a dairy-free beverage, meat alternative or ready meal, there seems to be something out there for every consumer taste. The Plant Base rounds up some of the latest products to hit the market. Bute Island Food’s dairy-free cheese brand, Sheese, is launching plant-based arancini balls in the UK. The tomato and mozzarella flavour rice balls are soy-free and suitable for vegans. Sheese’s Sheesy Aranacini Balls will be available in 200g packs in Tesco from early September. Tofu Tasty, a sister brand of food company Miso Tasty, has introduced dried tofu knots. The launch is said to mark the first time dried tofu has been available from UK supermarkets. The knots are made from soybeans and water, are nutrient-rich – boasting 45% protein – as well as gluten-free and plant-based. The company says that its dried tofu has a creamier and more savoury flavour than fresh tofu and is both “chewy and flaky”. The knots can serve as a replacement for meat or fish in dishes like stir-fry or as a base instead of pasta. The ready-to-drink milk alternative can be enjoyed on its own, or added to smoothies and shakes. The company emphasises that the drink is not a breast milk substitute, but rather a nutritional product designed to be enjoyed by toddlers from one to three years of age as part of a varied and balanced diet. According to Nestlé, its new Growing Up Drink is a good source of vitamins A, C, B2 and B12, as well as iron, and has been enriched with iodine, omega-3 and omega-6. The drink also contains calcium and vitamin D. Country Crock has expanded its portfolio with the launch of a plant-based alternative to dairy heavy whipping cream. Plant Cream is soy-free, contains 29% less saturated fat than its dairy counterpart, and can be used in both sweet baking and savoury recipes. Providing a 1:1 swap with dairy cream, the new offering is said to be “perfect for vegetarians, dairy intolerant or plant-curious consumers”. Meatless Farm moves into ready meal category Meatless Farm has moved into a new category with the launch of a range of frozen and chilled ready meals. Meatless Marinara combines spaghetti and pea protein meatballs with a rich tomato and herb sauce, and can be found in the frozen aisle. Meanwhile, the new Meatless Korean BBQ Style Chicken & Rice and Meatless Chilli Non Carne dishes come chilled or frozen. The Korean-inspired dish features plant-based chicken, a red chilli and herb sauce, and coriander-infused rice, while Meatless Farm’s Mexican-style chilli meal consists of kidney beans, red onion, a tomato-based sauce and white rice. Plant-based chocolate brand LoveRaw has launched Ferrero Rocher-style Nutty Choc Balls in the UK. The new offering features whole hazelnuts dipped in a vegan hazelnut cream, with a plant-based milk chocolate and crunchy hazelnut coating. The balls – which LoveRaw co-founder Manav Thapar says are “unlike anything else on the market” – are sold in pairs, and are free from palm oil and artificial ingredients. The Collective is expanding its range of Suckies children’s yogurt pouches with the introduction of new dairy-free options. The plant-based pouches are made from the brand’s oat and coconut yogurt alternative, blended with fruit. Set to launch in September, two dairy-free flavours will be available: peach & apricot and strawberry. The new offerings contain live cultures, calcium for strong bones, and vitamins D and B12 for immune support. They are also free from artificial flavours, colours and preservatives, as well as soy and nuts. Plant-based meat firm This has unveiled its first branded food-to-go range, comprising three sandwiches and two snacking pots. The sandwiches feature the brand’s plant-based chicken, and come in three variants: This Isn’t Chicken & Sweetcorn, This Isn’t Chicken & Stuffing and This Isn’t Coronation Chicken. Meanwhile, the snack pots include: This Isn’t Chicken Tikka Pieces, which comes with a mango chutney dip, and This Isn’t Pork Cocktail Sausages with tomato ketchup. Upfield-owned Violife has entered a new category with the launch of a range of dairy-free dips in the US. The new offerings are free from nuts, soy, gluten and preservatives, and offer a plant-based take on three top-selling dairy dip flavours. The line consists of French Onion, Spinach & Artichoke and Ranch variants, which are made with coconut oil and simple ingredients, such as onions, spinach, artichokes and herbs. Daiya Foods has added Mediterranean-inspired cheese blocks to its portfolio of plant-based cheeses. The new Feta Style Block is made with gluten-free oats and olive oil and is said to be “salty, tangy and bright with a semi-smooth bite”. The dairy-free cheese can be enjoyed in both hot and cold recipes. Meanwhile, Daiya’s Grilling Cheeze Block is made with oats and chickpeas, and features notes of garlic and herbs. Inspired by traditional halloumi cheese, the new offering is designed to be grilled, pan-fried or deep-fried, maintaining its shape without melting. #TheCollective #This #Nestlé #Upfield #Sheese #MisoTasty #Violife #Loveraw #MeatlessFarm #DaiyaFoods #CountryCrock

Plant Based World Expo will return from 30 November to 1 December as the only 100% plant-based event designed exclusively for foodservice and retail professionals, distributors, investors and manufacturers. This year, the event will showcase the latest developments in plant-based food and explore how these innovations can help protect the environment, boost public health and alleviate challenges caused by supply chain issues. Taking place at Olympia London, professionals can discover innovative plant-based products, hear from industry leaders and pioneers, and connect with world-leading retailers, caterers, investors, buyers and distributors. Visitors will also have the opportunity to be amongst the first to sample mouthwatering plant-based food from groundbreaking international companies. The show floor will host some of the industry’s most exciting brands, including household names and the start-ups quickly making their mark on this fast-paced industry. From plant-based meat and dairy alternatives to confectionery, exhibitors – including Quorn, Just, Hlthpunk and Willicroft – will showcase a range of products aimed at reducing the impact of food on the environment and improving health. The new Learning Garden Theatre will join the show for 2022. Taking place on the show floor and open to all attendees, the theatre will host free educational sessions for the whole industry. A ticketed conference will also take place with content devised for retail and foodservice buyers, covering sustainability, the politics of food, catering for the next generation, elevating plant-based offerings, meeting the needs of new audiences, and the delivery market. Elsewhere, the Culinary Theatre will host masterclasses run by industry and celebrity chefs to demonstrate how plant-based products can create exceptionally easy and tasty dishes. Jonathan Morley, managing director of the show’s organiser, JD Events, commented: “Plant-based food presents a significant opportunity to lead the charge in protecting the environment and overcome many of the most pressing food challenges. Innovation in this space is phenomenal: plant-based is no longer a selection of bland, mushy vegetables squeezed into a breadcrumb coating. “We were humbled by the fantastic reception Plant Based World Expo Europe received in October 2021. There was so much hunger for our event that we have had to move our show for 2022 to Olympia London for a bigger space. I’m excited to see what this year brings.” For further information and to register, please visit plantbasedworldeurope.com, or to exhibit, contact the show team on 01306 775 059. #partnercontent #PlantBasedWorldEurope #PlantBasedWorldExpo #UK

British ice cream brand Jude’s has collaborated with peppermint company Summerdown to create a new vegan offering: Plant Based Mint Chocolate. The latest addition to the Jude’s portfolio features mint ice cream with a velvety chocolate swirl and rich dark chocolate pieces. The plant-based product is made with English Black Mitcham peppermint that has been grown, harvested and distilled on Summerdown’s family farm. Jude’s managing director, Chow Mezger, said: “It was an absolute joy to have the expertise of the peppermint people at Summerdown as we created this wonderfully balanced mint chocolate ice cream. Plant Based Mint Chocolate is unbelievably creamy, and I love the way the smooth ice cream, chocolate ripple and crunchy chocolate chips work together.” The ice cream will be available from Ocado from 31 August for an RRP of £4.80. #Judes #plantbaseddairy #Summerdown #UK

As the plant-based dairy sector continues to gain ground, yogurt alternatives are expanding their appeal. Propelled by health and ethical concerns, companies are introducing a wide range of tasty dairy-free yogurts made using ingredients such as soy, almonds, oat, pea and coconut. The Plant Base examines this growing market. According to market research company, Imarc Services, the global vegan yogurt market reached a value of $1.94 billion in 2020, and is expected to exhibit a CAGR of 17.7% between 2021 and 2026. In the US, dollar sales of plant-based yogurt in retail grew 61% between 2018 and 2020, according to SPINS data supplied by the Good Food Institute. Flexitarian diets are driving wider audiences to plant-based meat and dairy, with vegan yogurts being no exception. YouGov commented that: “Brands have a great opportunity to increase their market share among flexitarians: under a third (30%) use a meat or dairy substitute at least weekly”. Health-conscious consumers are looking for different ways to ensure they are getting the nutrients they need from their food. And plant-based products can incorporate health benefits, such as antioxidant properties, digestive and immune health support, and much more. Gut health Propelled by consumer lifestyle trends, many businesses in the plant-based space are striving to make their products as clean and healthy as possible. The Coconut Collab, for example, is creating vegan products that support a healthy digestive and immune system. Earlier this year, the brand launched what it claimed was the UK’s first plant-based yogurt range dedicated to promoting better gut health – featuring billions of live and active bacteria, as well as prebiotic fibre. The yogs are also fortified with calcium, and vitamins D, B6 and B12. James Averdieck, founder of The Coconut Collab, explained that this is an important combination for adults and children with food intolerances or other dietary requirements. “Calcium contributes to the normal function of digestive enzymes, while vitamins D, B6 and B12 contribute to the normal function of the immune system. Vitamin B12 is a vital nutrient that is not as easily available through a plant-based diet, so it is important that diets which exclude all animal products…ensure that they obtain their recommended daily intake from fortified sources or supplements.” He added: “We are particularly aware of the recent boom amongst the dairy ‘active health’ market and see a clear untapped opportunity to mirror this within plant-based yogs. How people understand ‘gut health’ is beginning to become much more than just ‘good bacteria and digestion,’ and has seen a shift in focus towards how diet can complement your whole lifestyle.” High-protein Many consumers nowadays are looking for plant-based yogurts that provide high protein content. A 2021 US survey by the International Food Information Council (IFIC) found that while consumers place a premium on naturalness regardless of whether a yogurt is dairy- or plant-based, when it comes to the latter, protein is also a top priority for many. After “natural,” the second highest proportion of respondents (9%) ranked “high protein content” as the claim that was most important to them. Many plant-based yogurt brands are launching new offerings in response to this demand. For example, Danone released a line of protein-packed, Greek-style yogurt alternatives under its Silk brand last year, that contains 10g of plant-based protein, and live and active cultures. Meanwhile, Siggi’s plant-based coconut blend recipe is said to contain three times the protein and 35% less sugar than “the leading yogurt alternatives”. Shapes and formats Due to the rising consumption of plant-based yogurts, companies are now introducing products in many different shapes and formats, helping to attract not only adults but also younger consumers. For instance, Forager Project recently launched a cashew milk yogurt line packaged in squeezable pouches that can be enjoyed on the go. Children often opt for easy-to-drink products, and The Collective is another company servicing this need with its latest release. It recently announced that it was expanding its plant-based portfolio with the launch of new dairy-free children’s ‘suckies’ yogurt pouches. A proliferation of exciting products and formats is helping fuel consumers’ appetite for vegan yogurts. Companies have their work cut out to meet shoppers’ expectations on nutrition, alongside taste and texture, but tapping into the prevailing market trends could steer brands towards sweet success in this category. #blog #Dairyalternatives #plantbasedyogurts

Plant-based beverage giant Oatly has recorded a 21.8% rise in second-quarter revenue, but cut its outlook for full-year sales. For the quarter ended 30 June, the oat milk maker reported sales of $178 million, which included a foreign currency “headwind” of $11.7 million. On a constant currency basis, revenue grew 29.7% year-over-year. Oatly has been ramping up production capacity during the past 12 months, with countries including China and the US seeing significant investments, and the company says that the revenue increase was primarily driven by additional supply from its facilities. Sold volume for Q2 amounted to 121 million litres, compared with 95 million litres last year, an increase of 27.4%. Meanwhile, the company posted a six-month net loss of $159.4 million, compared with a $91.4 million loss in the year-ago period. EBITDA losses widened to $144 million from $68.2 million in the previous year. Toni Petersson, Oatly’s CEO, said: “We delivered strong second-quarter financial results with sales growth of 22%, or 30% in constant currency, despite several headwinds including Covid-19 lockdowns in China. Profitability metrics improved compared to the first quarter of 2022 and we expect this trend to continue in the second half of the year.” Oatly has updated its outlook for the full year “based on the challenging operating environment today with the war in Ukraine, Covid-19, and inflationary and supply chain pressures,” Petersson said. He continued: “In EMEA [Europe, the Middle East and Africa], oat milk clearly continues to take market share and our leading brand position and velocity remain strong. However, we believe the macroeconomic uncertainty has impacted the speed at which we are able to expand our distribution footprint in foodservice and new markets, and the pace at which we have been able to convert new consumers from dairy to plant-based milk is taking longer than we had hoped for.” Meanwhile, in Asia, where Covid-19-related restrictions and concerns over lockdowns persist, the recovery in the foodservice channel has been slower than the company expected. Oatly says that it now expects full-year revenue growth in the region of 24% to 29%, compared with its previous forecast of 37-43% growth. #financialresults #milkalternatives #Oatly

UK pastry brand Higgidy is expanding its plant-based portfolio with the introduction of two new snacking products. Bang Bang Cauliflower Dinky Vegan Rolls and Spinach & Red Pepper Mini Vegan Muffins are both said to be “packed with vibrant veggies” and can be served straight from the pack. The rolls feature chipotle and lime cauliflower, sweet potato, red pepper and a smoky date sauce, wrapped in puff pastry and topped with a paprika and golden linseed sprinkle. Meanwhile, the muffin recipe includes red peppers, spinach, basil, butternut squash purée and pine nuts. Higgidy says that both products are made following the brand’s “veg-centric” approach, “meaning no meat or dairy substitutes, just carefully crafted recipes that hero veggies and top-notch ingredients”. The company is aiming to appeal to vegans, vegetarians and those wanting to cut down on meat with its latest launch. Both the new products will arrive in supermarkets on 14 September at an RRP of £3.20. #Higgidy #UK

Confectionery brand Panda Liquorice is adding a new vegan chocolate-coated liquorice product to its portfolio. The new offering features soft liquorice bites covered in vegan-friendly, Rainforest Alliance Certified chocolate. Finnish brand Panda makes its liquorice with just four ingredients using traditional cooking methods. Lisa Gawthorne, director at Bravura Foods, which distributes the brand in the UK, said: “It’s an exciting first for Panda innovating in a chocolate liquorice product. The new product is made with rice milk making it suitable for the vegan market, and it’s a real novelty as a lot of chocolate-coated products aren’t necessarily vegan friendly.” Priced at £2.99 per 110g, the liquorice will be available from health food retailers in September. #BravuraFoods #PandaLiquorice #UK