Hi everyone, happy first Friday in July! The global plant-based meat market, which anticipates to grow at a 19.4% CAGR from 2019 to 2027, reaching $13.8 billion in sales by the end of the forecast period, has seen an uptick in investment activities over the past week with Brazilian player Future Farm gearing up for its U.S. launch. But will Asia eventually have a bigger appetite for the sector down the road? Please read our weekly headlines roundup below:
- Plant-based proteins are gaining increasing levels of acceptance in China according to research by The NPD Group. Awareness of plant-based protein has reached 90% among the general public, with the retention rate for plant-based protein rising 15% in Q4 of last year – Vegconomist
- U.S. plant-based company Eat Just, which is mulling a $3 billion IPO in Q4 or early next year, is eyeing China as a key market for growth, where it’s already started selling its products through local fast-food chain Dicos – Forbes
- Also in the meat alternatives sector, Brazilian company Future Farm, which is led by former regional Red Bull executive, is gearing up for its U.S. launch, expected to be a strong rival against local incumbents Beyond Meat and Impossible Foods. – FoodNavigator-USA
- The sweets and snacks category has also drawn significant public attention this week with Krispy Kreme‘s second IPO with its share price popping by over 23% to end the session at $21, putting its valuation at nearly $30 billion. The company was acquired by the consumer goods investment firm JAB Holding Company for $1.35 billion in 2016. – Yahoo Finance
- Elite Sweets, a maker of high-protein donuts, has completed a $2 million seed funding round led by Siddhi Capital, with participation by Constellation Capital, Capital Factory, SputnikATX and angel investors in the consumer products industry. – Food Business News
- Premium chocolate company Scharffen Berger Chocolate Maker has returned to private ownership following its acquisition by The Hershey Company in 2005. The company will refocus its business on baking chocolate under the leadership of new owner and CEO Paul Cherrie, a confection category veteran, with founder John Scharffenberger returning as advisor. – Nosh
- Danone Manifesto Ventures (DMV) has acquired a majority stake in Harmless Harvest, a leader in organic coconut-based products including coconut water and dairy-free coconut yogurt alternatives, after leading a $30 million capital round in the company back in 2017. – Business Wire
- Unilever has agreed to acquire skincare brand Paula’s Choice, a DTC skincare brand founded in 1995, creates content and digital tools to provide easy-to-understand information on the science behind its skincare. – Retail Dive
- California-based CBD company Kadenwood announced this week it has raised $50 million in funding, with $20 million allocated to an upcoming national media campaign to drive consumer awareness for its portfolio of CBD brands, including the recently acquired Healist Advanced Naturals and Social CBD. – Nosh
- Piyush Jain, a 23-year veteran of Unilever who was most recently global brand VP of haircare for the United States at the conglomerate, where he managed a portfolio worth more than $2 billion in retail sales and grew the incubated brand Love Beauty & Planet to surpass $100 million in sales, has joined the clean personal care brand Hand In Hand as CEO. – Beauty Independent
Thank you, and have a great Fourth of July weekend!!
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