Nestlé India, FDA, Uttarakhand NASVI train 1200 vendors in Dehradun
Else Nutrition, Kraft Heinz Company, Beyond Meat Inc., ConAgra Brands, & Kellogg are investing in R&D to stay ahead of the curve
As we head into 2021 and beyond, food companies are putting millions into the research and development (R&D) of the food industry innovations of tomorrow. Companies like Else Nutrition, Kraft Heinz Company, Beyond Meat Inc., ConAgra Brands, and Kellogg are investing in research and development teams to stay ahead of the curve, keep their offerings fresh and current, and possibly create the next big industry innovation.
Israel-based food and nutrition company Else Nutrition is focused on developing innovative, clean, and plant-based food and nutrition products for infants, toddlers, children, and adults. The company just completed a successful e-store and Amazon launch and is currently in the process of rolling out its products at over 380 US retail locations.
Plant-based market boom projected to continue after the pandemic
The plant-based food industry has experienced significant growth in 2020, but analysts don’t see the market growth as a fad. In fact, the plant-based food and beverage market is projected to reach $32.29 billion by 2027 due to increasing incidences of lactose intolerance, the rising number of milk allergies, and innovative product launches.
Plant-based milks currently account for 14% of the entire milk category in the US, a 5% increase year-over-year, and could “eventually make up the majority of the dairy category.” The plant-based meat category has also skyrocketed, with sales increasing by 18% over the last year, likely driven by the popularity of Beyond Meat Inc.
Beyond Meat entered the public market with a bang in May 2019 with one of the biggest IPOs in recent history and has continued to grow its product portfolio ever since.
Although Kellogg has been involved in the vegan food space for a while through its MorningStar Farms brand, the company bolstered its meatless alternative offerings in 2020 to meet with changing consumer tastes.
Lagging behind in plant-based R&D initiatives is global food company Kraft Heinz Company, which only spent 0.4% of revenues on R&D in 2019, well below the average 1.4% spent by its peers.
ConAgra Brands may take the cake for the most product launches into the market this year after revealing the launch of more than two dozen new products in July, half of which were plant-based.