North America Is Projected To Be One Of The Major Markets For Dairy Alternatives Through 2028
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Palm Beach, FL - November 9, 2021 – FinancialNewsMedia.com News Commentary – The global dairy alternatives market size has been steadily growing at an increasing yearly rate for some time now... and it is projected to continue higher growth levels for several years to come, driven by a high demand owing to the shift in consumer eating patterns. Grand View Research projects that the global dairy alternatives market size was valued at USD 20.50 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028. The report said: "The growing demand for plant-based products with high nutritional value is expected to drive the market over the forecast period. The increasing number of milk allergies and health-related issues associated with harmful additives used additionally in dairy products is expected to augment the demand for dairy alternative products, such as soymilk, almond milk, and rice milk. The European market is expected to witness growth owing to the rising demand for healthy food and beverages in the region. Dairy alternative-based beverages are often consumed as alternatives to dairy beverages. Manufacturers are focusing on new product development, which includes soy juice mixes and fresh soy drinks. Soy led the market in 2020 and accounted for more than 35.0% share of the global revenue. Soy milk is rich in nutrients and has a high protein content compared to other dairy alternatives, which is expected to drive the segment over the forecast period. Soy milk has been traditionally used in the Asia Pacific region over centuries and is a part of numerous recipes, which is expected to keep the product demand consistently stable over the forecast period. It is used for the purpose of lowering obesity and blood cholesterol levels. It also helps in reducing the risk of several postmenopausal issues, along with improving cardiovascular health, which, in turn, has made it a preferred supplement." Active Companies in the markets today include Plant Veda Foods Ltd. (OTCPK: PLVFF) (CSE: MILK), Beyond Meat, Inc. (NASDAQ: BYND), Tattooed Chef Inc (NASDAQ: TTCF), The Hain Celestial Group, Inc. (NASDAQ: HAIN), Oatly Group AB (NASDAQ: OTLY).
Grand View Research concluded: "North America is one of the major markets for dairy alternatives as a variety of dairy alternative products, such as ice cream and yogurt, are consumed on a large scale. Flavored milk accounts for over two-thirds of milk products sold in North American schools. Increasing consumer demand for sweetened flavored soy and almond milk is expected to be a key factor driving the dairy alternatives industry. Milk-based dairy alternatives are used for manufacturing various food items and desserts, which is expected to drive the industry over the forecast period in the North American region... In Europe, increasing demand for low-calorie content food, coupled with the rising popularity of plant-based nutritional products, is likely to augment the demand for the product over the next eight years."
Plant Veda Foods Ltd. (OTCPK: PLVFF) (CSE:MILK) BREAKING NEWS: Plant Veda Prepares to Ramp up Production by Hiring Veteran Plant Manager Mehdi Gohardeh – Mr. Gohardehi managed the processing of over 2 Million Kilos of Ingredients on a Daily Basis — Plant Veda Foods Ltd. ((the "Company" or "Plant Veda"), an award-winning dairy-alternative food manufacturer, is pleased to announce that production and food quality expert, Mehdi Gohardehi, has been engaged by the Company as a Plant Manager.
Mr. Gohardehi previously commanded manufacturing operations at Solico Group, a multinational food company with an annual turnover of a billion dollars. He managed the facility to the highest of global food & safety standards, including compliance and certification with the International Standards Organization (ISO) and HACCP, a systematic and preventive approach to food safety. Mr. Gohardehi also oversaw compliance with the Canadian Food Inspection Agency (CFIA). Products formulated under Mr. Gohardehi's oversight included dairy products, ready meals, beverages, and snacks.
"Managing production growth in food manufacturing is as much of an art as it is a science,” states Plant Veda CEO, Sunny Gurnani. "Mehdi's significant expertise and deep knowledge in running large scale dairy-based operations will be critical as we continue to build out the facility and quickly scale up our production to meet the market demand."
"This dairy industry veteran has proven his formula with a hands-on approach, lean manufacturing and scalability without compromising quality or safety. Please join me in welcoming Mehdi to the Plant Veda family." CONTINUED... Read this full release for Plant Veda Foods Ltd. at: https://www.financialnewsmedia.com/news-milk
Other recent developments in the markets include:
Beyond Meat, Inc. (NASDAQ: BYND), a leader in plant-based protein, is shaking up the breakfast game in Canada by recently launching plant-based Beyond Breakfast Sausage(R) Links in grocery stores nationwide, marking Beyond Meat's entry into the Canadian retail breakfast category. Consumers can find the savoury plant-based sausage links at all major retailers across Canada, making it easier than ever to enjoy Beyond Meat's delicious, nutritious and sustainable plant-based proteins any time of day.
Beyond Breakfast Sausage Links are crafted to deliver the craveable flavor and juicy texture of traditional breakfast sausage, while offering 12g of protein per serving and 35% less sodium than the leading brand of pork sausage. Beyond Breakfast Sausage Links are made of simple, plant-based ingredients like peas and rice, with no GMOs, soy, gluten, antibiotics, hormones or cholesterol. Plus with eight links per package, Beyond Breakfast Sausage Links are a delicious and convenient option that will satisfy the whole family.
Tattooed Chef Inc (NASDAQ: TTCF) has recently agreed to acquire Belmont Confections Inc., a private label co-manufacturer of nutrition bars, for about $18 million in cash and stock.
Tattooed Chef expects to close the acquisition of the Youngstown, Ohio-based company in the fourth quarter of 2021. The acquisition allows Tattooed Chef to diversify its product offerings further and enter into the $10 billion global plant-based bar category.
“We are excited to announce the acquisition of Belmont and look forward to welcoming George Tsudis and his team to the Tattooed Chef family,” said Sam Galletti, CEO of Tattooed Chef.
The Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic and natural products company with operations in North America, Europe, Asia and the Middle East providing consumers with A Healthier Way of Life(TM), recently announced that it will conduct a conference call to discuss its First Quarter Fiscal Year 2022 financial results on Tuesday, November 9, 2021 at 8:00 AM Eastern Time. The call will feature remarks by Hain Celestial’s management team. The call will be webcast and can be accessed afterwards and live on Hain Celestial’s website at http://www.hain.com under Investor Relations and subsequently through Press & Events.
Oatly Group AB (NASDAQ: OTLY), the world's original and largest oat drink company, recently announced plans to open a new research and innovation center at Lund University in Sweden to further explore the potential of oats. The new innovation center will further Oatly's leadership around oats and enable the Company to accelerate its mission to drive a societal shift towards a plant-based food system for the benefit of people and the planet. The Company expects to add approximately 30 new scientists to its global team based in Lund over the next year, with the potential to add nearly 100 researchers across its research hubs in Europe, the Americas and Asia.
"We're excited to build on our strong foundation in science, research and innovation as we expand our team at Lund University," said Sofia Ehlde, Oatly's Executive Vice President Food Innovation. "For more than 25 years, we have developed great-tasting, oat-based products that have been designed for human nutrition and as a solution for a more sustainable food system. We believe this new research and innovation center will both improve our existing products and lead to new, innovative oat-based foods."
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