PALM BEACH, Fla., Jan. 18, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The consumer awareness, regarding the labeling of allergen-free and dairy-free products claims, is driving the market for free-from food products. Companies are coming up with innovative products, which meet the allergen-free requirement and provide nutritional benefits. The free-from-food market is also thriving in the light of medical advancements that have analyzed and provided a solid understanding of different responses from the immune system, enabling consumers to make conscious decisions in purchasing their food products. Countries like the United States, the United Kingdom, Italy, Germany, France, Spain, and Canada are some of the leading markets in the gluten-free category, whereas dairy-free is led by North America and caffeine-free by Asian markets. A report from Mordor Intelligence projected that the global free-from-food market is projected to grow at a CAGR of 9.5%, through 2026. The report said: "The global free-from-food market is segmented by type into gluten-free, dairy-free, allergen-free, and other types. By end product, the market is segmented into bakery and confectionery, dairy-free foods, snacks, beverages, and other end products. By distribution channel, the market is segmented into supermarkets/hypermarkets, online retail stores, convenience stores, and other distribution channels." Active Companies in the markets today include Nepra Foods Inc. (OTC-PINK: NPRFF) (CNSX: NPRA), Tattooed Chef, Inc. (NASDAQ-CM: TTCF), Beyond Meat, Inc. (NASDAQ-GS: BYND), Conagra Brands, Inc. (NYSE: CAG), Tyson Foods (NYSE: TSN).
Mordor Intelligence added: "Moreover, the study provides an analysis of the free-from-food market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The global free-from food market is expected to be driven by the pairing-up trend of gluten-free claims, with that of allergens-free label claims. The significant and notable development in the ingredients formulation is also set to provide renewed momentum to gluten-free labeling claims. The global free-from-foods market is highly fragmented and competitive with the presence of various prominent global and local players. The major players hold less than half of the market. Companies are coming up with innovative products, which are free from allergens and have necessary nutritional benefits."
Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA) BREAKING NEWS:Nepra Foods Hires Vice President of Ingredient Sales To Expand Growing Product Segment - Nepra Foods Inc. (the "Company" or "Nepra"), creator of nutritious plant-based and allergen-free food, announces the hiring of Eric Kriegisch as Vice President of Ingredient Sales as of January 1st , reporting directly to CEO David Wood. In his role, Eric will lead the development, management, and expansion of Nepra's wholesale ingredient business with the goal of doubling revenue by the end of 2022. This includes identifying synergistic opportunities with the company's consumer packaged goods (CPG) and institutional foodservice market verticals to monetize all ingredient input materials.
Eric comes to Nepra with more than 25 years of leadership and sales experience working with big-box retailers such as Best Buy, Walmart, and consumer product industry leaders such as Sun-Maid, Albertson's, Jasper Products, Orgain, Chobani, REBBL, and others. Furthermore, Eric's strategic sales vision and supply chain design processes drove sales from $150 million to $1 billion, nearly a 600% increase in 3 ½ years, at a leading American corporation. His customer-centric approach will help Nepra expand its customer base and create a true connection between the company and its consumers, while his expertise in sales and operations planning, supply chain management, demand planning, account management will increase sales, improve efficiencies, and drive growth for the company.
Nepra's newest revenue streams-consumer packaged goods (e.g. PROPASTA frozen meals) and institutional foodservice (e.g. restaurant chains, schools, hospitals, etc.)-both utilize the same input materials, allowing for the rapid scaling of the company's ingredient business. Eric will be responsible for maximizing the sell-through of these ingredients which include textured plant proteins, plant-based cheeses, high protein pastas, and blended dry mixes. He will also be tasked with expanding Nepra's ingredient library by keeping a pulse on industry trends and market demands.
A recent survey from the nutrition company Kerry, reveals that 61 percent of consumers consider plants to be a preferred protein source over animal-based proteins, yet soy and wheat are two of the "big 8" food allergens: milk, eggs, fish, shellfish, tree nuts, peanuts, wheat, and soy. This is where Nepra's ingredient business is uniquely positioned to fill a growing need for plant-based, non-allergenic proteins.
An early focus for Eric will be expanding the sales staff and increasing the marketing of the company to reach even more R&D food professionals world-wide. Greater participation in trade exhibitions such as the International Baking Industry Expo (IBIE) in September 2022 which attracts industry professionals from around the world seeking new ingredient formulations and innovations will enhance Nepra Foods presence in the market. Since food producers are anxiously awaiting vegetable proteins that are free from soy and gluten, Nepra's proprietary THP (textured hemp protein) and other allergen-free ingredients are expected to be well-received, contributing significantly to overall revenue. CONTINUED…Read this full release for Nepra Foods at:https://www.financialnewsmedia.com/news-npra/
Other recent developments in the markets of note include:
Beyond Meat, Inc. (NASDAQ: BYND) and Pizza Hut recently announced the launch of plant-based Beyond Italian Sausage Crumbles as a permanent offering at Pizza Hut Canada locations nationwide. Available on three irresistible Beyond Meat dishes, Beyond Italian Sausage Crumbles are designed to deliver the meaty texture and mouthwatering savoury taste that fans love about Pizza Hut's traditional Italian pork sausage. These new menu items are exclusive to Pizza Hut and are back by popular demand after a successful trial in Toronto and Edmonton last summer.
"After seeing great excitement from Pizza Hut fans across Toronto and Edmonton last summer, we're beyond thrilled to give Canadian fans everywhere the opportunity to try and fall in love with these Beyond Meat menu items," said Amy Rozinsky, Head of Consumer Marketing, Pizza Hut Canada. "Pizza Hut and Beyond Meat have a shared vision to innovate new and exciting products that will delight our guests. Beyond Italian Sausage Crumbles offer a delicious plant-based twist on our classic pork sausage that you'll have to taste to believe."
Conagra Brands, Inc. (NYSE: CAG) recently reported results for the second quarter of fiscal year 2022, which ended on November 28, 2021. All comparisons are against the prior-year fiscal period, unless otherwise noted.
Sean Connolly, president and chief executive officer of Conagra Brands, commented, "Our business delivered another quarter of strong net sales growth as we continued to experience elevated levels of demand across our portfolio. I am proud of our team for continuing to demonstrate great agility in navigating the dynamic external landscape with a refuse to lose attitude and dedication to executing our Conagra Way playbook every day. Our focus on strategic innovation and our intentional approach to investment helped us maintain brand momentum in the second quarter and continue capturing share across each of our domains - frozen, snacks, and staples."
Tyson Foods (NYSE: TSN) a global protein leader with a diverse portfolio of iconic brands and a clear and compelling path to growth, company leaders recently told investors and analysts during Tyson Foods' virtual Investor Day.
Chairman John H. Tyson, President and CEO Donnie King and members of the company's senior leadership team spoke at the event. They showcased Tyson Foods' role as a leading protein company in a growing, global market; the company's efforts to increase value-added and overall production capacity as part of a plan to drive accelerated volume and earnings growth; and a new productivity program that is expected to deliver more than $1 billion in recurring savings by fiscal 2024.
"We have three overarching priorities that direct our actions - winning with team members, winning with our customers and consumers, and winning with excellence in execution," said King. "We are working to enhance our portfolio and capacity to better serve demand - this includes increasing the relative contribution of branded and value-added sales to our overall mix. By focusing on our product portfolio and by adding capacity to meet demand, we expect to outpace the market."
Tattooed Chef, Inc. (NASDAQ: TTCF), a leader in plant based foods, recently announced that on December 21, 2021 it completed the acquisition of Belmont Confections, Inc. ("Belmont"), a private label co-manufacturer of snack bars, for approximately $18 million in cash and stock, subject to a customary adjustment based on working capital at closing.
Belmont specializes in the development and manufacturing of a variety of snack bars. The 47,000 square foot facility in Youngstown, Ohio expands Tattooed Chef's manufacturing capabilities into a new category and accelerates the Company's expansion into ambient and refrigerated products. The Company plans to launch new Tattooed Chef branded plant based bars in 2022.
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