PALM BEACH, Fla., Feb. 3, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The demand for allergen free food is expected to rise amidst the COVID-19 outbreak as consumers are striving to maintain a strong immunity to tackle the disease. Furthermore, revival of world economy would also result in increase of per capita income, which in turn will give impetus to market," said a lead analyst at FMI. Consumers have become quite health conscious and majority of them spend a significant portion of their disposable income on fitness and well-being. They have also become increasingly aware that along with exercise, a proper diet is necessary to achieve physical fitness. The Market Research Blog discussed a study from Future Market Insights, projected that the global allergen free food market size is anticipated to reach US$ 75.67 Bn by the end of 2030 and the market is expected to depict a strong positive growth trajectory at 9.0% CAGR between 2020 and 2030. According to the report, the rising demand for clean label food products and for meat and dairy alternatives from the vegan consumers will stoke growth in the market. There is increasing demand for healthy products that are free from GMO, gluten, and other added ingredients. This will in turn create growth opportunities for the allergen free food market. The report added: "The estimated value of the market was at US$ 31,967.7 Mn in 2020. Through the course of the report's forecast period, the market is projected to show an exceptional pace of growth." Active Companies in the markets today include Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA), Beyond Meat, Inc. (NASDAQ: BYND), Hormel Foods (NYSE: HRL), Oatly Group AB (NASDAQ: OTLY), The Very Good Food Company, Inc. (NASDAQ: VGFC) (TSXV: VERY).
The study continued: "North America accounts for a dominant share in the allergen free food market. Europe also holds a sizable market share. East Asia is bound to offer business opportunities to emerging market players. Key players are likely to focus on product innovations and manufacturing technologies to widen their reach in emerging markets. Digital advertising and adoption of online sales channel to attract the millennial and Gen Z consumers are some of the key strategies of market players. Food fortification is enrichment of everyday foods with essential proteins, vitamins, and minerals. Consumer preference for such foods is a result of various factors such as rising incidence of lifestyle-related diseases and weight management."
Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA) BREAKING NEWS:Nepra Foods Announces Investment in Strategic Partnership in India to Produce Its Proprietary Plant-Based Allergen-Free Egg White Replacement Powder - Nepra Foods Inc. (the "Company" or "Nepra"), creator of nutritious plant-based and allergen-free food, announces today that it has invested $550,000 USD to expand its strategic partnership with a major Indian ingredients manufacturer for additional capacities. In development since 2019, now solidified, this venture enables Nepra to expand research and production of its proprietary plant-based egg white replacement powder; a truly revolutionary innovation to the allergen-free market.
This expansion, which entails capacity ownership in perpetuity will allow Nepra Foods to market this unique allergen-free egg white replacement to existing customers and commercial bakeries that are seeking to remove allergens from their operation facilities by using a plant-based alternative. Unlike current plant-based liquid egg replacements, Nepra's is specifically designed for commercial baking, providing an interchangeable functionality compared to conventional egg white powders, including the structure and foaming capabilities to produce all baked goods, even meringues and soufflés.
The egg white powder market, which is estimated to reach $2.64 billion by 2026, has long been plagued by fluctuating supplies of conventional eggs and increasing demand from commercial food manufacturers for allergen-free alternatives.1 Led by newly appointed Vice President of Ingredient sales Eric Kriegisch, Nepra's recent investment positions it to immediately begin sampling its plant-based product in Q2-22, to wholesale customers in time for full product rollout in Q3-22. As a result of Nepra's investment in capacity expansion, its egg white replacement powder inventories are expected to climb to 35MT in 2022 and increase capacities by 154% in early 2023. The additional manufacturing capacity in India is expected to contribute substantial top-line revenue to Nepra's rapidly expanding wholesale ingredients business based in Centennial, Colorado.
"We are very excited to expand our relationship and capacities with a trusted India-based manufacturer of quality plant-based ingredients. This initial investment will scale our proprietary plant-based and allergen-free egg white powder from R&D to full-scale production, allowing Nepra to address the increasing demand for allergen-free egg white powder alternatives in the wholesale baking industry," says Nepra COO, John Maculley. 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."
Hormel Foods (NYSE: HRL), a Fortune 500 global branded food company, hosted its Annual Meeting of Stockholders on January 25, 2022. Jim Snee, chairman of the board, president and chief executive officer led the meeting, discussing the company's performance, strategic priorities, and corporate responsibility initiatives.
"In 2021, we faced virtually every type of challenge - from the continuing impact of the pandemic to labor shortages and supply chain challenges - and I am pleased to report that your company never lost its focus on delivering a year marked with numerous records," Snee said. "We achieved record net sales in fiscal 2021, exceeding both $10 billion and $11 billion in sales for the first time. In fact, we reported the two largest net sales quarters in our company's history." Additionally, during the question-and-answer portion of the meeting, Snee outlined the increased supply chain disruptions the company is currently facing in 2022 due to the surge of the Omicron variant.
Oatly Group AB (NASDAQ: OTLY), the world's original and largest oat drink company, recently announced that Björn Öste, a member of Oatly's Board of Directors, has notified the Company of his plans to step down from the Board to pursue other interests, effective December 31, 2021. Following his departure, Oatly's Board will consist of 12 directors, 10 of whom are independent.
"On behalf of the entire organization, I'd like to thank Björn for his contributions to Oatly, including his relentless pursuit of innovation that helped build the company that we all have the pleasure to be a part of today," said Eric Melloul, Chairman of the Oatly Board of Directors. "We have appreciated his insightful business perspective and wish him well in his future endeavors."
The Very Good Food Company, Inc. (NASDAQ: VGFC) (TSXV: VERY.V), a leading plant-based food technology company, recently announced that their popular Stuffed Beast, under its core The Very Good Butchers brand, will be available for purchase in select Loblaws and Real Canadian Superstore locations across Canada.
After selling out of the limited-edition Stuffed Beast last year, VERY GOOD increased production and distribution for the 2021 holiday season. Available for purchase in mid December, the Stuffed Beast can be found in 123 Real Canadian Superstore locations nationally and 40 Loblaw and Zehrs stores throughout Ontario (collectively "Loblaws stores"); along with other Canadian retailers such as Whole Foods, Thrifty Foods, La Moisson, Country Grocer, Natures Emporium, Organic Garage, Fiesta Farms, Good Rebel, Vegan Supply, and many more natural and independent stores. This seasonal rotation at Loblaw stores is incremental to the 1,400 stores that are currently selling The Very Good Butchers products across North America.
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