Upfield

A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

Founded in 2020, Change Foods is a US-Australian food tech startup that is creating animal-free dairy foods (starting with cheese) through precision fermentation technology. Change Foods produces animal-free dairy foods that it claims are indistinguishable in taste and texture from their animal-based predecessors, by using microbes instead of animals to create real dairy proteins and fats. Change Foods planned to debut its first product in late 2023.Key customers and partnershipsIn February 2022, the startup signed two strategic collaboration agreements with Upfield (to drive and develop animal-free cheeses) and Sigma (to advance the startup’s dairy protein science), targeting the acceleration of the startup’s product development while providing opportunities to scale cheese production and distribution capabilities. In <a href="https://sp-edge.com/updates/13965">October 2022 </a>, the company signed an agreement with UAE’s business solutions provider KEZAD Group, to build a dedicated commercial alternative dairy manufacturing plant in Abu Dhabi.Funding and FinancialsIn February 2022, the <a href="https://sp-edge.com/updates/8514">startup raised USD 12 million </a>in seed extension funding, setting a new record for precision fermentation startups by bringing the total seed investment to USD 15.3 million. The funds would be used to support R&amp;D ahead of its targeted commercial launch. The round was led by Route 66 Ventures, while other investors included Upfield, Orkla, Green Generation Fund, and Blue Horizon Ventures. Further, in <a href="https://sp-edge.com/updates/10313">May 2022 </a>the startup also secured an AUD 1 million (~USD 698,645) grant from the Australian Commonwealth Government to upcycle sugarcane fiber (bagasse) waste into a feedstock for microbes.

UK-based Alternative Foods is a leading vegan bakery and egg producer, operating through its OGGS brand. The startup offers a variety of vegan bakery products and liquid egg alternatives including OGGS Aquafaba, and Scrambled OGGS.OGGS Aquafaba is the first patented aquafaba (chickpea water) product to replace liquid eggs in baking. Since its launch in 2020, OGGS’ estimates that it has sold over 2.2 million egg equivalents used in cooking and baking. A pack of 6 cartons was priced at GBP 11.25 (~USD 15.22), which contains 24 egg equivalents (4 eggs per carton).In February 2022, Leading global plant-based consumer product company, Upfield, revealed plans to enter into a strategic partnership with OGGS, with a minority stake in Alternative Foods.

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream

Plant-based Meat

Heura is a Spanish plant-based meat startup that develops meat alternatives from high-protein and GMO-free legumes. The company uses a moisture extrusion process to maintain the meat-like texture of its products and mixes extra virgin olive oil, thyme, basil, cumin, and other natural ingredients to create its products. The Heura portfolio includes plant-based beef, pork, chicken, and seafood alternatives. As of July 2022, the company had a retail footprint of 18,000 locations, and a global presence in 13 countries including the UK, Germany, Switzerland, Austria, Italy, France, and Portugal.In <a href="https://sp-edge.com/updates/10122">May 2022</a>, it launched Good Rebel Tech (GRT), a platform to develop micro and macronutrient-rich foods in order to reduce food waste and enhance the benefits of plant-based meats. In <a href="https://sp-edge.com/updates/15475">January 2023</a>, the company launched its first plant-based fish range with the release of F’sh Fillet and F’sh Fingers. Later, in <a href="https://sp-edge.com/updates/22575">October 2023</a>, Heura expanded its vegan portfolio with Jamon York style (York ham style) slices, made using the patent-pending thermo-mechanical technology.Key customers and partnershipsIn January 2022, Heura partnered with Neat Burger to develop vegan chicken nuggets. Heura also launched what they claim is the world's first 100% vegan chorizo burger at Madrid’s Zielou restaurant in March 2022. In <a href="https://sp-edge.com/updates/9862">April 2022</a>, the startup partnered with BOSH to release a novel, innovative, and exclusive plant-based Chorizo Burger.&nbsp;Further, in <a href="https://sp-edge.com/updates/19936">July 2023</a>, Heura collaborated with 450 schools across the Iberian peninsula to supply plant-based meats for school meals. The company planned to expand the program to 550 schools and reach other European regions, including France, Italy, the UK, Germany, Switzerland, and Austria. &nbsp;In <a href="https://sp-edge.com/updates/26635">February 2024</a>, Heura announced plans to form a strategic partnership with Upfield to expedite plant-based innovation. In&nbsp;<a href="https://sp-edge.com/updates/35573">November 2024</a>, Heura Foods and Spanish restaurant chain Rodilla partnered to introduce a vegan chicken sandwich option.&nbsp;

Heura Foods is a plant-based startup that produces sustainable and nutritious plant-based meat products. It was founded by food activists Marc Coloma and Bernat Añaños in 2017. Its mission is to create solutions that will leave the current food system obsolete and accelerate the transition to a world where animals are out of the equation. Their Mediterranean culinary heritage is reflected in their products: clean labels, high nutritional values, and taste.

What started as someone’s dream to eat cake without cruelty evolved into a vision for change. Our mission is to give you plant-based alternatives to everyday foods, that taste as delicious as you’ve always known them, whilst doing our best to positively change the future of the planet, animals and people with every, little, bite. They’re all about making choices that add to our values and not our wallets. They measure our business in things that matter, like chickens saved, homeless meals given, and jobs created. These are the things that will reflect our success.

Change Foods is a food-tech company developing animal-free cheese and dairy products. Its products are created by leveraging precision fermentation technology, starting with cheese, by harnessing the power of microbes instead of animals to create bio-identical dairy proteins and ingredients.

People around the world are embracing plant-based foods for both health and ethical reasons. They are the authority in plant-based nutrition and the leading producer of plant-based spreads globally. Their vision for a “Better Plant-Based Future” drives positive change in people’s health, their daily lives and their planet’s sustainability.

<div> People around the world are embracing plant-based foods for both health and ethical reasons. They are the authority in plant-based nutrition and the leading producer of plant-based spreads globally. Their vision for a &ldquo;Better Plant-Based Future&rdquo; drives positive change in people&rsquo;s health, their daily lives and their planet&rsquo;s sustainability. </div>

Flora Food Group

NJBIZ Conversations: Upfield President Jim Breach

Producers of plant-based milk alternatives using ingredients such as almonds, cashews, soy, oats, coconuts, peas, etc.

Producers of plant-based cheese alternatives using ingredients such as coconuts, almonds, cashews, soy, hazelnuts, etc. Startups use their proprietary plant-based cultures for the fermentation process

Producers of plant-based butter alternatives using ingredients such as almonds, avocados, olive oil, etc.

Producers of dairy-free ice cream using plant-based milk

Producers of dairy-free yogurt using plant-based milk and cultures

Producers of plant-based egg alternatives for general consumption (used in baking and cooking) using pulses such as mung beans, peas, soy, chickpeas, etc.

Producers of non-dairy (such as plant-based, microflora, cultured, etc.) protein bases that are supplied to dairy alternative manufacturers to produce milk, butter, cheese, ice cream, and yogurt alternatives

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 Upfield Group B.V., a plant-based food company, has rebranded itself as Flora Food Group B.V. This change reflects its goal to offer affordable and sustainable dairy alternatives. The company, currently operating in 100 countries and having prominent brands like Flora and Violife under its belt, has recently reported net sales worth EUR 3.3 billion for the year 2023.
 The company's strategy includes capitalizing on four global megatrends, namely population growth, rising demand for dairy alternatives, concerns for animal welfare, and stringent environmental regulations. To cater to these trends, Flora Food Group's focus will revolve around four main product categories: butter and spreads, creams, liquids, and cheese.
 The renaming is effective immediately at the corporate level in the Netherlands and will gradually be implemented worldwide. This step is in line with the company's pledge to be fully plant-based, as demonstrated by making all Flora spreads vegan and not using palm oil since October 2023.
 
</div> Analyst QuickTake: 
 Flora Food Group has launched two plant-based dairy alternatives under the Violife brand; the <a href="https: 
//sp-edge.com/updates/4674"> Vioblock </a> butter made from oils and fats from coconuts, sunflowers, and rapeseed in 2021, and the Creamy Block, a dairy-free cheese block in Canada, recently in <a href="https: 
//sp-edge.com/updates/30912"> June 2024 </a> . The company also partnered with Copper Branch and PLNT Burger in <a href="https: 
//sp-edge.com/updates/13371"> September 2022 </a> to launch vegan burgers in the US and Canada.

Flora Food Group

Featured Industries

About EDGE

Contact Us

Resources

Area of Focus

Technology Research Made Effortless