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Plant-Based Dairy and Egg

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

Overview

Plant-based dairy and eggs to lead an animal-free food future

Consumers across the US and beyond are already well acquainted with plant-based dairy products. From the first commercial soy milk facility in 1917 in New York to Sweden’s Oatly oat milk taking coffee shop culture by storm, consumers worldwide have demonstrated an almost singular openness to experimenting with plant-based substitutes. Now experimentation is beginning to expand beyond the grocery store milk aisle to all aspects of dairy and egg products.

Plant-based dairy and egg products currently under development incorporate a broad range of ingredients, including peas, mung beans, soybeans, chickpeas, almonds, coconut, sunflowers, and sesame, among others. These alternatives are vying to replace traditional cheese, yogurt, ice cream, butter, spreads, and creamers, while a wave of new startups are attempting to produce a substitute for chicken eggs.

This revolution is being driven by an increasing focus on health, animal welfare, and climate change. The recent emergence of zoonotic diseases, such as the Covid-19 pandemic and the African swine fever, have also drawn attention to the growing animal-free food production industry, with plant-based foods taking center stage.

In addition, there have also been recent developments in the field of cell cultured milk production, with a handful of companies leveraging on cellular agriculture to not only develop sustainable alternatives to cow’s milk, but also human breast milk. These products have not been commercialised as yet, and need to overcome regulatory hurdles as well as cost implications before reaching the market. 

What's driving this industry?
Market Sizing

US plant-based dairy and egg market to reach USD 5.4-8.9 billion by 2026

Conservative case

USD 5.97 Bn

12.4% penetration
Base Case

USD 8.29 Bn

17.2% penetration
Expansion case

USD 9.98 Bn

20.7% penetration
USD billion246810202120222023202420252026
View details

COVID-19 IMPACT

  • Sales of plant-based dairy spiked 75.3% YoY as US lockdowns began in mid-March 2020, softening to a still-strong 17.2% by mid-November 2020.

  • Sales of plant-based cheese also saw a 95% YoY spike in mid-March 2020 which remained elevated around 54% YoY over mid-April 2020.

  • In August 2020, Eat JUST reported plant-based egg sales equivalent to 50 million chicken eggs since launching in April 2019. 

View detail

Market Mapping


Most plant-based dairy startups focus on milk and cheese substitutes while plant-based butter has attracted less activity in part due to consumer aversion to plant-based fats over health concerns. Disruptors attempting to develop plant-based dairy alternatives from new ingredients—beyond a standard set of soy, almond, cashew, coconut and oats—have attracted significantly more funding compared to the rest of the industry.

More than half of the plant-based dairy startups we analyzed have brought a product to market with a few companies reaching the growth stage of business development. The plant-based egg industry, on the other hand, is far less developed with fewer new startups and only a handful successfully bringing a product to market.

Incumbents
Growth
Early
Seed
Pre-Seed
Ingredient Supplier
?
Milk
?
Cheese
?
Butter
?
Ice Cream
?
Yogurt
?
Egg
?
Collaborative
Collaborative
Collaborative
Collaborative
Collaborative
Collaborative
Collaborative
The EVERY Company
Nepra Foods
Algenuity
Perfect Day
Remilk
Kingdom Supercultures
ChickP
NextFerm Technologies
Mycorena
Noblegen
Shiru
Brevel
Superbrewed Food
Sophie's BioNutrients
ProProtein
Cultivated Biosciences
Nestlé
Starbucks
Danone
SunOpta
Koita
Plenish
Oatly
NotCo
Califia Farms
Ripple Foods
Your Fitness Dish Inc. (YoFiit)
Perfect Day
Above Food
Oddlygood Global
VLY Foods
ChickP
Malk Organics
Mighty Pea
Sproud
Veg of Lund (DUG)
EVR Foods
Heartbest Foods
Plant Veda Foods
Minor Figures
Prolupin
Forager Project
NuMilk
The Planting Hope Co.
Next Meats
Rebel Kitchen
Qwrkee
The Bridge Bio
TurtleTree
Imagindairy
Biomilq
Tomorrow Farms
Bon Vivant
Nude
Brown Foods
Goodmylk
Wilk
Gaia's Farming Co
Uproot
Mohjo
Sophie's BioNutrients
Boring Oat Milk
Opalia Foods
108Labs
DRYK
Impossible Foods
Le Bel Groupe
Danone
Upfield Group
DMK Group
Boosh Food
Kite Hill
Heidi Ho Organics
Nobell Foods
Miyoko’s Creamery
Above Food
Oddlygood Global
Good PLANet Foods
Nabati Foods
Nuts for Cheese
NUMU Vegan
Willicroft
Heartbest Foods
Honestly Tasty
Spero Foods
Prolupin
Treeline Cheese
VGarden
Nafsika's Garden
Boosh Plant-Based Brand Inc.
Formo
New Culture
Better Dairy
Stockeld Dreamery
Change Foods
Standing Ovation
Misha’s Kind Foods
Mr. & Mrs. Watson
Bandit
Parmela Creamery
Pleese Foods
Mooliss Vegan Cheese
Sophie's BioNutrients
Tomm Pousse
Grounded Foods Co
Nutropy
PlantLX
Upfield Group
Califia Farms
Kite Hill
Miyoko’s Creamery
Forager Project
Goodmylk
The Urgent Company
Unilever
Danone
Little Bean
Salt & Straw
Oatly
Ripple Foods
Eclipse Foods
Nadamoo!
ChickP
Wildgood
Prolupin
Beau's Gelato
The Live Green Co.
Sunscoop
Ice Queen
The Urgent Company
Danone
Springfield Creamery
Oatly
Califia Farms
Ripple Foods
Kite Hill
Oddlygood Global
Yofix Probiotics
The Collaborative
EVR Foods
Prolupin
Forager Project
Halsa
Marvelous Foods
Nestlé
Danone
Grupo Mantiqueira
Eat JUST
The EVERY Company
Nepra Foods
Alternative Foods (OGGS)
ChickP
Zero Egg
Nabati Foods
Yumgo
Next Meats
The Vegg
Noblegen
Onego Bio
Yo! Egg
Neggst
Evo Foods
Perfeggt
The VGN
Fiction Foods
Crafty Counter
Float Foods
Le Papondu
Crackd

The Disruptors


The three most-highly funded startups in the plant-based dairy industry have already accumulated more than USD 800 million in total funding, with Perfect Day claiming USD 361.5 million of that figure for itself, followed by Califia Farms at USD 340 million, and Ripple Foods with USD 186.3 million. All three startups have brought their products to market across segments including plant-based milk, cheese, ice cream, and yogurt.

Established plant-based meat companies are also leveraging their expertise to produce plant-based dairy. NotCo launched a plant-based milk product in the US in November 2020, and Impossible Foods announced the development of plant-based milk in October 2020.

Only two plant-based egg startups have launched their products, a leading cause of the lack of funding in the sector. Eat JUST leads the industry with USD 220 million in funding and a widely available “JUST Egg” flagship product that has already sold more than 50 million egg equivalents since its 2019 launch. Eat JUST’s work in developing cell cultured meat is also a significant reason for its industry-leading fundraising efforts, becoming the first global firm to bring a cell cultured meat product to market in Singapore in December 2020.

Ingredient Supplier

?

Disruptors

?
Funding in USD Millions
Nepra Foods
Public - Market cap Unknown
Perfect Day
712
The EVERY Company
240
Remilk
131
Mycorena
38
Noblegen
29
Kingdom Supercultures
26
Shiru
21
Brevel
10
ChickP
8
NextFerm Technologies
5
Superbrewed Food
2
Algenuity
Unknown
Watchlist
?
Cultivated Biosciences
Sophie's BioNutrients
ProProtein

Milk

?

Disruptors

?
Funding in USD Millions
Oatly
Public - Market cap USD 947.0 mn
Wilk
Public - Market cap USD 19.8 mn
Plant Veda Foods
Public - Market cap USD 5.0 mn
Veg of Lund (DUG)
Public - Market cap USD 1.3 mn
The Planting Hope Co.
Public - Market cap Unknown
Impossible Foods
1896
Perfect Day
712
NotCo
363
Califia Farms
340
Ripple Foods
264
Above Food
40
TurtleTree
39
Oddlygood Global
28
Imagindairy
28
Biomilq
25
ChickP
8
Malk Organics
8
Nude
5
Your Fitness Dish Inc. (YoFiit)
0
Next Meats
Unknown
108Labs
Unknown
Rebel Kitchen
Unknown
Watchlist
?
VLY Foods
Tomorrow Farms
Mighty Pea
Sproud
Bon Vivant
Brown Foods
EVR Foods
Heartbest Foods
Goodmylk
Gaia's Farming Co
Minor Figures
Uproot
Sophie's BioNutrients
Mohjo
Prolupin
Forager Project
NuMilk
Boring Oat Milk
Opalia Foods
Qwrkee
The Bridge Bio
DRYK

Cheese

?

Disruptors

?
Funding in USD Millions
Boosh Plant-Based Brand Inc.
Public - Market cap USD 800.0 k
Nabati Foods
Public - Market cap USD 181.6 k
Kite Hill
75
Nobell Foods
75
Miyoko’s Creamery
59
Above Food
40
New Culture
29
Oddlygood Global
28
Better Dairy
27
Change Foods
15
Good PLANet Foods
12
Standing Ovation
12
VGarden
Unknown
Nafsika's Garden
Unknown
Watchlist
?
Formo
Stockeld Dreamery
Misha’s Kind Foods
Nuts for Cheese
NUMU Vegan
Grounded Foods Co
Willicroft
Nutropy
Heartbest Foods
Mr. & Mrs. Watson
Bandit
Parmela Creamery
Honestly Tasty
Heidi Ho Organics
Pleese Foods
Spero Foods
Mooliss Vegan Cheese
Sophie's BioNutrients
Prolupin
Treeline Cheese
Tomm Pousse
PlantLX

Butter

?

Disruptors

?
Funding in USD Millions
Califia Farms
340
Kite Hill
75
Miyoko’s Creamery
59
The Urgent Company
Unknown
Watchlist
?
Goodmylk
Forager Project

Ice Cream

?

Disruptors

?
Funding in USD Millions
Oatly
Public - Market cap USD 947.0 mn
Ripple Foods
264
Eclipse Foods
56
The Live Green Co.
9
ChickP
8
Wildgood
5
The Urgent Company
Unknown
Watchlist
?
Nadamoo!
Sunscoop
Prolupin
Ice Queen
Beau's Gelato

Yogurt

?

Disruptors

?
Funding in USD Millions
Oatly
Public - Market cap USD 947.0 mn
Califia Farms
340
Ripple Foods
264
Kite Hill
75
Oddlygood Global
28
Watchlist
?
Yofix Probiotics
The Collaborative
Marvelous Foods
EVR Foods
Prolupin
Forager Project
Halsa

Egg

?

Disruptors

?
Funding in USD Millions
Nabati Foods
Public - Market cap USD 181.6 k
Nepra Foods
Public - Market cap Unknown
Eat JUST
465
The EVERY Company
240
Noblegen
29
Onego Bio
16
ChickP
8
Yo! Egg
5
Next Meats
Unknown
Alternative Foods (OGGS)
Unknown
Crafty Counter
Unknown
Watchlist
?
Zero Egg
Neggst
Evo Foods
Perfeggt
Float Foods
Yumgo
The VGN
Le Papondu
Crackd
Fiction Foods
The Vegg

Nepra Foods

Nepra Foods is a vertically integrated plant-based food and ingredients company specializing in textured hemp protein (THP). Its portfolio includes dairy alternatives, egg replacement powder, bake mixes, ready meals, and specialty ingredients that are available through B2B and D2C channels under its CPG brands.

 

In February 2022 , Nepra Foods invested USD 550,000 to expand its strategic partnership with a major Indian manufacturer, allowing the company to expand its capacity. This investment also enabled Nepra to expand the R&D efforts of its proprietary plant-based egg replacement powder, which began commercial production and in-plant testing in November 2022 .

 

During FY2021, Nepra Foods recorded its fifth consecutive year of revenue growth with a 150% YoY reported growth.

 

In September 2021, the company was listed on the Canadian Stock Exchange (ticker: NPRA) and raised CAD 7.5 million (~USD 5.6 million) in an oversubscribed IPO.

Segment:
Ingredient Supplier
Total funding:
USD 608.5 thousand
Competitors:
The EVERY company, Noblegen, ChickP
Disruptor Funding History

Ingredient Supplier:

Nepra Foods
Perfect Day
The EVERY Company
Remilk
Mycorena
Noblegen
Kingdom Supercultures
Shiru
Brevel
ChickP
NextFerm Technologies
Superbrewed Food
Cultivated Biosciences

Milk:

Oatly
Wilk
Plant Veda Foods
Veg of Lund (DUG)
Impossible Foods
Perfect Day
NotCo
Califia Farms
Ripple Foods
Above Food
TurtleTree
Oddlygood Global
Imagindairy
Biomilq
ChickP
Malk Organics
Nude
Your Fitness Dish Inc. (YoFiit)
VLY Foods
Tomorrow Farms
Mighty Pea
Sproud
Bon Vivant
Brown Foods
EVR Foods
Heartbest Foods
Goodmylk
Gaia's Farming Co
Minor Figures
Uproot

Cheese:

Nabati Foods
Kite Hill
Nobell Foods
Miyoko’s Creamery
Above Food
New Culture
Oddlygood Global
Better Dairy
Change Foods
Good PLANet Foods
Standing Ovation
Formo
Stockeld Dreamery
Misha’s Kind Foods
Nuts for Cheese
NUMU Vegan
Grounded Foods Co
Willicroft
Nutropy
Heartbest Foods
Mr. & Mrs. Watson
Bandit
Parmela Creamery
Honestly Tasty
Heidi Ho Organics
Pleese Foods
Spero Foods
Mooliss Vegan Cheese

Incumbents


Existing R&D capabilities enable incumbents to develop products in-house

Plant-based dairy: The industry is crowded with a number of companies producing plant-based dairy alternatives using soy, almond, coconut, and oats. Most companies have turned to almond milk as the main protein source for their plant-based dairy products, pivoting from the initial industry favorite of soy milk. In recent years oat milk has gained traction in the market due to the similar taste and texture to cow’s milk.

Major consumer packaged goods manufacturers such as Nestlé have moved on to pea-based beverages which have a similar nutritional profile to cow’s milk and are favored by many disruptors in the industry.

Plant-based egg: Plant-based eggs are a relatively new industry compared to plant-based dairy and therefore has fewer incumbents. No company has brought an all-purpose complete plant-based egg substitute to market so far.

In-house development

Acquisition

Nestlé
check
Unilever
check
Starbucks
check
Le Bel Groupe
check
check
Danone
check
Springfield Creamery
check
Grupo Mantiqueira
check
SunOpta
check
Koita
check
Plenish
check
Upfield Group
check
check
Little Bean
check
Salt & Straw
check
DMK Group
check
Boosh Food
check
Nestlé

Nestlé has a strong presence in the plant-based food industry with a range of products in both the plant-based meat and plant-based dairy industries. In the US, Nestlé’s Haagen Dazs brand debuted its non-dairy line of ice creams produced with soy, almond or cashew milk in 2017. Haagen Dazs is owned by Froneri International, a joint-venture formed between Nestlé and PAI partners (a private equity group based in France) in 2016.

Nestlé-owned, Coffee Mate launched its first vegan creamer line “Natural Bliss” in 2017 with flavors such as Hazelnut Almond Milk, Caramel Almond Milk, and Sweet Crème Coconut Milk. In 2019, the brand expanded the product line by introducing “Half & Half” creamer made from almond milk and coconut cream. Two new flavors are expected to be added to the Natural Bliss line in January 2021. In July 2020, Nestlé launched a plant-based substitute for condensed milk under its Carnation brand. The product labeled “Carnation Vegan” is produced from a blend of oat and rice milk. The product can be used to replace condensed milk when making dairy or caramel-based sweets and desserts. According to Nestlé, its Carnation Vegan mimics the taste, texture, and appearance of condensed milk made from cow's milk. Also in 2020, Nestlé launched its first fully pea-based beverage under the Nesfit brand in Brazil. The company claims the product includes as much protein as cow’s milk per serving, and includes significantly less sugar compared to similar products.

Nestlé further expanded its plant based offerings with the launch of plant-based eggs and shrimp under its plant-based brand Garden Gourmet in 2021. The chicken egg substitute produced in liquid form, made from soy protein; and the plant-based shrimp is made from seaweed, peas and konjac, will initially be available in a limited number of stores in selected European markets.

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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