As 2024 draws to a close, we're reflecting on how the year unfolded for the plant-based food and beverage industry. We've seen highs and lows as companies have celebrated funding wins, acquisitions and facility openings; meanwhile, difficulties for businesses in the category have included financial struggles, labelling legislation developments and lengthy legal battles.
The Plant Base is proud to report on the progress of this dynamic sector, supporting its players and celebrating the wins while acknowledging the challenges these companies face. Above all, we see an industry made up of people proud to champion the power of sustainable and nutritious plant-based foods, and we look forward to seeing what the next year brings for these innovators.
As we look back over the year, we share the top ten stories that captured our readers' attention most...
Vegan Food Group emerges as powerhouse in plant-based food industry
At the beginning of this year, Vegan Food Group (VFG) officially unveiled itself as a transformative force in the plant-based food industry, following a strategic rebranding of VFC Foods.
Founded in December 2020 by chef Adam Lyons and Veganuary founder Matthew Glover, VFG has quickly become a trailblazer in the sector through targeted acquisitions, including the notable additions of Meatless Farm and Clive’s Purely Plants in 2023.
Matthew Glover, co-founder of VFC, Veg Capital and Veganuary, envisions VFG as a ‘vegan Unilever’ with a unique twist and “with the majority of future profits being donated to effective animal charities and diet change initiatives”.
Taking cues from global food giants, VFG’s strategy centres on consolidation, streamlining operations, achieving cost efficiencies and establishing a robust market presence. By uniting multiple brands under its umbrella, VFG leverages collective strengths, streamlines supply chains and fosters innovation, setting new benchmarks in the plant-based food sector.
Meati faces false advertising lawsuit, expands leadership team
US alt-meat producer Meati Foods, which provides fungi-based alternatives to traditional meat products, was hit with a false advertising class action lawsuit this summer.
The lawsuit, filed in the Eastern District of California by plaintiff Serena Caldeira, alleged that Meati falsely states its products are made from ‘mushroom root’ when they are made from the mycelium of ‘Neurosporo crassa,’ a red mould that commonly grows on bread.
Meati had already begun to move away from its 'mushroom root' messaging this year, focusing instead on referring to the ingredient simply as mycelium. Mycelium is the root-like structure of fungi, and certain varieties can produce fruiting bodies such as mushrooms in the correct conditions. Though a less familiar concept with consumers than mushrooms, mycelium is increasingly being utilised as a protein source (referred to as mycoprotein) by companies within the plant-based food and beverage industry. Alt-meat giant Quorn Foods pioneered this category and has been selling its mycoprotein products since the 1980s.
Meati also announced an expansion of its leadership team, with the appointment of John Bortells, chief commercial officer, and Becky O’Grady, board member.
Beanstalk Foods launches to expand plant-based meat options in the European market
A new vegan food brand, Beanstalk Foods, launched in the European market, aiming to expand the options available to consumers looking for high-quality plant-based alternatives.
Headquartered in Spain, Beanstalk is owned by a large Chinese-Spanish business group that operates in various sectors. Its products are manufactured from the company’s central production plant near Shanghai, China, from where it supplies all markets.
Beanstalk’s diverse offering includes traditional meat alternative products such as hamburgers and meatballs, as well as less common options like pastrami, breaded calamari and pulled meat. It also offers ambient salami and chorizo snacks.
Beanstalk is aimed at both the retail and foodservice channels, and is available mainly under its own name, however the brand offers the possibility of producing private label and customised products thanks to the flexibility and production capacity of its plant in China (nearly 100,000 tons per year).
New data analysis from GFI shows plant-based growth in Europe
The Good Food Institute (GFI)’s recent analysis of previously unpublished Circana retail sales data shows that sales of plant-based foods in six European countries grew by 5.5% to €5.4bn in 2023.
Nonprofit think tank GFI Europe found that the total amount of plant-based products sold across the six countries – Germany, Italy, the UK, the Netherlands, Spain and France – grew between 2022 and 2023, despite a challenging period for F&B.
Germany, which is currently Europe’s largest market for plant-based foods, showed continued growth across most product categories. The overall volume of sales also grew in Spain and France.
Sales remained stable in Italy, while in the Netherlands and the UK, sales declined – although the GFI highlighted that the slow-down began to level off throughout 2023 and the early months of 2024.
Helen Breewood, research and resource manager at GFI Europe, said that Europe’s plant-based sector has continued to make headway despite a “difficult few years” for the broader food industry.
Revo Foods opens ‘world’s largest’ 3D food printing facility in Vienna
Revo Foods, an Austrian plant-based seafood start-up, has opened what is claimed to be the ‘world’s largest’ industrial facility for 3D food printing.
The ‘Taste Factory,’ located in Vienna, Austria, utilises Revo Foods’ in-house developed 3D Structuring Technology to produce up to 60 tons of 3D-printed food products per month. According to the food-tech company, this makes it the world’s first site to apply 3D food printing on a large scale.
Protein-rich products can be created from natural raw materials or biomass using the production technology, which is behind Revo Foods’ 3D-printed salmon-inspired product ‘The Filet,’ now available on shelves at retailer Rewe Austria.
Robin Simsa, CEO of Revo Foods, said: “With the Taste Factory, we are showcasing that this technology works on an industrial scale. This enables a new generation of food innovations. With 3D Structuring, we can create entirely new textures using simple but nutrient-rich ingredients like mycelium, creating products that are just so much more exciting.”
Döhler invests in Nukoko to scale ‘world's first’ cocoa-free chocolate
Döhler has announced a strategic partnership with Nukoko, a British start-up behind the ‘world’s first’ cocoa-free ‘bean-to-bar’ chocolate.
Under the agreement, Döhler and Nukoko will scale the production of Nukoko’s patent-pending chocolate alternative, made from fava beans.
Nukoko’s process transforms fava beans into a sustainable chocolate alternative, addressing critical issues in the chocolate industry, including rising cocoa prices, environmental impact and socio-economic concerns surrounding cocoa production.
With Döhler’s expertise in fermentation scale-up and ingredient systems, Nukoko expects to transition from pilot-scale production to full industrial-scale batches by 2025. This process will involve producing in 10,000-litre fermentation batches, significantly increasing output while maintaining high efficiency.
Precision fermentation start-up Liberation Labs receives $3.39m in funding
Precision fermentation start-up Liberation Labs raised an additional $3.39 million in funding in autumn 2024.
The company was formed to provide the industry with the infrastructure to commercialise novel protein manufacturing at the scale and cost structure required by the market.
$2 million of the funding came from Agronomics and was made via a Secured Promissory Note, which accrues 10% interest annually. With this new contribution, Agronomics’ total investment in Liberation Labs has reached $19.6 million, resulting in a 37.5% ownership stake on a fully diluted basis.
The $2 million investment from Agronomics will support the ongoing construction of Liberation Labs’ Launch Facility in Richmond, Indiana, US. The remaining $1.39 million will fund a feasibility study (including engineering and market analysis) to explore the construction of a commercial-scale, flexible-use, 4-million-litre biomanufacturing facility adjacent to the Launch Facility.
Oatly settles greenwashing lawsuit for $9.3m
Swedish dairy-alternative company Oatly began the process of settling a lawsuit for $9.25 million this year, brought forth by investors who accused the company of greenwashing.
Oatly disclosed that it reached the agreed terms on 9 November 2023 in its Q3 filing. In a statement, the company wrote: “In October 2023, the parties reached a settlement in principle of both matters that would require the Company to pay $9.25 million, which is contingent upon court approval, among other things”.
The lawsuit, first filed in July 2021, alleged that Oatly overstated product demand and misrepresented its environmental impact. Investors claimed that the company’s promotional efforts led to an inaccurate portrayal of its environmental sustainability. This agreement was outlined in a motion for preliminary approval of the settlement.
New vegan cheese brand, Plonts, launches in US with $12m seed funding
Plonts, a new plant-based cheese brand, debuted its first product in the US this summer following a $12 million seed round and opening of a pilot plant in Oakland, California.
Plonts uses traditional fermentation methods to turn soya milk into plant-based cheese. Its first product, a cheddar alternative, is available at select restaurants in New York City and the San Francisco Bay Area.
The start-up’s cheesemaking method involves a specially developed blend of cultures and enzymes which create a tangy, cheesy flavour as the cheese ages. According to Plonts, its end result is a ‘bold’ cheddar that slices, shreds and melts just like the dairy variant.
The seed funding round was led by Lowercarbon Capital, a ClimateTech venture capital fund with more than $2 billion in assets under management. Plonts secured additional investment from Peter Rahal's Litani Ventures, Accelr8, Pillar, Ponderosa Ventures and several angel investors.
New EU Agriculture Commissioner faces calls for action on sustainable food systems
As the European Union (EU) prepares for a new political term, the spotlight is on Christophe Hansen, the new European Commissioner for Agriculture and Food.
Industry stakeholders are urging Hansen to prioritise the proposed EU Action Plan for Plant-based Foods, a move they argue is critical for addressing climate change, health crises and food security.
During a recent hearing with Members of the European Parliament, Hansen highlighted the need for a holistic approach to food systems rather than a top-down directive on dietary choices. He said that meat is “part of a balanced diet” and that “everything should be eaten in moderation”.
His comments come amid increasing pressure from advocacy groups, like ProVeg International, which argues that plant-based diets represent a sustainable solution for Europe's pressing environmental challenges.
