Headlines
IRI 2021 Pacesetters: Consumers Crave Innovative Convenience and Unique Flavor Combinations
Consumers are searching for new forms of convenience, whether as clever packaging or new products, and prioritizing exciting and unfamiliar flavors at mealtime, according to market research firm IRI’s annual New Product Pacesetters report, released yesterday.
Specialty Food Demand Changes As The Pandemic Evolves
A new report by the Specialty Food Association shows that growth in the specialty food market has changed as the pandemic’s evolution over the last two years has brought dramatic price increases and a shift in consumer shopping and eating priorities. The category grew by 7.4% in 2021 as compared to 5.8% in 2020, reaching $175 billion in sales.
Cleveland Kitchen Details $19M Investment, Acquisition & New Product Launches
Fermented foods company Cleveland Kitchen announced today it has raised an additional $19 million, as well as completed the acquisition of Sonoma Brinery. The deals will allow the company to more aggressively pursue expansion into new products and manufacturing capabilities.
Breaking Down Beyond Meat: Don Lee Allegation Echoed By Class Action Suit
Beyond Meat, which has been in a legal dispute with former manufacturing partner Don Lee Farms for almost five years, has now been hit with a case by consumers claiming they’ve been misled and lied to about the comparability of Beyond’s protein to animal products.
PowerPlant Partners and SYSTM Brands Team Up to Expand and Scale Food and Beverage Brands
Venture capital firm PowerPlant Partners today announced an investment in and partnership with holding company SYSTM Brands to launch SYSTM Foods, a new platform focused on acquiring sustainable and socially conscious food and beverage brands. Terms of the deal were not disclosed.
Frozen Food Maker Rösti Rebrands as Crispy Filled, Announces Funding
Portland, Oregon-based frozen food brand Rösti will reorganize under the name Crispy Filled Inc. after buying out business partner L2M Brands for an undisclosed sum, the company announced this week. The company partnered with L2M Brands, the venture arm of ingredient supplier Bridgewell Agribusiness, shortly after its 2019 launch and received a capital investment from… Read more »
Smucker’s: Despite Widespread Jif Peanut Butter Recall, Net Sales Rise +6%
While a sweeping, nationwide recall of one of Smucker’s flagship product lines, Jif, may have stunted gross profits this quarter, the CPG giant reported today that net sales increased 6% to $113.6 million during Q4 FY2022.
Honest Founder Seth Goldman Seeks Organic Tea Revival Under Eat the Change
When The Coca-Cola Company announced last month its decision to discontinue Honest Tea by the end of the year, the brand’s founders were dismayed by what they believed was a shortsighted decision. Two weeks later, they’re brewing up a new line of better-for-you teas to take the mantle. Honest Tea co-founder Seth Goldman announced yesterday… Read more »
Don Lee Files New Suit Against Beyond Meat, Claiming “Something is really wrong”
Don Lee Farms filed a lawsuit against Beyond Meat last week. Allegations against Beyond Meat include misleading consumers, touting inaccurate nutrition labels that violate FDA regulation, creating unfair marketplace competition and a range of underlying issues with the company by CEO Ethan Brown, who is described in the complaint as having “an appetite for excuses.”
Web3 Roundup: IBC Places High Hopes for the Metaverse into Cannaland
IBC Heads to Cannaland New York-based advisory and investment firm InterContinental Beverage Capital (IBC) announced last month that it has partnered with tech company Cannaverse Technologies to serve as a brand advisor for Cannaland, a metaverse project intended to act as a hub for the cannabis consumers and members of the industry. According to Stephen… Read more »