News

Food tech company Perfect Day is again rethinking its recipe for success. The company announced last week it had raised $350 million to execute a new strategy that will see it adopt a three-pronged approach to revenue: selling ingredients to other food and beverage companies, selling finished CPG products in retail and foodservice, and offering food tech development services to other companies.

Cannabis sales in the U.S. are predicted to surpass $24 billion this year, a growth of 38% compared to 2020, according to BDS Analytics (BDSA), a Colorado-based global cannabis market research firm.

Cell-cultured meat companies are catching the eyes of investors with new form factors and taste and texture more closely aligned to traditional meat. While yet to gain regulatory approval in the U.S., the USDA and FDA announced last month its plans to establish labeling requirements for these products, and companies are gearing up for potential commercial launches as soon as next year, pending approval.

After a year of pandemic-induced pantry loading, the fresh food market saw sales increase more than 10% while the frozen food category grew 21% over the same period, according to the third edition of Deloitte’s annual Future of Fresh series. The data suggests the previously negative stigma toward frozen food may be thawing, which may come at a good time as industry experts are wary as to whether the supply chain for fresh food can sustain this increase in demand.

In this week’s Checkout, Sauer Brands acquires Mateo’s Gourmet Salsa; Ardent Mills expands its gluten-free production capabilities with acquisition of Firebird Artisan Mills; and Jensen Meat Co. officially opens its plant-based division.

In this video recap, BevNET and NOSH editors Martin Caballero, Carol Ortenberg and Jeff Klineman discuss the latest news and trends that emerged from the recent Expo East Trade Show, including the evolution of keto-friendly products, the impact and influence of alternative retail channels, how supply chain challenges are shaping innovation and the factors driving the fast-expanding natural snack set.

The emergence of non-fungible tokens (NFTs) as a tradable digital resource has been among the most notable innovations in finance and the art world this year, but the cryptocurrency-driven trend has yet to make a major impact on the physically-bound CPG world. Now, digital company Club CPG is hoping to change that with the launch of a new platform, Crypto Packaged Goods.

On this month’s Market Share, we’ll hear from Rip Esselstyn, the founder and CEO of PlantStrong — discussing what he learned from his first endeavor in the food industry, how the industry and consumers have changed in the last decade, and where he sees the plant-based category going in the future.

September saw a wide range of new innovations from food companies including Quinn, Otamot, Justin’s, Yellow Bird and Lesser Evil. Check out the gallery for the latest hot sauces, salty snacks, upcycled product launches, and better-for-you entree offerings that debuted this month.

Sustainability-marketed consumer products continue to gain momentum, slightly outpacing the growth of overall CPG in 2020, according to a new report from research firm IRI and NYU’s Stern Center for Sustainable Business.