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Food and beverage industry news.
Beyond Meat Reports U.S. Retail and Foodservice Declines in Q3
After reaching record net revenues in the second quarter, plant-based meat maker Beyond Meat faced a more challenging Q3, reporting yesterday that it saw declines across its U.S. retail and foodservice businesses driven by labor shortages, shipping delays and slowing demand.
Hershey’s to Buy Fast Growing Pretzel Brand Dot’s
Hershey’s announced today that it had entered into an agreement to buy pretzel brands Dot’s Homestyle Pretzels (which includes the company’s four pretzel seasoning facilities) as well as its copacker, Pretzels Inc. The total purchase price for both companies is $1.2 billion. Combined, the two businesses had an estimated aggregate net sales of roughly $275 million for the 12 months ending September 2021.
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Alt-Protein Companies Secure New Funding
In this funding roundup, Future Farm raises $58 million ahead of its U.S. retail debut next year; AKUA closes a $3.2 million round to launch its Kelp Burger in retail; Shiru secures $17 million with plans to double its workforce and move into a new headquarters; and Aqua Cultured nets $2.1 million to support research and development.
NACS Joins Suit Challenging COVID-19 Vaccination and Testing Standards
The National Association of Convenience Stores (NACS) is suing the U.S. Occupational Safety and Health Administration (OSHA) over its updated COVID-19 vaccination and testing standards, the trade group announced on Tuesday.
Elevator Talk Ep. 46: Villa di Como Ristorante, unbun Foods, Alex’s Awesome Sourdough, Senor Lechuga Hot Sauce, Resist Nutrition
Episode 46 of Elevator Talk features leaders from Villa di Como Ristorante, unbun Foods, Alex’s Awesome Sourdough, Senor Lechuga Hot Sauce and Resist Nutrition. Watch founders and CEOs introduce their brands and provide a recap of recent news and updates. Our co-host is Corey Rateau, a Senior Category Manager with Good Eggs.
Hain Celestial Fiscal Q1: More Price Bumps to Come as High Input Costs Continue
Two months after the company increased prices 6% to 10% across its product portfolio, Hain Celestial president and CEO Mark Schiller warned of additional price hikes to come during its first quarter fiscal 2021 earnings call yesterday.
Nick’s CEO on $100M Raise: ‘We Choose to Focus on Growth’
Late last month, Swedish better-for-you snacking and ice cream brand Nick’s announced it had raised $100 million. Speaking to NOSH about the raise, Carlos Altschul, Nick’s USA CEO, said the funding will allow the company to take advantage of its current momentum and accelerate its rapid global growth.
Blue Apron Q3: Meal Kit Maker to Increase Marketing Spend After Capital Raise
On Blue Apron’s third quarter earnings call today, CEO Linda Findley said the meal kit maker experienced a return to more “normal” pre-pandemic conditions during the third quarter and is now aiming to up its marketing spend to attract more customers following a capital raise closed last week.
Taste Radio: Nowhere Is There A Place Like Erewhon… An Insider Explains Why.
Erewhon Chief Growth Officer Kabir Jain discussed the upscale grocer’s emphasis on being first when it comes to carrying new and unique concepts, how it defines innovation and why he describes brand selection as both “an art and science.” He also discussed the throughline for fast-growing food and beverage categories, and how the chain is supporting brands with highly actionable sales data.
Post-Drizly Spinoff, Lantern Elevates Prez Mahoney to CEO
After finding its own path, Lantern now has its new guide. Last week, the Boston-based cannabis delivery platform announced the promotion of its president, Meredith Mahoney, to co-founder and CEO.