Food Industry News, Insights, and Education for the CPG Community

Investment firm VMG is calling off its Special Purpose Acquisition Company (SPAC), VMG Consumer Acquisition Corp, citing market conditions. The announcement follows the liquidation of several other CPG-focused SPACs.

Hain Celestial has downgraded its full-year 2023 guidance after posting a net sales of $455.2 million Tuesday morning, down about 9% from the same period last year.

Hershey’s expansion of its snacking business continues with today’s announcement of a new line of chocolate-dipped cranberry bites created in partnership with new Ocean Spray.

Gainful co-founder Eric Ji Sun Wu and former Motif FoodWorks and Better Meat Company scientist Adam Yee have teamed up to launch a frozen dumpling company called Sobo Foods, which is available for hand delivery in the San Francisco Bay Area through next week.

Price increases and improvements in its supply chain helped TreeHouse Foods beat analysts’ expectations and drive net sales up 15.8% year-over-year in Q1 2023, the company announced in an earnings call this morning.

Last week, ingredient company Sweegen received GRAS status for its new Ultratia line of brazzein sweeteners that claim to be 500 to 2000 times sweeter than regular sugar, marking another step forward in the race to create the next generation of better-for-you sugar alternatives.

In this week’s roundup: The EVERY Co. and Alpha Foods team up to develop “next-gen” alt-meat; Oatly hits a home run with MiLB; Tennessee announces new regulations for hemp-derived cannabinoids; and Mondelēz announces its 2023 CoLab class.

CPG recruitment firm ForceBrands is aiming to accelerate growth for celebrity-backed brands with the launch of CreatorForce, a division designed to help place executives in these companies, match creators with existing brands and assist with capital raises.

In this week’s notable new products roundup, Immi celebrates AAPI month with its first new flavor launch in two years, DaRosario spices up its line of truffle honeys and Bubbies kicks off summer early with a new mochi variety.

Better-for-you gummy candy maker Better Sour will make its retail debut across California Erewhon stores this month; the products will be available exclusively at all nine locations until July before expanding into other retail accounts.

On this week’s show the team discusses mayo preferences in dating, an olive oil brand controversy and Whole Foods’ new regional map. Then, Ithaca Hummus chats about how they strategized growing from regional to national distribution.

On an earnings call today, Blue Apron executives said the company is “actively pursuing all options” to bring in much-needed capital as it continues to suffer significant quarterly losses.

Meati grows its retail footprint by entering 260 Meijer stores in Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin, while Walmart secures shelf-space for Bachan’s, Harvest Snaps and Eva’s Helado Artesanal.

The low-FODMAP food category is still fairly niche, but the diet could propel businesses in the space to the forefront of the next popular diet trend. However, in the space brands aren’t planning to be just a part of another fad.