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

Platform CPG company Naked Market announced last week it had raised an additional $27.5 million in capital to fund the growth of its slate of food and beverage brands. The company plans to launch a new confection brand in 2022.

Beckon co-founders Gwen Burlingame and Katy Flannery explained how they aligned patented innovation with addressable opportunity to launch their fast-growing brand of lactose-free ice cream, why respect and humility were keys to a successful brand revamp and why the entrepreneurs are encouraging industry professionals to get mad when presented with a shocking statistic.

PlantPlus Foods, a joint venture launched by Archer Daniels Midland (ADM) and Brazilian beef processor Marfrig last year, announced last week it has entered into agreements to acquire two plant-based protein companies: Sol Cuisine and DEW Drink Eat Well, owner of Hilary’s.

Shares of Oatly fell by over 20% earlier today after the Swedish oat milk maker downgraded its revenue growth targets for the rest of this year.

In this week’s Checkout, Misfits Market expands to California and adds dairy offerings; Nature’s Path acquires a majority stake in Anita’s Organic Mill; and FreshRealm launches its first branded meal line.

Condiment brand Dave’s Gourmet announced new leadership and ownership changes this week, selling a majority stake in the company to food platform Gourmerica and bringing on natural food industry veteran David Neuman as its new president.

Coffee and tea makers are gearing up for the winter season with the launch of new functional products featuring mood-boosting and immune-support benefits, as well as a range of limited edition holiday-themed blends.

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 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.

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.

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.

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.

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.

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.