Over the past couple of weeks, millions of dollars have been dedicated to meat substitutes that are plant-based. Tofurky has accepted its first private investment ever as well.
The largest plant-based manufacturing facility of North America is to be constructed by Greenleaf Foods, producer under Field Roast and Lightlife brands. Last week, the company announced in a press release that the new facility is valued at 310 million dollars. It will be operational by the end of 2020. Greenleaf Foods’ goal is to meet the demands for plant-based proteins that are rapidly increasing. It also supports innovation across its brands. An estimated amount of 460 jobs will be created with the construction of this new facility.
The company, a subsidiary of the Canadian company Maple Leaf Foods Inc. has been active for over 40 years. It has recently introduced pea protein-based Italian sausage, bratwurst and the Lightlife Burger and Ground.
Tofurky: plant-based market leader
The market leader of plant-based foods is Tofurky. The company announced to have accepted 7 million dollars private investment last week. It is the first time in Tofurky’s history. In 2018, the company’s sales have grown by almost 24%. Even after acquiring a 44,000 square foot manufacturing facility in 2016, the cash infusion was necessary in order to meet the rising demand. The company is not going to adulterate its ownership. The investment will be used to increase capacity and for new equipment.
In addition to this, a new sub-brand of Tofurky, Moocho, has recently been announced. This new company will produce frozen pockets and desserts free from dairy. A major growth within the plant-based food sector preceded the announcements. Sales in 2018 are valued at over 3.3 billion dollars, according to the Plant-Based Food Association’s research. Compared to 2017, that is a 20% growth.