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Pet food becomes plant-based as investors, including Mark Cuban, line up

Plant-based meat products are mainly Beyond Meat And impossible food.

Now your pet’s food bowl is the next place you might find plant-based products.

During the pandemic, pet owners and spending are skyrocketing in the United States. 70% of Americans, or about 90.5 million households, currently have pets. According to the American Pet Products Association.. This is a record high, up from 67% of households in 2020.

According to APPA, in 2020, pet-related products and services spent $ 103.6 billion, an increase of 6.5% over the previous year.

The largest portion of that spending was pet food and treats, totaling $ 42 billion, an increase of 9.7% over the previous year. The increase was caused not only by new pet owners, but also by those who spend a lot on their pets. Thirty percent of pet owners said they spent more on their pets in 2020 than they did the previous year, but only 10% said they spent less. According to APPA.

As more consumers choose to eat plant-based products for environmental and health reasons, sales of these products are expected to reach a combined annual growth rate of 30% by 2025. According to a UBS report — The expectation is that they can make similar decisions about pet food.

“Many people seem to say,’Your customers are plant-based vegans and vegetarians,’ but that’s not the case,” said Ryan Bezan, CEO of Wild Earth, an alternative protein pet food company. Court says. “Our customers are people who care about animal health first and then sustainability.”

Introduction of vegetable foods to pets

“Just as Beyond Meat and Impossible Foods found that the majority of our customers are ESG, climate change, sustainability and health conscious people, they are our customers,” said Besencourt. Says.

Wild Earth, which sells plant-based dog food and treats made from dried yeast, chickpea, oat, and pea protein, grew 700% from 2020 to 2021 and is now in the United States. We have over 40,000 customers. The company does not disclose revenue.

The company was first recognized in 2019 when Besencourt signed a deal with Mark Cuban on “Shark Tank.” A few months later, we raised an additional $ 11 million in Series A, which included investors such as Mars Petcare, Peter Thiel’s Founders Fund, Vegan Investment Fund VegInvest, and Cuban.

Wild Earth has now completed a new $ 23 million round of funding, including Cuba and VegInvest, and Big Idea Ventures, whose chief investment officer is Tom Mastrobuoni, a former Beyond Meat board member. Actor Paul Wesley and Bitburger Ventures, the venture division of the German brewery, have also invested in this latest round.

The company will use this money to not only produce new dog and cat foods, but also develop cell-based meats for beef, chicken and seafood, aiming to be more sustainable and abuse-free.

“Of the meat we consume in the United States, 25% to 30% go to our pets,” Bethencourt said. “There is this outdated view that the gut and other things go to our pets; it doesn’t happen anymore.”

“The entire factory farm is running to feed our pets, and if we could make it with plants, it wouldn’t make any sense to make small brown balls of protein,” he said. rice field.

Pet food producers see a plant-based future

Other pet food producers are also seeing more plant-focused product opportunities.

Mars, an investor in Wild Earth and owning pet food brands such as Iams, Pedigree and Wiscus, launched the “Plant First Formula” in June, called Karma. This product is sold as having 60% of its ingredients derived from plants, but it also contains chicken and white fish.

Nestlé manufactures Prina brand pet food products and launched dog and cat foods containing plant and insect proteins in Switzerland in 2020. Mars also sells dry cat food made from black soldier fly larvae insect meal in the United Kingdom. One of several bug protein-based foods currently working for pets..

Fresh petThe company, which sells chilled dog food and cat food, said it will begin production of a vegetarian dog food line available at Petco’s location this year.

Bethencourt said General Mills, which owns pet food company Blue Buffalo, also hopes to get plant-based pet products over the next two years.

As long as the same thing is happening at dining and restaurant tables across the United States, it’s a trend not to see him slow down.

“The same consumers who buy Beyond or Impossible burgers are the same people who are switching their pets to a plant-based diet,” he said.

Pet food becomes plant-based as investors, including Mark Cuban, line up

Source link Pet food becomes plant-based as investors, including Mark Cuban, line up

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