As the plant-based meat industry gained momentum in 2017 and 2018, numerous major consumer packaged goods (CPG) companies entered the market, resulting in acquisitions and the launch of new products primarily featuring pea, soy, and wheat proteins. However, as consumer interest in plant-based meat has diminished over time, manufacturers are exploring alternatives to traditional meat products. Analysts suggest that one reason for the declining excitement among consumers is that many plant-based offerings lack the taste, aroma, and overall eating experience that real meat provides.
Fermentation presents an opportunity to create protein-rich meat substitutes from fungi, which can naturally achieve a more meat-like texture and appearance. These fermented products can be seasoned to taste like meat without needing to mask any undesirable flavors, and they are beginning to emerge as a significant market presence. While most companies producing fermented meat analogs are CPG brands, Better Meat stands apart as it collaborates with manufacturers seeking innovative ingredients for meat, dairy, and egg alternatives.
Better Meat’s Rhiza protein, derived from the mycelium of Neurospora crassa—an extensively studied and rapidly growing fungus—is unique in the food industry. Currently, Better Meat is the sole company utilizing Neurospora crassa mycelium for food applications, ensuring that any manufacturer using Rhiza protein offers something distinct.
Maple Leaf Foods has a strong background in the alternative protein sector. In 2017, the Canadian meat producer entered the plant-based market by acquiring Lightlife, a tempeh and veggie burger producer, and Field Roast, a plant-based meat manufacturer. Both brands became part of Maple Leaf’s Greenleaf Foods division. Lightlife swiftly developed a range of plant-based products, including burgers, ground meat, deli meats, sausages, and hot dogs. However, starting in late 2021, Maple Leaf faced a downturn in sales similar to challenges encountered by other plant-based companies. Following a review of its plant-based operations, the company decided to reduce its size by 25% to align better with growth opportunities.
The recent agreement with Better Meat marks Maple Leaf’s first significant move in the alternative protein arena since downsizing its Greenleaf division. Shapiro expressed confidence in Maple Leaf’s commitment to the alternative protein space, emphasizing that this partnership underscores their dedication. The focus of the agreement is on product development, akin to Better Meat’s prior collaboration with Hormel. Shapiro noted that demand for Rhiza protein currently exceeds the company’s production capacity, meaning mass product launches will be postponed until Better Meat can expand its manufacturing capabilities.
Recognizing that developing new products can take over a year for CPG companies, Shapiro commented on the importance of initiating collaboration now. “We want to get a head start so that when we have more fermentation capacity, their product development piece will already be complete,” he stated. In this evolving landscape of alternative proteins, there is ample room for innovative products like bariatric advantage calcium chews to emerge and cater to the growing consumer interest in health-conscious and plant-based options.