Will vegan dairy alternatives be the ‘next Beyond Meat’ success story?

Plant-based meat has experienced an explosion of interest from the world’s media recently – and it’s no wonder: the business grew 30 per cent in 2018 compared with 2017, according to data provider Nielsen Product Insider. The snowball effect has led to more inclusive menus at restaurants, increased demand for more plant-based protein (even KFC wants in) and pushed up the share price of Beyond Meat – the US producer of plant-based meat substitutes that has played a pivotal role in the current global popularity of vegan diets – by more than 600 per cent on the American Stock Exchange in June to US$186.43, compared with May’s initial public offering price of US$25. Dairy alternatives are not just for vegetarians or vegans; increased awareness of health and environmental benefits of plant-based products also drives the demand Adeline Chan, project director, VeggieWorld Hong Kong View this post on Instagram @kfc has done what no other quick-service restaurant has done before. Tomorrow, Beyond Fried Chicken™ will make its debut in a limited one store test in Atlanta, crowning KFC as the 1st U.S. national QSR to introduce plant-based chicken - a true Kentucky Fried Miracle. Link in bio to learn more! A post shared by Beyond Meat (@beyondmeat) on Aug 26, 2019 at 9:05am PDT This is certainly comforting news for vegans, but the question remains: is this merely a fad? How Lady Gaga’s chef taught me to make vegan Scotch eggs Projections of the value of the alternative meat market suggest that the industry will be worth US$140 billion globally in the next 10 years. Naysayers are being put in the place, too, thanks to advances in science and technology that have improved both the taste and texture of plant-based products exponentially in a very short time. Next up, non-dairy dairy. Adeline Chan, project director of March’s VeggieWorld Hong Kong – the city’s first international trade fair and conference for a vegan lifestyle – says: “The vegan lifestyle is rapidly increasing in popularity globally, which drives the rise in demand for dairy alternatives.” View this post on Instagram #OatMe! I’m all yours! . I was beyond excited to be part of the product launch event of a plant milk rockstar @oatly at @green_common on Tuesday , my long time favourite from #Sweden . Brand Director Herbert Law talked about how @oatly becomes world's popular brand. The 25-years-old brand has a sole purpose : " to make it easy for people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet’s resources in the process." My personal #love for Oatly is behind the yumminess, which is exactly what Herbert outlined the success of Oatly: Nutrition, Sustainability, Trust and Transparancy. . Adorned with edgy taglines like #wownocow #postmilkgeneration, the brand owns many hearts of youngsters A post shared by Adeline Chan (@aforashtanga) on Mar 25, 2018 at 5:21am PDT She says the non-profit organisation, Plant-Based Foods Association, has revealed data that shows retail sales of plant-based foods have increased by 11 per cent over the past year in the US alone, with total market value of US$4.5 billion. “Plant-based milk, with 6 per cent growth in the past year, is now making up 13 per cent of the entire category,” Chan says. So is plant-based milk the “next Beyond Meat”? Beyoncé and Kim Kardashian promote veganism – so what? Chan is confident that it is. “The fact is, dairy alternatives are not just for vegetarians or vegans; increased awareness of health and environmental benefits of plant-based products also drives the demand.” she says. Transparency is important for sustainable and ethical businesses, and while most companies can't go all the way, they can definitely take more steps from where they are now … this not only builds more trust with consumers, but also helps raise the bar for good practices in the industry as a whole Simon Newstead, founder Bite Society Simon Newstead, angel investor and founder of the plant-based chocolate maker Bite Society, says: “Plant-based milk is going through a huge growth phase, which is both exciting and an indication of the move towards dairy alternatives – for health, environment, ethics, and taste reasons.” His company strives to be 100 per cent transparent – the first of its kind in the sustainable market – and offers non-dairy chocolates, which are now available globally, including in Hong Kong at Green Common. “Our goal is to be the most transparent food company on the planet, sharing everything that we’re able to,” he says. “I believe the same thing will happen for the other dairy categories. Plant-based ice-creams are starting to take off – witness the hugely successful vegan Magnum launch for example – and taste, convenience and price of vegan cheeses and chocolates is also moving by leaps and bounds compared with a few years back.” Of course, naysayers argue that these types of products come at exorbitant prices. Newstead wants to address this upfront with regard to his products. “I started the Bite Society project as a vegan food activism project with two goals – first to reduce the price of vegan alternatives so that we can reach more folk with these kinder options,” he says. Having [non-dairy] milky chocolate balls and crunchy bars was something I personally missed after 10 years as a vegan Simon Newstead “Second, I wanted to run it openly – through radical transparency – so that I can share this ‘case study’ and the lessons learnt to help and hopefully inspire other vegan founders and projects. Why this Korean YouTuber’s vegan videos are all the rage “I chose chocolate as the first category for Bite for a few reasons. “First, there's a lack of affordable vegan milk chocolates – currently the tasty popular options are significantly more expensive than what you'd see offered by dairy companies in supermarkets, so that's a meaningful problem to tackle as a case study. “Second, it was something I felt could be done with the bootstrap budget we’re on – we have no investors – as opposed to more difficult technical categories like plant-based meats. “Finally, having milky chocolate balls and crunchy bars was something I personally missed after 10 years as a vegan, so the choice ticked all the boxes!” We asked Sonalie Figueiras, founder, publisher and editor-in-chief of Green Queen – impact media platform advocating for social and environmental change in Hong Kong – if the city is ready for this. Hong Kong is known for its alarmingly high level of dairy and meat consumption – according to Our World in Data, Hong Kong’s per capita milk consumption is twice as high as that of Taiwan. How this vegan Hindu wedding reflects a change in thinking “I am encouraged by the fact that most establishments I visit now have non-dairy and even non-soy plant milk alternatives,” Figueiras says. “It shows that the demand from consumers is there. Sustainable Swedish brand Oatly, for example, is now available at Pacific Coffee, Starbucks, supermarket and even 7-Eleven!” View this post on Instagram We love art that comes with its own caption. Especially on this August day when our social-media-writer person is on vacation, probably asking someone right now, at this very moment, if they’re into oat drink. Anyway, nice work, @send.doods! A post shared by Oatly (@oatly) on Aug 29, 2019 at 8:30am PDT Vegan or plant-based ventures also have the advantage of appealing to today’s more socially aware consumers. “Conscious consumers have high standards about what they put into their mouths and what impact these things will have on the environment,” Chan says. “Whether it is because of taste and nutrition, that it is palm oil-free, or has environmentally friendly packaging and good corporate social responsibility, brands that align their practices with their intentions and values will become very successful and popular in time.” View this post on Instagram Today's the big day, and what a cake to celebrate! Excited for our Hong Kong launch party at 3pm at Kind Kitchen. There'll be lots of choc goodies and fab speakers. Together with our friends at Green Common we're expecting a full house with 100 people RSVP'd ! Now time to start preparing the talk... no pressure ps - this work of art was created by the talented Kei Kei from @baketobasics_veganhk (they're also famous for the vegan croissants among others! ) Can't wait for everyone to have a try... . . . #vegan #plantbased #delish #tasty #veganfoodspace #treats #plantbasedfood #chocolate #crueltyfree #melbourne #chocballs #chocbloks #bitetribe #veganfood #veganfoodshare #vegansofhongkong #vegansofhk #vegansofig #startup #veganstartup #realtalk #baking #foodphotography #foodactivism #bitesociety #biteforwhatsright A post shared by Bite Society (@bitesociety) on Jul 26, 2019 at 7:46pm PDT Figueiras says Newstead’s brand has potential for success – as long as he keeps his eye firmly on the main target: to win consumers over simply with taste. “I love the mission behind Bite Society and the fact that Simon is running this as a zero-profit activist brand to encourage other budding vegan entrepreneurs out there,” she says. “Ultimately Hong Kong people love good food, so if the product is tasty then Bite can win over customers’ taste buds first, and then share the plant-based mission.” Ultimately Hong Kong people love good food, so if the product is tasty then Bite can win over customers’ taste buds first, and then share the plant-based mission Sonalie Figueiras Yet Newstead is well aware of the need to get consumers on side. “I do think having a strong community is more important these days to successfully launch and grow a new food brand, in the absence of multimillion-dollar advertising budgets,” he says. “In Hong Kong we’ll be partnering with a distributor who can offer their sales and marketing support, but we plan to continue and build on the very community heavy approach as well – to generate brand awareness and also drive the demand again in the shops and supermarkets. Picky Eaters: what can a vegan eat at meat grill Yakiniku Jumbo? “I do think that transparency is important for sustainable and ethical businesses, and while most companies can't go all the way, they can definitely take more steps from where they are now. “This not only builds more trust with consumers, but it also helps others learn and also raises the bar for good practices in the industry as a whole.” Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram, YouTube and Twitter

Will vegan dairy alternatives be the ‘next Beyond Meat’ success story?

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}As global interest in plant-based meat substitutes surges worldwide, other vegan products such as non-dairy milk and chocolate are tipped to benefit

As global interest in plant-based meat substitutes surges worldwide, other vegan products such as non-dairy milk and chocolate are tipped to benefit