China Food

Beyond meat

 


登陆资本市场是新蛋白企业新征程的开始。

 


2019 is a year for Western alternative protein start-ups to make major breakthroughs In Asia, as an innovative virgin land of traditional food industry, the alternative protein industry must challenge the long-standing vegetarian culture in Asia, and even subvert the traditional mode of food and agriculture. The new epidemic in 2020 will stimulate people’s awareness of food safety and health, and the epidemic in China will sweep away, Some people regard 2020 as the first year of China’s artificial meat.

Looking at the successful listing of beyond meat in the United States in 2019 and the initial listing boom of alternative protein companies, until December 2020, following the first share of beyond meat, a total of 8 companies were publicly issued, including 3 in Canada, 2 in the United States, 2 in Israel, and 1 in Thailand. Among them, 2 companies became listed companies through mergers and acquisitions (1 Two companies that have been listed in their home country Israel through mergers and acquisitions have just submitted listing applications to the US Securities Regulatory Commission, while the other two companies have been listed quickly through local trading mechanisms. In addition, there are two other companies that have news in the market or plans to go public.

Table 1: summary of publicly issued plant based and alternative protein Enterprises

Source: public information, 35 papers

The rising stars in the market

The Very Good Food

The very good butchers, a Canadian start-up, was founded in 2016 by James Davison and Tania Friesen co founded and opened its first market in Victoria public market one year later, which makes it the first vegan meat shop in western Canada. The market is a complex of restaurant and deli. They sell fresh sliced roast vegetarian game, vegetarian sausage, vegetarian hamburger meat, etc. they also provide delicious creative dishes made from vegetable meat or cheese produced by their own factory Food.

The very good food Inc. (VGF) as the very good The parent company of butchers was officially listed on the Canadian stock exchange in June 2020, with a total of 16.1 million shares issued at C $0.25 per share, raising about C $4.025 million. In October a few months later, it was approved to trade in the OTC market of the United States. Otcqb, also known as “risk market”, provides fund-raising opportunities for early and developing American and international companies that do not have the qualification of otcqx.

VGF’s products are currently sold in about 275 retail outlets, accounting for about 6% of the total number of retail outlets including independent retail stores and national chain stores (including whole foods markets, fresh St. market, choices markets and IgA). VGF is negotiating with more than 50 potential channels. It is estimated that more than 70% of its products will be sold through wholesale and retail channels in the future, far higher than the current 20%.

In response to the sharp increase in product demand, VGF continues to expand its production facilities. VGF rents a new Patterson factory in California, which is expected to produce up to 98.5 million pounds of annual products for the U.S. market. In addition, VGF will set up a new production facility in Vancouver, which rents and improves the existing Rupert special agent factory, including about 45000 square feet of production, refrigeration and warehousing , R & D and office space, and will be put into operation in phases in 2021. Rupert’s factory is expected to be able to produce up to 37 million pounds of annual products, which will increase the capacity of VGF that currently relies on a single Victorian factory by more than 20 times.

On November 16, VGF released its financial report for the third quarter. Its revenue grew from C $670000 in the same period of last year to C $2830000, and its gross profit margin rose to 39.2% from 28.7% in the same period of last year. With the expansion of operation scale and production facilities, its operating expenses increased sharply from C $1510000 in the same period of last year to C $7450000, so its net loss increased to C $7280000 from C $1510000 in the same period of last year 。

After the successful listing of VGF, it has attracted wide attention in many multimedia platforms. In October, it also caused a dispute between whether to hire a public relations company and the financial KOL to make the market. Since the company’s share price broke through C $4 in early November, it has continued to perform well. On November 24, VGF announced that its new chairman, Ana Silva, is the chief financial officer of Daiya Foods Inc., a Canadian plant-based dairy substitute company, will take office in January 2021. A few days ago, the stock price of VGF closed at about C $6, reaching C $9.25 at the beginning of December.

Modern Meat

Vancouver based modern meat, founded in 2019 by Tara Haddad, offers vegan alternatives such as vegan burgers, minced meat, crab cakes and meatballs, all made from clean, non genetically modified whole food ingredients such as pea protein, chickpea meal, mushrooms and brown rice. Modern meat also has a range of plant based flavors, which are available at many retailers and e-commerce websites in seven different cities in Canada.

Modern meat cooperates with plantx, a plant-based online community and lifestyle platform, to launch a prefabricated meal delivery service, providing up to 15 kinds of plant-based meals. In addition, modern meat also cooperates with spud, an online grocery distribution service provider, to provide product distribution to consumers.

Modern meat was listed on the Canadian stock exchange in June 2020 through the reverse acquisition of Navis resource Corp. The share price of modern meat was as high as C $4.80 in early December, and the current share price is about C $4.

Laird Superfood

Laird superfood was founded in 2015 by Laird Hamilton and Paul Hodge, an environmental entrepreneur who also loves surfing. His wife, Gabby Reece, a former professional women’s volleyball player, is also a member of the team. Due to surfing’s great energy consumption and love for natural products, Laird has developed functional products mixed with natural fat (coconut ingredients and seaweed calcium collected from the coast of Iceland) after years of personal testing. It initially launched super coffee cream, followed by various hydration products and enhanced beverage additives, and extended to roasted and instant coffee, tea and coffee Recently, Laird superfood has launched functional fungus supplements, including white birch antler, Cordyceps sinensis, Hericium erinaceus and velvet antler, which can be added to oats, fruit shakes or coffee tea as complementary food. Laird superfood’s products are sold in more than 7200 retail stores, including Costco and whole foods. Consumers can also buy them through direct e-commerce platforms such as Amazon.

Laird superfood was invested with us $32 million led by Wework in early 2019. In April 2020, Danone manifesto ventures, a food giant, injected US $10 million. Later, it was officially listed on the New York Stock Exchange in September 2020. The listing price was US $21.5 per share, raising about US $58 million in total. The company’s valuation was about US $184 million.

The company’s share price reached $40.8 on the first trading day, peaking at $57.18 on October 21. The company announced the third quarter financial report on November 12. The net revenue of the first three quarters was US $18.71 million, an increase of 109% over the same period of last year. The gross profit rate decreased to 28.44% and 40.70% over the same period of last year. Among them, super coffee cream contributed more than 70% of the revenue. The proportion of wholesale and distribution channels increased by 45%, while the proportion of e-commerce platforms decreased to 54%. The return and discount increased from US $460000 in the same period of last year to US $217000 The operating expenses increased from US $10.16 million to US $13.74 million, and the net loss increased from US $6.34 million to US $8.36 million. The day after the financial news press conference, the company’s share price fell below $40, the second lowest point in Laird’s short history of listing, but interestingly, the share price immediately rebounded to more than $47 on Monday. Laird’s share price is up to $57.83 after Christmas. At present, its share price is about $47.

NR Instant Produce Pcl

NR instant produce PCL was established in 1991 and headquartered in Samut Sakhon, Thailand. Its business scope includes: plant based meat and beverage, Asian flavor food, functional food and OEM food processing. Since 2016, jackfruit has been widely used as a vegetable protein in the manufacture of artificial pork. The company has also introduced plant based condiments, food ingredients and protein powder.

In 2017, Hatton Capital Partners incorporated NR instant production into its merger and acquisition. In October 2020, NR instant production was successfully listed on the Thai stock exchange. It is the first share of Asian plant-based related enterprises to be listed, raising about 1.6 billion baht (about US $51.4 million), and the share price doubled on the first day of trading. The company will use the funds to expand its production facilities in Thailand and accelerate its international expansion, with the UK, the US and China as its main target markets. The company plans to increase its production capacity by 35% in the next two years from its current annual capacity of 19000 tons, and increase its sales revenue to THB 3 billion by 2024.

At present, about 7% of the revenue of NR instant produce comes from plant products, and the proportion is expected to rise to 30% within four years. In the third quarter of 2020, the revenue reached 378 million baht, an increase of 23.20% over the same period of last year.

The share price of NR instant produce reached a new high of 7.10 baht on November 18. At present, the share price is about 6 baht.

Natural Order Acquisition Corp.

Natural order acquisition Corp. (noac), which was founded in August 2020, is located in the United States. Its essence is special purpose acquisition company (SPAC), also known as blank check company. The company’s goal is to acquire one or more enterprises and assets through mergers and acquisitions, equity transactions, asset acquisition or restructuring, focusing on technologies and products related to sustainable plant-based alternative protein food and nutrition.

Spac mode has explosive growth in 2020, accounting for nearly 50% of the total number of IPOs in the United States in 2020. Noac quickly went public within three months through the SPAC model, issuing 23 million units (each unit contains one common share and warrants that can subscribe for 0.5 common shares at US $11.50) at US $10 per unit. For alternative protein start-ups (acquired enterprises), this is also a financing channel to achieve rapid backdoor listing. Currently, noac has no clear target company, and it will have about 18-24 months to find suitable acquisition target.

Paresh Patel, co-founder and CEO, is also the founder and executive partner of sandstone capital and the co-founder and chairman of Scout finance. Paresh has many years of investment experience in medicine, financial services and technology in North America and Asia. Sebastiano cosia Castiglioni, co-founder and chairman of the board, is a managing partner and director of the dismatrix group and a partner of the blue horizon group Horizon is a leading investor focusing on technology and food innovation; Sebastiano has invested in more than 60 plant food and beverage companies directly or through partnership; Sebastiano is also a senior consultant and investor of NRs new reality solutions, a platform for integrated innovation of biological science and data science.

Eat Beyond Global Holdings Inc.

Eat beyond Global Holdings Inc. (eat beyond) is an investment and distribution organization dedicated to exploring and investing in companies that are developing and commercializing innovative food technologies, alternative protein, cultivation agriculture and consumer packaged food. The company provides a unique opportunity for retail investors to participate in the growth of a wide range of opportunities in the field of alternative proteins and gain access to leading companies seeking smarter, safer food supplies.

East beyond is looking for companies around the world that are developing sustainable, healthy and innovative foods, focusing on plant-based foods and innovative products in the fields of dairy products, eggs, meat, seafood and candy. East beyond is targeting companies with a turnover of 20 million to 200 million US dollars.

In November 2020, eat beyond was listed on the Canadian stock exchange in the form of “listing without offering a prospectus (no issuance of new shares)”. Later in the same month, it was also listed on the Frankfurt Stock Exchange in Germany, which is a dual listing. The company plans to grow from US $3.5 million to US $35 million in the next 12 months, and expects to invest in 10-12 enterprises annually in the next few years.

East beyond is also an investor in the very good food, also listed in 2020. Other companies in the portfolio include: East just, good natural, greenspace brands, nabati foods, singcell and turnletree labs.

The company’s share price first came to $2.92 at the beginning of December and closed at $2.37 before December.

Meat Tech 3D

Meat tech 3D, founded in 2018, is an Israeli company focusing on 3D bioprinting technology and cell culture meat. Its founder and CEO, Sharon FIMA, is a continuous entrepreneur. Previously, it founded nano dimension, a desktop 3D printing system enterprise for multi-layer PCB. Meat Tech The goal of 3D is to open up the whole industry chain technology from “umbilical cord cell collection”, “cultivation in bioreactor”, “subdivision bio ink”, “3D bio printer”, “cultivation in incubator” to “frozen storage”, to become a one-stop solution supplier of cell culture meat, and provide complete turnkey B2B biotechnology support for future meat manufacturers Hold technical license or technical license.

In October 2019, meat tech 3D was listed on the Tel Aviv Stock Exchange of Israel through a merger with the real estate company ophectra Real Estate & Investments Ltd., and is the only public company in the field of cell culture meat. After the IPO, it announced to complete two rounds of financing by private placement in June and November 2020 respectively. The investors include rami levy, the third largest supermarket chain in Israel, Adom, the meat importer in Israel, MOR investments, Psagot investment house, CLAL, meitav dash investment houses, etc. together with other individual investors, the sources of funds are across Europe and America. In October 2020, it also announced that it had submitted the application documents for listing and trading of ADSS on NASDAQ to the US Securities Regulatory Commission.

Back in October 2020, meat tech 3D has invested US $1 million in pear of meat (POM), a Belgian innovative fat culture enterprise based on stem cell technology, and has the right to acquire POM in full with cash and equity in the next two years. The estimated total amount is about US $17.5 million, but this investment is just meat tech One of 3D’s ambitious M & A plans, its public acquisition targets also include labofish and chick & Tech. Meat tech 3D hopes to achieve its strategic positioning of the whole cell culture meat industry chain through M & A. besides winning the attention of the media and industry, the main purpose of successive private placement and public offering plans is to reserve silver bullets.

Back to the business itself, meat tech 3D has developed a 3D bioprinter that can stack cell layers (including stem cells and differentiated stem cells); in July 2020, meat tech 3D 3D announced that it has made significant progress in the cultivation of high-density stem cells; in August, it announced that it has successfully printed the artificial meat tissue cultured by stem cells with thin and uniform texture; in November, it has successfully printed the cultured adipose structure with the degree of 1% on the basis of adipose cells, adipose cells and ink. In addition, through strategic investment, meat tech 3D joins hands with Adom, a meat importer, to explore the international market.

At present, the share price of meat tech 3D is more than 340 shekels and continues to rise, doubling from a year ago.

SavorEat

Savoreat was founded in 2018 by CEO racheli vizman, chief scientist Professor Oded shosayev and Ido brasleevsky. Savoreat’s technology was born out of the research conducted by the Agricultural College of Hebrew University and obtained the exclusive commercial license from Yissum technology transfer company of the University.

Unlike meat teach 3D, which chose cell culture meat track, savoreat applied 3D printing technology to the opening of plant meat. Savoreat’s intelligent system combines automated chef robots, 3D printing technology and ingredients based on plant nanofibers to create alternative meat products including simulated fat, muscle and fiber. In addition to its first product, plant hamburger, savoreat also aims at restaurants and dining cars, public and private activities, hotels, military bases, airlines, cruise ships and convenience stores B-end customers. Savoreat’s solutions are dedicated to improving the efficiency of the supply chain and enabling consumers with different tastes, diets and lifestyles to enjoy different textures and flavors of plant meat.

Savoreat has signed a cooperation agreement with BBB burger bar, a chain restaurant in Israel, which includes product development and system installation in the kitchen of chain stores. This is the first pilot project in Israel and helps savoreat expand beyond Israel.

Savoreat was listed on the Tel Aviv Stock Exchange on December 1. Its share price closed at 12210 shekels on the first day and rose to 18000 shekels a few days later. At present, it is in the range of 12000-13000 shekels (about US $3700-4000).

Beyond meat

Beyond Meat’s share price peaked at US $234.90 on July 26, 2019, and fell back to US $57.99 on March 20, 2020. It gradually recovered after the second quarter. The third quarter financial report was released on November 9, 2020. Due to the net revenue of US $94.4 million in the third quarter, there was a significant difference between us $113 million in the second quarter and US $133 million expected by Wall Street, the share price collapsed by 22% to the closing price of 125.01 the next day Dollars. A few days ago, McDonald’s, which had cooperated with beyond meat to test the plant meat hamburger, announced that it would launch the plant meat hamburger mcplant, and McDonald’s did not mention beyond meat at all. Investors were puzzled, and the share price of beyond meat also dropped 8%.

In the first three quarters of 2020, the net revenue was US $305 million, up 52.9% from US $199 million in the same period of last year; the gross profit margin decreased slightly to 31.78% from 33.24% in the same period of last year; the operating expenses increased from US $65.86 million in the same period of last year to US $122 million in 2020; the accumulated net loss in the first three quarters increased to US $27.68 million from US $11.99 million in the same period of last year; and the cash on account was US $215 million.

Ethan brown, executive director of beyond meat, said that as restaurants and restaurants have become more conservative under the epidemic situation, the demand for developing new dishes with artificial meat has greatly decreased, which is also reflected in the 42% drop in sales in the catering sector this quarter compared with the same period last year, including transactions with restaurants, schools and company canteens. Restaurants account for about 1 / 3 of the sales volume of the catering industry of beyond meat. Under the influence of the epidemic, the impact of catering performance was offset by the record purchase volume of consumers in the second quarter. However, the purchase volume of consumers slowed down in the third quarter, but the catering industry did not improve, which led to the revenue in the third quarter far lower than expected.

Alternative protein coming on the market

When most people stay at beyond When meat is listed on the stock market, it may still think that when there is only one listed company, the capital market activities of the alternative protein industry are hot and the tricks are in vain, from the real IPO to the quick reverse M & a listing, from the veterans of the food industry who have stepped into the plant-based industry to the special M & A companies who have just arrived, from the product providers to the investors. This new food industry offers unlimited imagination. In the twinkling of an eye, it is the end of 2020. Looking forward to the future, what potential stocks are there in the market?

Oatly

The history of oatly from Sweden can be traced back to 1985, but it was not until these two years that oatly really came into the vision of Chinese people. Oatly produced and sold oat milk, ice cream and all kinds of organic food. With the popularity of global plant-based and organic health products, the performance of European and American markets also increased significantly in this wave of trends. According to statistics, oatly’s revenue in 2019 was SEK 1.4 billion, up 62.51% from SEK 874 million in 2018, with a net loss of SEK 293 million.

Oatly’s management team has held talks with external financial advisers to plan to go public in the first half of 2021, according to a report by the Peng Bo news agency. Both the United States and Hong Kong are considered listing sites, and the valuation is expected to reach $5 billion.

In July 2020, oatly just completed a $200 million financing led by Blackstone Group Inc., and Western celebrities including Oprah Winfrey, Jay-Z and Natalie Portman participated in this round of financing, with a financing valuation of $2 billion.

In response to the rapidly rising market demand, oatly invested US $15 million in 2019 to set up a processing plant in New Jersey, which can produce 750000 gallons of oat juice annually. Tony Petersson, oatly’s chief executive, said he was recruiting for expansion in Europe, the US and Asia. At present, oatly’s products have been sold in 20 countries around the world.

Eat Just

Just egg, which is made of mung bean protein, makes many people can’t believe that it’s really not an egg! East just is an innovative plant egg company from San Francisco, USA, which was founded in 2011. Its main product is bottled plant egg liquid. In February 2020, the company launched frozen preformed egg rolls in Europe and the United States, which is more convenient for breakfast scenes and has won market praise. Due to this new product, the sales of just in March increased by 36% compared with that in January.

Up to now, just has sold more than 50 million pieces of vegetable egg liquid. In addition, East just will usher in a market explosion in 2020, with a growth rate of 192% compared with the same period last year. Just egg liquid accounts for 99% of the market segment.

In order to cope with the market, just will obtain 30000 square feet of factory space in the United States in early 2020, which will greatly increase the production capacity and reduce the price. At present, the vegetable egg liquid of just has been reduced from $10 at the initial stage of listing to $4.99, while the domestic price is currently 49 yuan.

In December 2020, just won the approval of Singapore’s regulatory authorities, which is one of the world’s first approved listed companies, shaking the whole industry. The product will initially be included in chicken nuggets, but just did not disclose when it could be launched.

Just CEO and founder Josh tetrick is optimistic about the future of the company. He expects to achieve positive net operating profit by the end of 2021. Therefore, he will speed up the pace of listing, and may start to prepare the relevant procedures after the net operating profit reaches a certain level.

Listed or not?

Listing is what many entrepreneurs and investment institutions hope for. Looking at the reasons why alternative protein companies choose to go public, we can not escape the following points: (1) the alternative protein industry is just booming, consumers’ acceptance and demand for alternative protein products are rising at the same time, capital is competing for high-quality bids, and the pressure of subsequent listing to facilitate capital exit comes earlier; (2) the market is expanding rapidly, At the same time, the trend of artificial meat is blowing from Europe and the United States to other continents. With the deepening of the local market and the development of transnational business, enterprises need to invest resources for the global competition. Marketing, teams or the establishment of new production lines need continuous and large amount of capital injection, so listing becomes the ultimate means of fund-raising; (3) listed companies are often considered as the leaders of the industry, which is the best way for enterprises Market certification and endorsement, the aura of listing is conducive to market promotion.

However, some companies are not eager to go public, among which impossible food is one. Along the way, it has been favored by many capitals. In August 2020, it has just completed the latest round g financing, successfully raised US $200 million, and accumulated nearly US $1.5 billion, of which US $700 million has been raised this year alone. In 2019, chief executive Patrick Brown said that it is unlikely to be listed in the near future. In 2020, in the face of public questioning about the listing of improbable food, Chief Financial Officer David Lee said that improbable food has a demand for all kinds of funds that can support global operation and expansion, but there is no clear timetable.

Looking forward to the future of alternative protein industry

Beyond meat, which was founded in 2009, became the first listed artificial meat enterprise ten years later. The artificial meat enterprises listed in 2020 are all young companies within five years, except for NR instant produce, an old Thai company We can foresee that the listing time of alternative protein companies will only be shorter, not longer, and the number of listed companies will only be more, not less.

Looking forward to China’s market, in 2020, the alternative protein, artificial meat and plant milk industry will continue to boom, new brands and new products will emerge one after another, and product categories will expand and iterate rapidly; capital market will also move frequently, from early investment incubators (such as doffer food) to traditional venture capital institutions (such as Jingwei China, Tiantu capital) to enterprise strategic investment (such as: Shuangta food, Qishan food, etc.), we see more and more capital entering the market to compete for investment targets, and the investment portfolio of replacing protein continues to expand.

In view of the experience of beyond meat, it is of great significance to become the first listed alternative protein or artificial meat company in Greater China. Therefore, we expect that the Western listing trend will soon bring flaunting and imitating effects to China’s alternative protein industry, accelerate the process of domestic enterprises’ listing, and then activate the linkage between the primary and secondary capital markets of the alternative protein industry.

At the beginning of 2021, the journey of replacing protein has just begun!

作者:吴若瑜;来源:35斗(ID:vcearth),转载已获得授权。
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