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☆ This company could take lab-grown meat mainstream thanks to a green light from the FDA
▼ + stars: | 2023-05-19 | by ( Natasha Piñon | ) www.cnbc.com time to read: +14 min

Upside Foods' pivotal moment also comes at a key moment in the alternative meat industry. The cultivated-meat industry could have a wider consumer base than previously introduced alternative meat products, because unlike plant-based meats, it's "real" meat — minus the slaughtered animals. And, accordingly, some traditional meat companies have expressed interest in the burgeoning cultivated-meat industry, which one day could become a competitor. The cultivated-meat industry will need a similar boost if it's ever going to become a grocery store staple, Swartz said. The FDA's clearance was a voluntary premarket consultation, which means the agency has no further questions about the safety of Upside's products.

☆ Don't expect an IPO market revival in these conditions even as J&J's Kenvue breaks drought
▼ + stars: | 2023-05-04 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

The health of the IPO market is dependent on many factors, but principally it boils down to: 1) the strength of the overall stock market (trending up is best), and 2) interest rates (lower is better). The IPO investor wish list: stable markets, Fed done hiking, and lower IPO prices "The most important factor for the IPO market is you need the market to hold up well," Santosh Rao, head of Research at Manhattan Venture Partners, told me. Another essential ingredient for a healthy IPO market: stable interest rates. But the IPO market hasn't seen a "normal" year in a while. High initial IPO prices have proven to be devastating to IPO investors.

☆ AI will eventually free people up to 'work when they want to,' ChatGPT investor predicts
▼ + stars: | 2023-03-30 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

The future of AI could "free humanity" from work, according to OpenAI investor Vinod Khosla. "This large transformation is the opportunity to free humanity from the need to work. People will work when they want to work on what they want to work on," Khosla told Semafor. Back in 2014, Khosla told Semafor, he started thinking about a future with AI, even predicting that eventually most media would be created by AI in the future and that AI will disrupt teaching. AI jobs in tech, mathematics, accounting, and communication fields will be especially at risk, the researchers found.

☆ Reese's calling its new peanut butter cups 'plant-based' is the clearest sign the term has lost all meaning
▼ + stars: | 2023-03-08 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Hershey is debuting a chocolate bar and Reese's peanut butter cups that are plant-based. The candies use oat milk instead of dairy milk. It's the latest plant-based version of a packaged food as the term becomes over-used. The Hershey Co., which makes both of the candies, will start selling plant-based peanut butter cups this month, the company said Tuesday. The peanut butter cups will be the first vegan chocolates that the company has sold across the US, the company said.

☆ Beyond Meat reports narrow-than-expected quarterly loss despite sinking sales
▼ + stars: | 2023-02-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Beyond Meat on Thursday reported a narrower-than-expected loss for its fourth quarter, despite its sales sinking more than 20%. Net sales dropped 20.6% to $79.9 million. The company said demand for meat alternatives across "all channels" is still soft. Beyond's net revenue per pound fell 4.4% in the quarter. U.S. sales fell 20.9% as the company saw weaker demand in both its grocery and food service segments.

☆ Americans are quitting plant-based meat due to high prices, worse taste, and questionable health benefits
▼ + stars: | 2023-02-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

In 2020, retail sales of plant-based meat grew 45%, surpassing the $1 billion mark for the first time. Questionable taste and health benefits are scaring off consumersFirst, it's unclear whether the plant-based meat industry has a growing customer base. On the all-important issue of taste, many Americans say plant-based meat disappoints, and some experts think the industry's efforts to compare plant-based meat to the real thing is a losing battle. Additionally, while plant-based meat has environmental benefits, growing research suggests it may not be much — if at all — healthier than traditional meat, something consumers are beginning to suspect. It's also possible that cultivated meat — meat grown from animal cells in a lab — will prove to be the answer, though this innovation could face some obstacles as well.

☆ Chick-fil-A just unveiled a fried cauliflower sandwich that took 4 years to develop — and it's nothing like the plant-based fast food at rivals like McDonald's
▼ + stars: | 2023-02-09 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

Plant-based meat sales growth has flattened over the last several months. But, Chick-fil-A is debuting a cauliflower sandwich in three US markets next week. Next week, the Atlanta-based fried chicken chain plans to introduce its first plant-based meal, the Chick-fil-A Cauliflower Sandwich. Chick-fil-A's vegetable sandwich test also comes as demand for plant-based meats has slowed, prompting layoffs at Impossible Foods. "We explored every corner of the plant-based space in search of the perfect centerpiece for our plant-forward entrée," Stuart Tracy, culinary developer of the cauliflower sandwich, said in a statement.

☆ Chick-fil-A will test a cauliflower sandwich in its first plant-based pilot
▼ + stars: | 2023-02-09 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Chick-fil-A is making its cauliflower sandwich the same way as its original chicken sandwich. Chick-fil-A will test its first plant-based entree: a cauliflower sandwich. The new sandwich closely resembles its famous chicken sandwich, but uses breaded and pressure-cooked cauliflower in place of meat. Chick-fil-A said it's been working on a plant-based sandwich for nearly four years, right around when chains like Dunkin' and Restaurant Brands International's Burger King were putting Beyond Meat and Impossible Foods substitutes on their menus. Buffalo Wild Wings and countless bars serve fried cauliflower smothered in buffalo sauce as an alternative to chicken wings.

☆ Google is facing its first real competition in search
▼ + stars: | 2023-02-08 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

This is the first time search engines are in legitimate competition — with all thanks to ChatGPT for the plot twist. Now, the chatbot is integrated in Bing and gives the search engine its first fighting chance against Google. Microsoft for now has a "first-mover" advantage, meaning its first-ever AI search engine can attract a large share of users. More on the first-ever search engine race here. Tech workers with skills in Web3, AI, and cybersecurity remain in high demand.

☆ Headlines about layoffs don't mean you're going to lose your job
▼ + stars: | 2023-02-03 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

The US labor market looks strong, and yet news about mass layoffs dominates the headlines. To be clear: Labor Department data shows that layoffs overall remain historically low and the latest jobs report shows growth is rock solid. But if the fear of losing your job hovers over you like a dark cloud, you're not alone. What people are doing is indicative of a strong economy. Are they operating in a way that's indicative of a strong economy?

☆ One of the biggest problems for plant-based products — people don't know where to find them at the grocery store
▼ + stars: | 2023-01-30 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Where plant-based meat sits in a grocery store can affect sales. Sales of plant-based meat grew quickly during the early months of the pandemic. But that growth slowed down in 2022, leading some analysts to question the long-term potential of plant-based foods. Earlier this month, Bloomberg Businessweek published a cover story declaring plant-based meat was "just another fad." In response, Impossible took out a full-page ad in the New York Times that decried media coverage "hating on plant-based meat."

☆ Impossible Foods is laying off 20% of its employees in the third round of cuts at the company in roughly a year
▼ + stars: | 2023-01-30 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Impossible Foods is laying off 20% of its workforce, Bloomberg reported Monday. It's the third time in a year that Impossible has made cuts as plant-based meat sales slow down. The plant-based meat brand plans to eliminate 20% of its employees, Bloomberg reported on Monday, citing an unnamed source. A spokeswoman for Impossible Foods did not immediately respond to a request for comment from Insider. In January 2022, Impossible let go of a smaller group of "fewer than 15" employees, Bloomberg reported at the time.

☆ Bill Gates is optimistic about the future of fake meat and plant-based foods
▼ + stars: | 2023-01-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Bill Gates was asked his opinion on the climate and plant-based diets during his annual Reddit AMA. Gates said he backed several fake meat companies, despite predicting many people won't opt to be vegan. "I think eventually these products will be very good even though their share is small today," Gates said. Gates said he has backed meat alternative brands Beyond Meat, Impossible Foods, and Upside Foods (formerly known as Memphis Meats). "The key on climate is making the clean products as cheap as the dirty products in every area of emission — planes, concrete, meat etc," Gates said.

☆ Layoffs and declining investments in foodtech aren't spooking these new VCs. Here's where they're looking to make bets in 2023.
▼ + stars: | 2022-12-25 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

VC investment in restaurant tech firms, from ghost kitchens to delivery robots, slowed in the third quarter, according to Pitchbook. Despite an investment slowdown in foodtech, Crowder and Larisey believe there are massive opportunities in the sector. Another new foodtech VC firm, Rethink Food, is also looking differently at food innovation. Co-founder Shane Larisey says Redstick Ventures is looking at ag-tech companies that help increase yields in the field. Crowder and Larisey quickly point out that they are not interested in investing in marketplace meal delivery companies, which have yet to show profitability.

☆ The foodtech falloff isn't spooking these new VCs. Here's where they're looking to make bets in 2023.
▼ + stars: | 2022-12-21 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

VC investment in restaurant tech firms, from ghost kitchens to delivery robots, slowed in the third quarter, according to Pitchbook. But instead of leaning into kiosks and QR codes, Redstick Ventures and Rethink Food are entering the space with a different investing game plan. Despite an investment slowdown in foodtech, Crowder and Larisey believe there are massive opportunities in the sector. Another new foodtech VC firm, Rethink Food, is also looking differently at food innovation. Rethink Food"Our most recent investment is one of the most disruptive and exciting, and it's in cultured meat," said Rini Greenfield, a founding managing partner at Rethink Food.

☆ I tried Taco Bell's Beyond Meat quesadilla at the only place it's available in the US. The meatless 'steak' could've fooled me, and I now want to try it on everything.
▼ + stars: | 2022-12-13 | by ( Cassy Crabtree | ) www.businessinsider.com time to read: +6 min

I tried Taco Bell's Beyond Meat quesadilla at the only place it's available in the US. Cassy Crabtree tried Taco Bell's Beyond Carne Asada Steak Quesadilla. Cassy Crabtree On October 13, Taco Bell introduced its new Beyond Meat Carne Asada Steak Quesadilla. Taco Bell I visited my local Taco Bell in Tipp City, Ohio (a suburb of Dayton). I tried Taco Bell's Beyond Carne Asada Steak Quesadilla.

☆ What’s gone wrong at Beyond Meat
▼ + stars: | 2022-12-07 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

And fierce competition is squeezing sales, including in frozen, plant-based chicken, a category that is growing while refrigerated plant-based meat sales falter. “We believe that healthy competition within plant-based meat is a good thing as it brings investment in marketing to the category,” said Brown during the November analyst call. It’s true that the plant-based meat pie is smaller these days. Ground plant-based meat fell about 19%, and patties were down 30% in that period. It launched a retooled version, Beyond Chicken Tenders, in stores in 2021, and has built its plant-based chicken portfolio since then.

☆ Jim Cramer says he expects 'many layoffs' at companies after Christmas
▼ + stars: | 2022-12-06 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Tuesday predicted that more companies will trim their workforces after the holiday season. "I'm sure there'll be many layoffs after Christmas. Tech companies, whose astronomic growth in recent years has been derailed by the Federal Reserve's interest rate hikes, led last month's layoffs. Yet the total number of layoffs this year is the second lowest since the company started tracking the metrics in 1993. Cramer attributed the lack of job cuts to the fact that many companies have managed to stay afloat — a fact that could change next year.

☆ Philadelphia is launching a plant-based cream cheese
▼ + stars: | 2022-12-06 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN Business —Philadelphia Cream Cheese is launching a non-dairy version of its signature spread. The plant-based cream cheese is now available at grocery stories in Atlanta, Houston, Miami and other locations in the Southeast, with a wider rollout planned for summer 2023. Philadelphia's plant-based cream cheese is available in the Southeast. According to data from IRI, only about 41% of households who buy plant-based cream cheese make a second purchase within the year. “It’s just easier to forgo cream cheese and cheese … than it is to forgo meat,” he said.

☆ PepsiCo plans to cut hundreds of corporate jobs, report says
▼ + stars: | 2022-12-05 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

PepsiCo is eliminating hundreds of corporate jobs in North America, according to the Wall Street Journal. The company's beverage unit is expected to be hit harder by the cuts because the snacks unit already shrank its workforce through a voluntary retirement program, according to the Journal. Pepsi employed 309,000 people worldwide as of Dec. 25, with more than 40% of those jobs located in the U.S., according to a company regulatory filing. Several food and beverage companies have also cut jobs, including Beyond Meat , Impossible Foods and PepsiCo's main rival Coca-Cola . In November, Coke said it would restructure its North American business through a voluntary separation program that included buyouts.

☆ Impossible Foods founder Pat Brown is taking a leave of absence less than 2 months after launching an innovation arm at the plant-based meat company
▼ + stars: | 2022-11-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Impossible Foods Founder Pat Brown is taking a leave of absence from the company. Brown stepped down from the top job in April to make way for Peter McGuinness, a Chobani veteran. Impossible Foods founder Pat Brown is taking a leave of absence from the plant-based meat company, Insider has learned. Brown's leave started this week, according to an email sent to staff and shared with Insider by two employees. Impossible employees have told Insider that McGuinness has brought more business experience to the CEO role.

Representatives for Impossible Foods did not immediately respond to a request for comment on the decision. Redwood City, California-based Impossible Foods sued Motif, a Boston-based spinoff of biotech company Ginkgo Bioworks, in March. The court agreed with Impossible Foods that Hemami could still infringe the patents and allowed the claims to continue. Impossible Foods' patents may cover Hemami because it is produced using yeast and does not have any "direct animal provenance," Bryson said. The case is Impossible Foods Inc v. Motif Foodworks Inc, U.S. District Court for the District of Delaware, No.

☆ Impossible Foods Hires a Marketing Chief as It Seeks to Win Over Meat Eaters
▼ + stars: | 2022-11-08 | by ( Megan Graham | ) www.wsj.com time to read: +3 min

Alternative-meat maker Impossible Foods Inc. has hired Leslie Sims to fill the newly created post of chief marketing and creative officer ahead of a planned expansion in marketing, the company said. Ms. Sims, currently U.S. chief creative officer at Deloitte Digital, will assume her new role on Jan. 1. Founded in 2011, Impossible Foods sells products including plant-based alternatives to beef burger patties, chicken nuggets and pork. Leslie Sims will become chief marketing and creative officer at Impossible Foods in January. “We’re really going for not being the best plant-based meat—we’re going for being the best meat,” Ms. Sims said.

☆ Palm oil is in almost everything, and it's devastating rainforests. This Bill Gates-backed company used microbes to create an alternative
▼ + stars: | 2022-11-03 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

Palm oil grows best in the regions right around the equator, so palm oil producers chop down rainforest and clear that felled vegetation by burning it, making it a prime target of conservation organizations like the Rainforest Rescue and the World Wildlife Fund. Palm oil trees grow at the Cikasungka palm oil plantation, operated by PT Perkebunan Nusantara VIII, in Bogor Regency in West Java, Indonesia, on Monday, June 20, 2022. To make its palm oil alternative, C16 Biosciences uses a wild yeast microbe that makes a functional equivalent to palm oil with a kind of fermentation process. Photo courtesy: Cat Clifford, CNBCChemically, the palm oil that C16 Biosciences makes is not identical to the palm oil that is grown in industrial agriculture farms. However, "it contains the same fatty acids, which are the molecular fingerprints of fats and oils, that palm oil does," Heller told CNBC.

☆ 11 of the best food-and-beverage venture capitalists in 2022, according to deal data and other VCs
▼ + stars: | 2022-10-18 | by ( Lakshmi Varanasi | Alex Bitter | ) www.businessinsider.com time to read: +2 min

Food-and-beverage startups raised $7.8 billion in the first three quarters of 2022, per PitchBook. Insider compiled a list of VCs behind some of the most recent and buzzy food-and-beverage brands. Boulder typically expects its food-and-beverage investments to last between five and eight years before the startup makes an exit, he said. Insider compiled a list of 11 venture capitalists who specialize in investing in food-and-beverage startups — and are on the lookout for headline-worthy deals. Here are the top food-and-beverage investors founders should keep in mind when raising cash.

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