Planet Based Foods taps European market with range of frozen hemp-based vegan products

News

By

-

April 13, 2023

Planet Based Foods, a hemp specialist based in the US, has established a subsidiary in the UK with the aim of expanding across Europe.

The company, which has its origins in California and a presence in Canada, offers a line of frozen vegan products made from hemp. Their range includes burgers, sausages, crumble, and taquitos.

The company intends to expand its product offerings to Europe through a newly established UK subsidiary called PBF Europe.

In March, the company, which was established in 2018, revealed its plans to broaden its presence in the United States by entering into new distribution agreements that cover the Western and Midwestern regions. As a continuation of this expansion, the company now aims to penetrate the European market through its UK subsidiary.

On its new European venture, CEO and co-founder Braelyn Davis said: “This is a groundbreaking announcement for Planet Based Foods and should come as no surprise for those that have been following our growth these past few months.”

According to Davis, the company is seeking to collaborate with distributors and producers in the “food and beverage technology space” across Europe. Rather than focusing solely on selling its own products, the company aims to build an ethically sustainable food system. To achieve this goal, the company is also interested in partnering with local growers to cultivate hemp.

To establish a foothold in Europe, the company has hired Jason Smith, a business development consultant who has helped multiple companies navigate the difficult European foodservice and manufacturing sectors.

Quizzed on its European expansion plans, Davis said, “Initially, the order of operation will be to set up distribution partners and cold storage facilities. We will work with UK produce groups to get hemp in the seed for trial runs. The main projects right now are developing the European food system and setting up cold storage and distribution partners. The US team will operate between the US and Europe and is in the process of hiring sales reps in Europe.”

Davis confirmed that the company has already identified potential distributors and producers in Europe, and in the upcoming months, the company will focus on expanding its presence in the foodservice and retail sectors.

The company will be outsourcing the manufacturing of its products to third-party producers.

“We have identified key partners and manufacturers who we plan to work with and will announce this shortly,” Davis said.

The company’s first offerings in the European retail market will consist of non-dairy ice cream, taquitos, and burgers.

Initially, the company plans to focus on the UK market and subsequently expand to other European markets.

“We will use the UK as a launch pad; we are just getting started,” Davis said.

According to him, the company does not expect any regulatory issues with European authorities.

“There are always hurdles, but not more or less in Europe versus the US. We will have to make some package adjustments as well as ensure compliance,” he said.

Davis said the company’s vision is “much bigger than creating a plant-based, better-for-you brand”.

He said, “We’re here to help transform the food system. We’re on a mission to establish hemp as a nutrient-dense, sustainable food system that will nourish the people and rejuvenate our planet for generations to come.”

Marriott International to expand footprint in India with the opening of 100+ new properties by 2025

News

By

SnackTeam

-

April 13, 2023

0

Marriott International, the biggest hotel chain in the world, has set its sights on expanding to at least 10 new cities across India over the next two years, with the aim of introducing more than 100 new properties in these locations.

Anthony Capuano, President & CEO of Marriott International, said, “We are in 40 cities today, that should be 50 cities or more by 2025. And maybe what is exciting to me is that results in us creating 10,000 new jobs across India.”

He stated that Marriott International aims to launch a total of 250 hotels in India by 2025, which encompasses those that are presently open and those under construction. With over 8,000 properties in 139 nations, Marriott International operates 30 different brands. The company is presently managing 140 hotels in India.

Capuano stated that Marriott International’s development strategy in India centers on providing the appropriate product in each market for every purpose of the trip.

“We have to continue to stay focused on the domestic market which is strong and growing. I had the good fortune to spend a bit of time with India’s tourism minister and one of the things we talked about is the importance, as an industry and certainly from Marriott’s perspective, to continue to tell the story globally of what a rich and diverse set of experiences the country offers,” he said, adding that Marriott wants to offer ensure lodging offerings in all of these destinations.

Travel Trends:

‘Bleisure’, a term coined to refer to the combination of business and leisure travel, has emerged as a new trend in the travel industry in the aftermath of the Covid-19 pandemic.

“We talked about this (blended travel) a bit in our fourth-quarter earnings call. The fact that Thursday and Sunday were days of the week that were covered most quickly, I think this is the best empirical data that supports the idea that more and more visitors are blending business and leisure travel or leisure and group travel. That’s great news for our industry, and it is a trend I continue to see in the future,” he said.

Apart from focusing on the physical aspects of hotels, such as their architecture and design, it has become essential to contemplate the programming choices for fitness and spa facilities, and the evolving food and beverage services. According to him, the development of mixed travel experiences has further intensified this necessity.

Business Forecast for 2023:

The Marriott International CEO said their forecast for 2023 is continued strong growth. “We gave a relatively large per average room (PAR) growth globally — 6-11 percent — 100 or 200 bps more than the wider range typically,” he said.

Capuano mentioned that during a recent meeting with stakeholders in Boston, he was questioned about the potential impact of factors such as the interest rate environment and socio-political instability on the hotel industry’s ongoing recovery. However, despite these concerns, Capuano stated that the available data does not suggest any slowdown in the recovery. He referred to the first quarter of the year as particularly robust and reported continued strong bookings.

Israeli drinks giant introduces zero-carbon beer brewing to reduce environmental impact

News

By

SnackTeam

-

April 13, 2023

0

To reduce pollution, Tempo, which happens to be one of Israel’s biggest beverage manufacturers, will substitute its steam boilers with a heat source that emits zero carbon.

An Israeli startup named Brenmiller Energy has created an eco-friendly system that the company, responsible for producing Heineken, Pepsi, and Nestle goods, is currently in the process of installing.

By channeling steam through pipes to heat crushed rocks, the surplus renewable energy is stored. Later, the stored heat is discharged to warm pressurized water and produce steam, which generates electricity.

With a maximum capacity of 14 tons of steam per hour, it is anticipated to have a 35MWh capacity, which is adequate to power two to three thousand households for eight hours.

Although renewable energy sources are abundant, the cost of storing their electricity is often greater than that of fossil fuels, making it less economical. However, this system improves the flexibility of industrial facilities.

The Israeli Ministry of Environmental Protection authorized Brenmiller to obtain a $610,000 grant (NIS 2.2 million) for constructing and installing its system at a Tempo plant.

“We’re pleased to use this initial grant funding from the Israeli Ministry of Environmental Protection to advance the development of Israel’s clean manufacturing industry by providing one of its largest beverage producers with zero-carbon heat,” said CEO Avi Brenmiller.

“Our talks with Tempo are meant to bring a whole new meaning to what it means to ‘drink responsibly,’ and we are grateful to the Ministry for its support of this novel clean energy project.”

Established in 2012, Brenmiller Energy is headquartered in Rosh Ha’Ayin, situated in central Israel.

Varun Beverages to consider stock split during board meeting on May 2nd

News

By

SnackTeam

-

April 13, 2023

0

Varun Beverages Ltd (VBL), PepsiCo’s top franchise bottler, has scheduled a board meeting on May 2, 2023, to discuss a stock split and ratify the earnings report for the fourth quarter.

“We wish to inform you that a meeting of the Board of Directors of the company will be held on Tuesday, 2 May, 2023 inter-alia, to consider and approve unaudited financial results of the company, both on standalone and consolidated basis, for the quarter ended 31 March, 2023,” VBL said in a regulatory filing.

“Proposal for sub-division/split of existing equity shares of the company having a face value of INR 10/- each, fully paid up, in such manner as may be determined by the Board of Directors subject to the approval of equity shareholders of the company and/or any other regulatory/statutory approvals (if any),” the company added.

For the quarter that ended on December 31, 2022, Varun Beverages Ltd (VBL), whose financial year follows the calendar year, announced a consolidated net profit of INR 81.52 crore, more than double its previous figure, driven by volume growth and improved net realizations.

PepsiCo’s beverage sales volume in India is predominantly represented by Varun Beverages Ltd (VBL), which accounts for 90 percent of the sales.

Varun Beverages Ltd (VBL) is responsible for the manufacturing, marketing, and distribution of various PepsiCo-owned products, including carbonated soft drinks, carbonated juice-based beverages, juice-based beverages, energy drinks, sports drinks, and packaged drinking water.

On Thursday, Varun Beverages Ltd’s shares were trading at INR 1,435.25 on the NSE, marking a decrease of 0.84% from the previous day.

Indian beer startup Proost Beer raises INR 8.5 crore in pre-Series A funding to expand production capacity

News

By

SnackTeam

-

April 13, 2023

0

Proost Beer, a startup based in Delhi, has announced that it raised INR 8.5 crore in a pre-series funding round, according to a press release issued by the company today.

The funding round saw participation from a range of investors, including Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and several other angel investors, in addition to Proost Beer’s current investors, Dauble PTE and Dev Punj.

Proost Beer intends to employ the new capital to boost its production capacity, explore fresh markets, and meet its working capital needs. The startup is confident that these funds will propel its growth trajectory and cement its position as a top beer brewing firm in India.

Vijay P Sharma, MD & Co-Founder of the company said, “This latest investment is part of a larger fundraising plan and will enable us to expand our production capacity and penetrate new states. We are optimistic about the industry’s growth potential, especially considering consumers’ increasing willingness to try out new, high-quality products. With this funding, we anticipate achieving 300% growth in the current financial year FY24.”

Having secured this funding, Proost Beer is now in an ideal position to take advantage of the burgeoning demand for high-quality beer in India, and the extra capital will aid in achieving its growth goals. Tarun Bhargava, the company’s CEO and Co-Founder, expressed his eagerness to expand their beer’s reach to a broader audience throughout India.

Proost Beer procures its raw materials from domestic and foreign providers, guaranteeing that its brews meet the necessary quality criteria.

Established in 2017, Proost Beer is presently accessible in over 1800 retail locations, having already sold in excess of 10 million units. The startup also appeared on the Indian television program, Shark Tank India.

Amid cost of living crisis, Mercadona announces significant price reductions for 500 basic food items in Spain

News

By

SnackTeam

-

April 13, 2023

0

Mercadona, Spain’s top supermarket chain, announced on Wednesday that it would reduce the prices of a minimum of 500 essential food items. This move comes in response to a cost of living crisis that has led the government to request concessions from retailers.

A couple of weeks prior to this announcement, Mercadona’s president and primary owner Juan Roig stated that his company, which holds a market share of nearly 26%, had to increase prices significantly to sustain margins along the food production chain.

According to a statement released on Wednesday, the company has observed a gradual reduction in input costs and has, therefore, decided to reduce prices. It anticipates that these price cuts will result in an average saving of 150 euros ($165) for its customers this year.

The company has stated that the discounted products will include fresh fish, certain cheeses and yogurts, dried fruit, oil, and household cleaning items.

In September, Carrefour, a supermarket chain in France, initiated a campaign that provided customers with a bundle of 30 essential products for 30 euros. This move came after the Labour Minister, Yolanda Diaz, expressed her desire to collaborate with supermarkets to aid impoverished families in maintaining a healthy diet.

Despite encountering doubt from business organizations and opposing politicians, who considered it an effort to regulate prices, Eroski, a cooperative situated in the Basque Country, implemented a similar strategy in March by reducing the prices of essential food items.

Food costs have risen dramatically across the European Union, with a 16.6% YoY increase recorded in Spain in February. Analysts predict that food inflation has not yet reached its highest point.

Burger King franchisee Meridian Restaurants faces closure of 27 locations after bankruptcy filing

News

By

SnackTeam

-

April 13, 2023

0

burgerking — Burger King (Representative Image)

Meridian Restaurants, a US-based company that was established in 2002, filed for bankruptcy in March of this year and is currently in the process of closing 27 of its 116 units.

According to reports, the affected locations are situated in Minnesota, Utah, Montana, Kansas, Nebraska, and North Dakota.

A significant number of these restaurants are situated in small towns, such as Lewiston, Montana, which has a population of around 6,000 residents and is located 126 miles north of Billings.

The franchisee has not ruled out the possibility of additional closures, stating that it is “possible, if not likely,” that further analysis may indicate that more closures are “appropriate.”

In a filing, the company stated that it does not expect to close “all or even a significant portion” of its restaurants.

Meridian and its advisors are currently in negotiations with landlords regarding rent concessions and operational improvements.

“It will be in the debtors’ best interest not to conduct store closings at most of its locations,” the company said in a filing.

Initially, on March 29th, the company requested court approval to close 23 restaurants. However, last week, it added four more locations to the closure list.

Meridian had a total of 120 restaurants under its operation, a majority of which were acquired while they were struggling. The company believed that these locations had the potential to be turned around.

Baskin Robbins eyes growth in India with expanded product line and new plant

News

By

SnackTeam

-

April 13, 2023

0

Baskin Robbins has established a new production facility in Shirval, Pune, with the capacity to churn out 7.5 million litres of ice cream per shift, in response to the high demand for their products in the Indian market and subcontinent.

Baskin Robbins, which entered India through a joint venture with the Graviss Group, has seen growth in footfall at its ice cream parlors and a steady increase in online sales. According to Mohit Khattar, CEO of Graviss Foods – Baskin Robbins, around one-third of the company’s sales now come from online and delivery platforms such as Swiggy, Zomato, Instamart, Big Basket, and Zepto.

According to Khattar, Baskin Robbins’ online segment could further grow if they can address the last-mile cooling requirements for home deliveries of ice cream. Currently, ice creams are delivered in ice boxes or other types of containers, but the company is exploring solutions with improved insulation that can better withstand outside heat, he added.

Their data showed that people who walked into their parlours were the ones ordering online. So, the company was looking to grow their premium (INR 69-350) ice cream parlour chain. The company’s 850 parlours in 239 cities accounted for 67% of the turnover. “We are the second-largest QSR chain in the country with a presence in Tier I, II and III markets. We will be adding another 100 stores,” Khattar said.

Despite growing 30% year-on-year, outpacing the industry’s 15% growth, Baskin Robbins CEO Mohit Khattar has expressed concern over the rising prices of key ingredients such as milk and milk products. While the demand for their ice cream remains robust, the company only uses cow milk and cream, which has been impacted by the price surge. However, they have decided to maintain their current prices for the season. Khattar explained that they had expected the prices to cool down, but this has not happened. Milk prices have risen by 25% in a year, resulting in a 2-3% hit on margins. The company last raised its prices nine months ago and will make a decision about another price hike in September-October.

The introduction of the ‘Pizza Ice Cream’, an eight-inch brownie base topped with ice cream and various toppings, marks a first-of-its-kind product for Baskin Robbins. Building on the success of their ice cream cakes, the company has also launched a new format called ‘ice cream rocks’, consisting of bite-sized ice creams coated with chocolate and other flavors.

Baskin Robbins has expanded its product line with 17 new offerings for the summer season, including flavors such as caramel milk cake, blueberry and white chocolate, and fruit ninja.

According to Khattar, the Indian ice cream market was estimated to be around INR 19,000 crore in 2022, with the unorganized sector still holding the majority share of 55-60% of the market. He also mentioned that despite the pandemic, the industry witnessed growth, and Baskin Robbins experienced a year-on-year growth rate of 30%, which was faster than the industry’s growth rate of 15%. However, the company’s only concern is the surge in the prices of key ingredients like milk and milk products, which has impacted their margins by 2-3%. Baskin Robbins uses only cow milk and cream, and they have decided to hold prices for the season, but they may consider increasing prices in September-October.

According to an IMARC Group report, the ice cream industry in India is expected to grow by 17.5% between 2023 and 2028, reaching INR 50,000 crore.

Coca-Cola and Jack Daniel’s bring “Jack and Coke” RTD cocktail to global market

News

By

SnackTeam

-

April 13, 2023

0

Jack Daniel’s whiskey and Coca-Cola are set to introduce the popular cocktail, “Jack & Coke,” in a convenient ready-to-drink canned format.

In 2021, Coca-Cola collaborated with Brown-Forman, the producer of Jack Daniel’s Tennessee Whiskey, to create the product, which was first launched in Mexico.

After conducting a test-and-learn trial during the initial launch in Mexico, the two companies plan to apply the insights gained to introduce the product to 13 countries within a year.

“We are excited to introduce the quintessential Jack & Coke cocktail to consumers in a consistent, convenient and portable format,” said Dallas Cheatham, RTD brand director at Jack Daniel’s.

“Jack & Coke is a cocktail consumers have known and enjoyed worldwide, with origins dating back over a century.”

The new ready-to-drink Coca-Cola and Jack Daniel’s product, available in regular and zero-sugar varieties, will soon be introduced to markets across Europe, Asia, Latin America, and Africa. The drink boasts a 7% ABV.

RCB teams up with ITC Master Chef Creations as official gourmet food partner for IPL 2023

News

By

SnackTeam

-

April 13, 2023

0

This cricket season, ITC Master Chef Creations and RCB have collaborated to bring the flavors of authenticity to your doorstep with traditional recipes prepared by expert chefs using time-honored methods with utmost precision.

ITC Master Chef Creations has been appointed as the official gourmet food partner for RCB during IPL 2023, as a result of their recent partnership.

Through its Instagram platforms, the Bengaluru-based company announced its collaboration.

Rajesh Menon, Head, Vice President of Royal Challengers Bangalore, said, “We are thrilled to partner with ITC Master Chef Creations and look forward to adding to the taste and elegance of match viewing experience of every RCB fan with this partnership.”

The menu has been expertly crafted to satisfy your cravings during match time meals and family gatherings. Authentic and flavorful bites like Amritsari Pindi Chole and Soft Masaledaar Kulche are available. Kebab platters, Lassi, snack platters, and Half and Half Kulcha Dabelis are perfect for indulging during match time and super over binges.

ITC Master Chef Creations is an Indian food outlet that offers a delectable range of dishes, including sweet delicacies. It is a subsidiary of ITC and is renowned for producing frozen foods that can be quickly and easily prepared.

The company based in the City of Gardens has expanded its sponsorship portfolio by adding brands such as KEI Industries Ltd, Hindware, Ampere EV, Qatar Airways, EatSure, Happilo, Equitas Small Finance Bank, JioCinema, boAt, Manipal Hospitals, and Hombale Films.

NewsHub