The Packaged food giant, Nestle has launched a new brand ‘Wunda’ to market a milk alternative made from yellow peas in measures to boost its presence in the fast-growing market for plant-based food
The new product will be launched in three versions, Original, Unsweetened, and Chocolate in three top European countries including France, Netherland, and Portugal in the coming weeks and later, will be rolled out in other European markets.
The Swiss company is entering the market following the growing popularity of milk and meat alternatives made from plants among health and environment-conscious consumers in addition to gaining investors’ attention, as demonstrated by Oat milk company, Oatly’s recent plans for an initial public offering.
Plant-based foods are derived from plants and with no animal-source foods or artificial ingredients and their emergence have given room for the popularity of vegetarianism and veganism among consumers, which has, in turn, awaken business potentials.
Companies such as Nestle who have to diversify and follow the new trend by looking beyond meat are reaping the rewards, leading to the launch of Pea based Milk Alternative.
However, for the past few years, Plant-based foods have become marketable due to better taste, price, and accessibility.
Unilever, Tesco, Costco, and Amazon are major participants in this fast-growing and booming Plant-based foods market.
Globally, Plant-based food retail sales were worth $7 billion in 2020, posting a 27 per cent growth rate overall for products that specifically replace animal-derived options.
According to SPINS data released by the Good Food Institute and the Plant-Based Foods Association (PBFA), a total of 57 per cent of U.S. households purchased plant-based food in 2020, up from 53 per cent in 2019.
The coronavirus pandemic also brought a boom in plant-based sales in 2020 globally, as consumers looked for products they thought were better for them — or discovered the brands on store shelves as many conventional meat producers faced production challenges.
In Nigeria, VeggieVictory in Ikoyi, Lagos, is Nigeria’s first plant-based food tech company, aimed at bringing people a healthier and more sustainable lifestyle through plant-based meats and meals.
The market is gradually springing up in Nigeria owing to a lack of acceptability and awareness of Plant-based foods.
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