USA– Meati Foods, an alternative protein company, remains steadfast in its ambition to achieve US$1 billion in sales by 2025, despite the slowdown in demand for plant-based protein products in the United States.
Meanwhile, the company, which recently received an undisclosed additional investment following its US$150 million Series C funding round in July, has taken several strategic steps to bolster its position in the market.
Meati Foods has introduced a direct-to-consumer service to complement its existing retail presence in stores like Sprouts, Whole Foods Market, and Meijer.
According to Tyler Huggins, co-founder, and CEO of Meati Foods, the company offers a range of mycelium-based meat-free products, including chicken breast, breaded chicken cutlets, steak, and seasoned carne asada steak.
“These products are also available in “a couple of thousand foodservice locations,” he noted.
Despite the challenges posed by the evolving alt-protein landscape, Huggins expressed his confidence in the company’s ability to reach its US$1 billion sales target.
“We see no lack of demand at all. We for sure have a billion dollars of interest. We continue to build out our commercial platform as rapidly as we possibly can and are setting ourselves up for unprecedented growth. We’re being as aggressive as we possibly can.”
Previously, Meati Foods announced job cuts in June, but Huggins did not provide additional details. He emphasized the company’s mission-driven goals and the need to establish a sustainable business model.
Huggins attributed Meati Foods’ success to its focus on taste, nutritional profile, and texture. The company’s products are primarily composed of mushroom root or mycelium, ranging from 95% to 97%.
He assured that consumers seek diversity in their diets and that alternative products should be both delicious and nutritious.
Meati Foods, operating from a ‘mega ranch’ in Thornton, Colorado, has seen rapid expansion in the retail sector, with a split of approximately 60% in brick-and-mortar stores and 40% in food service.
The company recently launched a direct-to-consumer platform to gauge consumer preferences and expand product offerings based on demand.
The Thornton facility is capable of accommodating further manufacturing expansion and currently operates at a run rate of “tens of millions of pounds of product.”
Huggins noted that while Meati Foods has attracted international interest, the company remained focused on the U.S. market and aims to offer value to consumers through its nutrient-dense products.
He emphasized that Meati Foods provides excellent nutritional value compared to traditional meat products.
In 2022, the company received a total external capital injection of US$228 million, including the recent addition to the Series C financing.