Eat JUST, the food tech that launched the plant-based egg JUST, recently announced that in just three years of the vegan egg’s launch, the company has sold over 100 million eggs, showing the increasing support and demand of alternative protein among consumers. The news comes shortly after the company raised an eye-raising US$200 million in funding last week.
The San Francisco, California-based food tech says it has reached the 100 million mark sales milestones of its vegan scrambled eggs that are created from mung beans. Back in August of last year, the company announced it sold over 50 million of its vegan eggs, and less than 8 months later, it has achieved doubled this record.
Compared to its animal counterpart, Eat Just’s egg alternatives contain no cholesterol and require a fraction of the carbon footprint on the earth. The alternatives are available at more than 20,000 retail points of distribution and over 1,000 foodservice locations across the globe. Global chicken egg production is on the rise, with an increase of 24% in the decade between 2010 and 2020. In 2018, 76.7 million tonnes of eggs were produced.
Apart from its domestic market, the company is clearly focused on meeting the growing demand for protein in the Asian market and has made several announcements illustrating this. Eat Just is already in China, one of world’s largest consumers of eggs, with Chinese fast-food giant Dicos announcing earlier this year that it was replacing its animal-based product with the company’s plant-based version at all of its 500 locations across the country.
Also in In January, Eat Just expanded its product portfolio with the addition of plant-based egg sous vide bites, riding on the previous success of its frozen folded plant-based egg, which the company claims is the most popular selling breakfast product at major U.S. retailers. January, Eat Just expanded its product portfolio with the addition of plant-based egg sous vide bites, riding on the previous success of its frozen folded plant-based egg, which the company claims is the most popular selling breakfast product at major U.S. retailers.
The food tech joined a consortium led by investment management firm Proterra Investment Partners to construct a new facility in Singapore this past October. Just prior to this, Eat Just debuted a Future Food Studio in Shanghai to help raise awareness about plant-based cooking with the help of world-renowned chefs.
In an interview with Green Queen at the time of the launch of Eat Just’s Shanghai studio, Josh Tetrick, co-founder and CEO of Eat Just, said: “We’re seeing more opportunities for collaboration and innovation from an increasing number of food producers and potential partners in China and across Asia.”
The company announced last week that it raised a further US$200 million to ramp up production, increase the capacity of the facilities, help upscale the R&D in its plant and invest in cell-based innovation. Eat Just has attracted over U$650 million in in funding how since its founding in 2011.
We’re seeing more opportunities for collaboration and innovation from an increasing number of food producers and potential partners in China and across AsiaJosh Tetrick, co-founder and CEO of Eat Just
The financing round was led by the Qatar sovereign wealth fund Qatar Investment Authority (QIA), and witnessed support from Microsoft-co-founder Paul G. Allen’s private investment arm Vulcan Capital.
With consumers more aware of the zoonotic diseases that animal farming can cause as well as the unnecessary culling of livestock, along with proof like Eat Just 100 million egg sales, first time in decades, there has been a massive decline in the amount of meat consumption, a change that is needed if we want to meet the Paris goals.
Lead image courtesy of Eat Just.