“We began with a big vision, we move forward with a big vision,” said Field Roast founder David Lee in an Instagram post about selling his company.
Earlier this year, Maple Leaf Foods acquired Lightlife Foods, another major manufacturer in plant-based meats.
There’s a big question about whether or not acquiring Field Roast was a good move. However, it was, in fact, a smart decision for the plant-based company to sell to a meat company because it promotes animal-free meats.
Having a meat giant acquire a plant-based company shows how fast the demand for meat-free foods is growing. According to Maple Leaf Foods, the plant-based meat market is essential to securing its future in the market.
“The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins,” Michael McCain, Maple Leaf Foods’ President and CEO, said in a statement. “It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact. Field Roast has built brand leadership through focusing on quality, craftsmanship and taste, and its acquisition will allow Maple Leaf to fuel growth in the category through investment, brand building and innovation.”
According to recent research, the plant-based protein market is estimated to value close to $6 billion by 2020, with numbers growing every month. Field Roast also made just under $40 million last year, and Whole Foods predicted plant-based foods to be a top trend for 2018.
Earlier this year, food and drink giant Nestlé acquired vegan brand Sweet Earth Foods, proving that companies need to take action in the plant-based market to secure a future for their brands.