New York (CNN Business)Target is launching its own line of plant-based foods as demand continues to grow for meat and dairy alternatives.
The new assortment includes more than 30 foods including vegan spreads, almondmilk creamer, oat milk, plant-based dips and meat and chicken alternatives. Target describes the new collection as “on-trend, flavorful, high-quality options at incredible value,” with items priced under $8.Target developed and tested the food in-house and is branded using “Good & Gather,” which is its flagship food brand that launched two years ago in an attempt to take on its grocery store’s private labels. The new food will gradually roll out on its website and in stores through fall.
Target’s new collection of plant-based foods.Demand for plant-based foods continues to grow: Retail sales jumped about 28% over the past year, according to Nielsen. That increase in demand prompted Target to further grow its line.
“Guest demand for plant-based offerings is incredibly high and continues to grow,” said Rick Gomez, executive vice president and chief food and beverage officer at Target, in a release. “By adding ‘Good & Gather Plant Based’ to our curated assortment of plant-based offerings, we’re giving guests more of what they want and making it easy for them to discover the joy of food every day.”Read More
Target (TGT) is competing an increasingly competitive space. Beyond Meat (BYND) recently released a new recipe signature plant-based burger with a version designed to taste more like animal beef and its main rival, Impossible Foods, raised $500 million last year. Both companies slashed prices of their products in recent months. And other plant-based brands, like Kroger’s Simple Truth and Nestle’s Sweet Earth, have been expanding their offerings.
Source: edition.cnn.com