As Beyond Meat (BYND) captivates Wall Street, the red hot plant-based meat company is bringing more attention to healthy eating.
Enter Purple Carrot, one of several alternative meat companies that are piggy-backing on the popularity boom of the meatless burger movement.
“Great work by Beyond Meat and Impossible Foods is only increasing the consumer interest,” said Purple Carrot CEO, Andy Levitt, on YFi PM.
The company predicts that the vegetable-based food category is expected to reach an estimated $25 billion by 2020 — something that’s only helped by the growing interest in alternative meat.
“Beyond Meat & Impossible Foods are helping people get more comfortable with eating vegan based foods”, said Levitt.
By itself, the global meal kit delivery service market is projected to grow from $2.5 billion in 2017 and expected to reach nearly $9 billion by 2025.
Blue Apron (APRN), Hello Fresh and Plated, are the most notable meal delivery services, “but no one was focused on the plant based sector,” said Levitt. He founded Purple Carrot in 2014, making it “the only and first 100% plant based meal kit.”
Offering Vegan Food for Non-Vegans
Purple Carrot’s mission toward improving people’s health, along with the environment and animal welfare, is what Levitt believes differentiates his company from other meal kit delivery services.
Blue Apron (APRN), on the other hand, has certainly felt the effects of competing in a saturated market. The company’s stock has dropped dramatically over the last year, putting it at risk of being delisted from the NYSE after only two years.
Levitt expects Purple Carrot will separate itself from the competition, and expand its presence globally.
The plant-based meal kit delivery service was recently acquired by Tokyo-based Oisix ra daichi Inc. (Oisix), Japan's largest meal kit and organic food delivery service, in a deal valued at roughly $30 million.
Sarah Smith is a Segment Producer/Booker at Yahoo Finance. Follow her on Twitter: @sarahasmith