What's Happening?
MyForest Foods has expanded its mycelium-based bacon product, MyBacon, to over 2,500 Whole Foods locations across the U.S. This expansion comes as the alternative meat market faces declining sales and reduced
shelf space. Despite these challenges, MyForest Foods reports strong growth and consumer interest in its products, which are marketed as 'farmed, not fake.'
Why It's Important?
The expansion of MyForest Foods' products highlights the potential for innovation in the alternative meat market, even as the sector faces broader challenges. By focusing on unique, mycelium-based products, the company is carving out a niche that appeals to health-conscious and environmentally aware consumers. This move could influence other companies in the sector to explore similar innovative approaches.
What's Next?
MyForest Foods plans to enter the foodservice market, leveraging its success in retail to expand its reach. The company aims to be EBITDA positive by 2027, focusing on efficient scaling and maintaining product quality. This strategic direction could set a precedent for other alternative meat companies seeking sustainable growth.
