In a market that is growing exponentially, it is no surprise that New Barn Inc., maker of a line of almond milks and almond-based ice cream alternatives, has secured $3.75 million in a Series A round. The round was led by New Food SPV, an investment company created to serve as a funding arm for the company.
This funding round will go towards new innovations – the company just unveiled chocolate and cold brew coffee almond milk flavors at the March 12 Natural Products Expo West 2018 – and for building out New Barn’s multi-channel strategy, New Barn CEO and chairman Ted Robb told BevNet. Founded in 2014 by Robb and former KeVita marketing VP Billie Thein, the company focuses on being transparent with its ingredients, sourcing products that value people, animals, and the environment in its goal to create food that is real and good for families. The brand’s products, which are all certified organic, are available in 4,000 stores nationwide, including Whole Foods.
Moo’ving on up!
Alternative protein sources have been increasingly on the radar of consumers, food manufacturers, and investors in recent years. Global protein consumption is expected to climb at a compounded annual growth rate (CAGR) of 1.7 percent, reaching 943 million tons by 2054, according to Lux Research. Over this same time period, alternative protein sources are forecast to command up to a third of the protein market as they fill the void created by slowing growth in meat and seafood production, and demand shifts within the consumer market.
While plant-based beverages were in barely a fifth of U.S. households in 2010, by 2017 the products were mainstream with a penetration rate that had increased 33 percent by 2016.
Squeezed among a growing number of plant-based milk options – soy, coconut, and rice milk are the top contenders – almond milk is the clear leader with sales growth of over 250 percent from 2001 through 2016, according to Nielsen. In contrast, the total milk market shrunk by $1 billion during that same time period. And, U.S. sales of almond milk are projected to exceed 1.8 billion U.S. dollars by 2020.
By Michelle Pelletier Marshall, GAI Media