The Department of Commerce for Washington State in the US has announced that No Meat Factory, a Canadian manufacturer of plant-based meat alternative products, will open a new factory just north of Seattle.
Established in 2019, No Meat Factory opened its first production facility in Coldstream, British Colombia. This first factory covers 2,750m2.
The planned second facility would cover 18,500m2 and expand the company’s range of products. The new factory is expected to start production towards the end of 2023.
The expansion plan is being funded through $42m in Series B capital, which closed in January 2023. The latest funding round was led by new investor Tengelmann Growth Partners, with participation from existing investor Emil Capital Partners, which initially invested when the company was formed in 2019.
When the Series B funding closed, Daniel Bentrup, investment partner at Tengelmann Growth Partners, commented: “As more brands understand the need to provide customers with delicious plant-based alternatives, companies like No Meat Factory are poised to experience rapid growth and increasing demand for its manufacturing capabilities.”
In January 2023, the Very Good Food Company entered receivership, highlighting how the plant-based meat market has become saturated as many companies active in the sector have pared back growth expectations.
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Despite the growth in plant-based meat products over the past decade, global meat consumption remains very resilient. Research from the UN Food and Agriculture Organisation shows that global beef consumption is set to decline by 2031, but consumption of pig and poultry is set to rise.