The founder of JUST – which makes plant-based JUST Egg – has revealed that the company is aiming to turn a profit by the end of 2021, and will then consider an IPO (initial public offering).
JUST Egg is based on a mung bean protein isolate, described by the brand as ‘an egg substitute that contains the same amount of protein as a chicken egg, with zero cholesterol’. JUST says its ingredients use 98 percent less water, 86 percent less land, and emit 93 percent less CO2 than conventional animal sources.
The product comes in two formats: a pourable liquid and a pre-baked folded egg patty. It is available in a number of eateries, as well as retail outlets including Walmart, Kroger, Whole Foods, and Safeway among others.
According to Reuters, JUST chief executive Josh Tetrick thought the pandemic would delay the company going public.
But in fact, the lockdown has expedited the sales of plant-based foods, which were already on the rise.
Reuters reports: “U.S. retail sales of plant-based food rose 11 percent last year to $5 billion, with the faux egg market nearly tripling, according to market research firm SPINS.”
It adds: “With COVID-19 driving demand for groceries, sales have risen at plant-based food companies, including Beyond Meat which tripled retail sales in the April-June quarter.”
‘Go public sooner’
“It makes it more likely we’ll go public sooner. The target to hit operating profitability is some time before the end of 2021,” Tetrick said.
“Once we hit operating profitability, then I’ll really begin considering an IPO with my team and with my board and with some of our major shareholders.
JUST Egg has had a successful year – launching in numerous eateries and stores across the States with its Canada launch announced earlier this Summer.
In addition, the egg alternative made history this year when it became the first plant-based product to win the NEXTY Award for ‘Best New Frozen Product’.
Judges at the awards praised the product, saying: “Whether you’re looking to eliminate animal protein from your diet or are simply seeking nutritious and convenient plant-based alternatives for your daily life, the Folded JUST Egg is a revelation.
“This product taps into the ancient wisdom of the protein-packed mung bean (regularly used in Asia, though not nearly as common an ingredient in the U.S.) to create a shockingly convincing (and non-GMO) egg alternative that requires little prep to plop into a breakfast sandwich or chop into a stir-fry.
“Thanks to the tireless work of the product development team and food scientists, this product is not only spot on in terms of texture and flavor but its star ingredient became only the seventh plant protein isolate to receive FDA GRAS status.
“This is more than a great product; it’s a force with far-reaching market implications and a measurable environmental impact thanks to ingredients that consume 98 percent less water and emit 93 percent less CO2 than animal proteins. Now we can safely say the egg came first.”