Tuesday, April 19, 2022
Agri Food Tech News
SUBSCRIBE
  • Home
  • AgriTech
  • FoodTech
  • Farming
  • Organic Farming
  • Machinery
  • Markets
  • Food Safety
  • Fertilizers
  • Lifestyle
No Result
View All Result
Agri Food Tech News
  • Home
  • AgriTech
  • FoodTech
  • Farming
  • Organic Farming
  • Machinery
  • Markets
  • Food Safety
  • Fertilizers
  • Lifestyle
No Result
View All Result
Agri Food Tech News
No Result
View All Result

‘It’s clear shoppers are looking for new ways to save’

by agrifood
April 17, 2022
in FoodTech
Reading Time: 3 mins read
A A
0
Home FoodTech
Share on FacebookShare on Twitter

Founded in 2018 and headquartered in Philadelphia, Misfits Market — which has raised more than $525m in funding — has been on an upward trajectory, growing distribution to the lower 48 states and its product assortment from ‘rescued’ (i.e. surplus items or food that doesn’t meet retailers’ cosmetic standards) produce to over 500 products spanning several categories including meat, seafood, plant-based proteins, dairy, bakery items, wine, and other grocery items.

Misfits Market customers can build their own custom box of items ($30 minimum order), which are delivered weekly (with the option to pause or skip an order within 2-3 days of placing an order).

To date, Misfits Market has delivered nearly 13 million orders and rescued more than 230 million pounds of food and in Q1 2022 experienced “record-breaking”​ growth as it expanded nationwide.

According to the company’s 2021 annual report​​, nearly 35% of food produced in the US goes unsold or uneaten costing the food industry $250bn in losses greatly impacting farmers, manufacturers, restaurants, and other stakeholders. However, rescuing food can have a huge impact: in 2021, rescuing or upcycling food drove close to $90m in revenue for farmers and suppliers, according to Misfits Market’s internal data.

In 2021 alone, Misfits Market was able to save 5.6 million pounds of broccoli, 3.4 million pounds of apples, and 1.4m pounds of zucchini from going to waste.

‘It’s clear that shoppers are looking for new ways to save’

The introduction of its private label ‘Odds & Ends’ is the next step in the company’s journey to provide customers with accessible and affordable options (40% below traditional grocery prices, the company claimed) to supplement their weekly grocery trip, the company noted, and comes at a pivotal time as food costs have risen 10% vs. one year ago​​, according to the latest figures Consumer Price Index.

“Three years ago, Misfits Market set out to rebuild the food supply chain from scratch in order to provide everyone, regardless of where they live, access to quality food at an affordable price,” ​said Abhi Ramesh, CEO and founder of Misfits Market, in a press release.

“After a record-breaking quarter, it’s clear that shoppers are looking for new ways to save, especially with food prices at all-time highs. Our value-conscious customers are saving an average of $25 per order and with the launch of our new private label line, we’re excited to provide our customers with an even wider variety of affordable and sustainably sourced pantry staples.”​

As consumers do look for ways to cut down on their grocery bill, sales of private label products were up 6.5% for Q1 2022​​ vs. one year ago, according to the Private Label Manufacturers Association.

New private label line designed to address specific supply chain inefficiencies

In addition to providing consumers with affordable options, Misfits Market’s private label line is designed to address specific supply chain inefficiencies that have plagued much of the industry over the past two years by working directly with local farmers and producers in multiple regions.

For example, the company’s new direct trade premium coffee is purchased directly from farms where the coffee beans were grown to provide growers with fair prices and a stable income and consumers with more accessible, high-quality coffee. Its other debut private label products include dark chocolate-covered mini pretzels, and a variety of organic nuts and dried fruit with prices ranging from $3.99 to $11.99.

While limited in assortment currently, Misfits Market said that it will soon expand its Odds & Ends line to included olive oil, pasta, canned tomatoes and more in-demand pantry items and will continue to look for ways to deliver quality products at a lower price point than brick-and-mortar retail by sourcing products from lesser known regions, upcycling uneven or misshapen foods into new products or blends, or working with producers to use more creative and sustainable practices and packaging.



Source link

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on Reddit (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Like this:

Like Loading...
Tags: alt proteinsBakeryBeverageChocolate and confectionery ingredientsClean labelclearCOVID-19DairyDairy-based ingredientsfish and savory ingredientsFood labeling and marketingFood retail and e-commerceFruitHealth & WellnessHealth and nutritional ingredientsHealthy FoodsHealthy snackingManufacturersMarketsMeatMisfits MarketNatural claimsnut ingredientsNutrition FactsPlant-basedprecision fermentationPrivate labelproteinsSaveshoppersSnacksSupplierssustainabilityTrendspotterVegetableWays
Share30Tweet19
Previous Post

Monkeys, porcupines team up to destroy crops, Nepal’s farmers say

Next Post

Supply chain companies play a “critical” role in reducing dairy emissions

Recommended For You

The evolution of keto… ‘We’re seeing people eating more of a higher protein ketogenic diet’

by agrifood
April 19, 2022
0

As with any diet (candy and soda are ‘plant-based’), some choices are better than others, said Lowery, noting that you can maintain a state of ketosis (whereby you’re...

Read more

Plant-based meat has to be delicious, nutritious, and affordable

by agrifood
April 19, 2022
0

So if you’re making plant-based nuggets, says Max Elder, speaking to us after raising $7m in a seed round backed by Stray Dog Capital and Texas-based meat processor...

Read more

SuperMeat’s Shir Friedman says cultivated meat is “definitely scalable”

by agrifood
April 18, 2022
0

Teaching consumers and investors alike about the long-term potential of cultivated meat is just one of the jobs Shir Friedman holds at Israel-based SuperMeat, a company she co-founded...

Read more

NOVA system unfairly tars plant-based milks, burgers from soy with ‘ultra-processed’ brush, argues academic

by agrifood
April 16, 2022
0

"We should all eat more whole foods, including edamame,​" said Mark Messina, an adjunct professor at Loma Linda University and executive director of the Soy Nutrition Institute.But putting...

Read more

Could sunflower protein join the plant-based protein major league? It ‘checks all the boxes’ says Burcon

by agrifood
April 16, 2022
0

As with canola, which is only just taking a seat​​ at the plant-based protein table, it’s complicated, says Burcon NutraScience, which has just received a co-investment from Proteins...

Read more
Next Post

Supply chain companies play a "critical" role in reducing dairy emissions

USDA releases Equity Action Plan to the public

LATEST UPDATES

Food Safety

Salmonella test spurs recall of Marketside organic zucchini sold at Walmart stores

by agrifood
April 19, 2022
0

World Variety Produce Inc. of Los Angeles is recalling organic zucchini shipped to Walmart stores in 18 states after government...

South Africa declares national emergency as flood toll crosses 440

April 19, 2022

The evolution of keto… ‘We’re seeing people eating more of a higher protein ketogenic diet’

April 19, 2022

Retail Remedies: How to Reduce Synthetic Fertilizer Use

April 19, 2022

Tracing the Link Between Slavery and Peanut Farming

April 19, 2022

Farmers Weekly Podcast Ep 102: Remembering Lord Henry Plumb

April 19, 2022

Get the free newsletter

Browse by Category

  • AgriTech
  • Farming
  • Fertilizers
  • Food Safety
  • FoodTech
  • Lifestyle
  • Machinery
  • Markets
  • Organic Farming
  • Uncategorized
Agri Food Tech News

Agri FoodTech News provides in-depth journalism and insight into the most impactful news and updates about shaping the business of Agriculture

CATEGORIES

  • AgriTech
  • Farming
  • Fertilizers
  • Food Safety
  • FoodTech
  • Lifestyle
  • Machinery
  • Markets
  • Organic Farming
  • Uncategorized

RECENT UPDATES

  • Salmonella test spurs recall of Marketside organic zucchini sold at Walmart stores
  • South Africa declares national emergency as flood toll crosses 440
  • The evolution of keto… ‘We’re seeing people eating more of a higher protein ketogenic diet’
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Agri FoodTech News .
Agri FoodTech News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • AgriTech
  • FoodTech
  • Farming
  • Organic Farming
  • Machinery
  • Markets
  • Food Safety
  • Fertilizers
  • Lifestyle

Copyright © 2022 - Agri FoodTech News .
Agri FoodTech News is not responsible for the content of external sites.

%d bloggers like this: