Plant-based bubble bursts
OPINION: Talking about plant-based food: “Chicken-free chicken” start-up Sunfed has had its valuation slashed to zero by major investor Blackbird Ventures, and its products are no longer available in supermarkets.
Foodstuffs North Island, operators of Pak n Save and New World stores, has decided not to stock most of the frozen products from New Zealand fishing company, Sealord. Instead it is devoting more freezer space to overseas products.
What is stopping them from issuing a similar ultimatum to Tip Top, Goodman Fielder or Fonterra and opt for cheaper products from Australia and beyond?
The interesting thing is that Foodstuffs is making this bold move as the Commerce Commission carries out a market study, with allegations of anti-competitive behaviour by the supermarket chains. Watch this space.
