Eat Just is an American privately owned company that manufactures alternative plant-based foods. The company was founded in California in 2011. The main and most famous product is the artificial eggs Just Egg, which are made from mung bean, a legume native to Asia. Just Egg is sold in two formats: liquid as beaten eggs in 350 ml bottles, and frozen Just Egg Folded, which look like sliced omelette. Eat Just is also involved in the production of artificial meat. Based on the synthesis of animal cells, the company produces alternative chicken meat and products from it, mainly semi-finished products. The company also makes protein-based sauces such as mayonnaise or tartar. The uniqueness of Eat Just eggs is that they do not contain cholesterol, unlike eggs of animal origin, with a practically comparable protein content. The main target group of Eat Just are vegans, and according to VeganBits, there are now about 75 million of them in the world.
Eat Just currently sells its products through more than 20 thousand points of sale around the world. Just Egg and Just Egg Folded are sold in many American supermarket chains such as Walmart, Whole Foods, Safeway, Kroger and others. According to research firm SPINS, the US market for herbal substitutes for animal products grew by an average of 11% last year alone. $ 5 billion. However, the growth figures for the vegetable egg sector are more impressive, the volume of which grew by 192% in 2019 and reached $ 30 million. Outside the United States, products are presented in the Hong Kong market and in China. Asia is the most promising market for the company. According to Research and Market analysis, Asia consumes 64% of the world’s eggs. In 2021, the company plans to enter the European market. According to research by ING, the sector of plant-based alternatives to animal products is growing in Europe by 10% annually and by 2025 the market size will reach $ 7.5 billion.
Eat Just alternative meat products are sold through a partner network with foodpanda, one of the leaders in the Asian food delivery market. In December 2020, the company received permission to sell alternative chicken meat in Singapore. This is the first time in the world that this country allows the sale of foreign goods of this type on its territory. Entering the Singaporean market will allow Eat Just to increase its market share as well as gain consumer confidence in neighboring countries. In 2022, Eat Just plans to begin construction on its first Asian plant in Singapore.
In the market for alternative eggs, Eat Just is the undisputed leader. The only competitor is the Israeli manufacturer Zero Egg, which is significantly inferior in terms of business scale and business recognition. In the segment of vegetable meat, competition is more significant. Companies like Impossible Foods, the publicly traded Beyond Meat and the Bill Gates-backed Memphis Meat have improved technology and are more competitive in the plant-based meat market. Nevertheless, the market for alternative meat has good prospects for long-term growth and Eat Just has every chance of conquering its niche. Barclays analysts estimate the current market for vegetable meat at $ 14 billion, but by 2029 its scale may increase to $ 140 billion.
Eat Just’s revenue has yet to be disclosed to the market, but CEO and co-founder Josh Tetrick said the company had already sold 60 million plant eggs and could start earning money this year. Eat Just raised $ 440 million in 16 investment rounds. The last round took place in June 2021. The most famous investors in the company are Vulcan Capital, Qatar Investment Authority, HH VC Investments. At the moment, the company’s capitalization is $ 1.3 – $ 2 billion. However, Josh Tetrick is not satisfied with such levels. The head noted that the company plans to enter the IPO with an estimate of at least $ 3 billion.