'These kinds of tech solutions really have to be for the less affluent': Voyage Foods CEO on making food alternatives accessible
Voyage Foods envisions a world where the most popular food products aren't reliant on their source ingredients. And it believes business-to-business is the best way to reach its lofty goals.
The company, which is only a couple of years old, currently makes peanut-free peanut butter spread, cocoa-free chocolate and coffee-free coffee. The idea is that these are some of the most popular foods in the world, but they all carry their own allergen, environmental and political baggage. CEO Adam Maxwell joined the Modern Retail Podcast this week and spoke about Voyage's trajectory.
Voyage is different from other brands for a few reasons. For one, it isn't targeting wealthy consumers looking for food alternatives. Instead, it is making competitively-priced products in the hopes that it can reach the masses.
"The people who need food tech and these kinds of food tech solutions aren't rich white people in San Francisco or New York City," Maxwell said. "It's the parts of the world that can't afford the real thing."
That is, cocoa and coffee are expensive commodities and Voyage thinks it can replicate its flavor more cheaply.
Voyage first started out online, but just launched in Sprouts supermarkets a few weeks ago, and is hoping to continue expanding its retail footprint. But Maxwell said the real business plan is to focus on B-to-B. He hopes to partner with large CPG brands who want to expand their flavor offerings in more sustainable and allergen-friendly ways. For example, an ice cream company could partner with Voyage on a peanut-flavored ice cream that people with peanut allergies can enjoy.
Grocery, he said, is a way to initially build the brand. "Retail is a small function of what this business will be," he explained. "It's the easiest, fastest way to get to market."
The company is still small -- it raised a $36 million Series A last May. But it hopes to ink key partnerships to continue its growth in the coming hear, with the plan to become a CPG powerhouse.
"We're bringing our next facility online, around this time next year," he said. "We'll have around 100 million pounds of annual capacity."