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Egg Company Reports $74M Loss Due To Vegan Alternatives

on 08 February 2018

Giant egg company Cal-Maine Foods’ CEO says vegan alternatives are responsible for the company’s first big loss of profits in over a decade. Large egg company Cal-Maine Foods (CMF) released its earnings report for 2017, and the numbers looked dire. For the first time in over one decade, the company reported a loss of $74.3 million for the last fiscal year. CMF’s CEO Adolphus (“Dolph”) Baker attributed the dramatic decline to the growth of the egg alternatives industry, which includes vegan-friendly items such as flax, tofu, and prepared products that contain potato starch and tapioca. In 2015, the avian flu swept across chickens exploited in the egg industry, causing many egg suppliers to mass-slaughter birds. During that time, egg-free mayonnaise Just Mayo by Hampton Creek rose in popularity in the retail segment—becoming the only mayonnaise used in prepared sandwiches by chain convenience store 7-Eleven—and in the foodservice industry via Compass Group (a leading food supplier of school and office cafeterias nationwide). (bloomsmag.com)

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