Opportunities in Standalone and Hybrid Products
The Time-travelling Milkman (TTM) produces vegan cream, made from sunflower seed oil. The vegan cream can be used as a dairy alternative in products such as cooking cream, ice cream, and yogurt. “We mainly focus on soft dairy,” says Dimitris Karefyllakis, CEO and co-founder of Time-Travelling Milkman.
Currently, TTM faces market challenges. “Over the past five to ten years, large companies have heavily invested in vegan products. Due to inflation, raw material prices have increased, which affects vegan product prices. As a result, the popularity of these products has declined. When prices go up, consumers tend to choose cheaper, familiar products. Therefore, vegan product sales have lagged. Large companies haven’t recouped their investments or have done so more slowly, making them more cautious about investing again or launching new products.”
This affects TTM, but Dimitris remains convinced of their product’s potential. “In the first ‘plant-based’ wave, where many new products were launched, producers often moved too quickly. Demand was high, and some low-quality products hit the market. In the second plant-based wave, which is still on the horizon, those quality issues will be a thing of the past. Our product fits perfectly into this evolution.”
Until then, entrepreneurs need patience and resilience. “We have to keep on promoting our product, listen to feedback, and refining our product, until all parties are satisfied. We constantly have to assess where demand lies. Sustainability appears to be an important theme, but a closer look reveals it’s not the primary driver for consumers or producers. Price is more critical, as are familiarity and quality. Health is also a major factor, and our product addresses that. Clean labels are often linked to health by consumers, so our product contains no artificial additives.”
Fortunately, things are starting to turn around for the company, with new opportunities arising from an unexpected direction. Due to laws and regulations, retailers must invest in reducing their carbon footprint. “A quick way to make progress is by offering hybrid products. In these, the proportion of animal ingredients is reduced by up to 40 percent. This way, the familiar taste and quality are maintained while achieving significant CO2 savings. Since our vegan cream is similar in taste and texture to regular cream, there are opportunities for us here.”
For TTM, connecting with companies in the food industry is vital. “That’s why we joined IFFI. It allows us to network and learn from others. At IFFI, we’re directly engaging with the right people.”
He sees a bright future for his company. “As a startup, you don’t have the luxury of endless resources, but we’re learning quickly and are adaptable. No challenge is too big for us!”
(The article was originally published in EVMI)
Dimitris Karefyllakis
CEO and Co-founder at Time-travelling Milkman