Global Shift to Plant Based Foods Creating $162 Billion Opportunity
The plant based food story is sprouting – and fast. In fact, it’s only set to grow, with some analysts saying plant based food sales could increase five-fold by 2030, says Fortune. “Sales of plant-based dairy and meat alternatives reached $29.4 billion in 2020, and could increase to $162 billion by 2030, comprising 7.7% of the global protein market,” they noted. Helping, “Consumer demand for plant-based options has been growing steadily, and quick-service restaurants are doing their part to meet the demand with alternative burgers and chicken. Technomic Ignite menu data predicts that plant-based proteins will grow nearly 35% on menus by the end of 2022,” as noted by Restaurant Business Online. That’s a strong catalyst for companies such as Komo Plant Based Foods (CSE:YUM)(OTCQB:KOMOF), Sol Cuisine Ltd. (TSXV:VEG), Blender Bites Ltd. (CSE:BITE), Nabati Foods Global Inc. (CSE:MEAL), and Very Good Food Company Inc. (CSE:VERY)(OTC:VRYYF).
Look at Komo Plant Based Foods (CSE:YUM)(OTCQB:KOMOF), For Example
Komo Plant Based Foods Inc., a premium plant-based food company, continues its retail rollout strategy and announces that Komo plant-based products are now available throughout the Fairway Market grocery chain at all 10 locations. Fairway Market is one of Vancouver Island’s largest independently owned grocery stores, providing quality foods and services through 10 locations on Vancouver Island.
“Having Fairway Markets in our retail network makes our products readily available to more plant-based and plant-curious consumers,” says Komo CEO William White. “We are so pleased with the growth of retail stores that are selling Komo products, and we expect to exceed our goal of reaching 100 distribution points by the end of 2021. We have to thank our sales broker, Cornerstone Sales, our distributors, and our dedicated team for this rapid growth. We are very excited about continuing to share the love of plant-based foods through our aggressive growth plans.”
Fairway Markets is the 3rd grocery chain that Komo has announced to be carrying its products within the past few weeks. Last month, Komo announced it added TransCold Distribution and Nationwide Natural Foods to its distribution network, and Komo significantly expanded its production capacity through a co-manufacturing arrangement, setting the company up for rapid scale-up. Komo plans to announce more retail partners that will be carrying Komo plant -based foods in the next few weeks.
Other related developments from around the markets include:
Sol Cuisine Ltd. announced that it has entered into a definitive agreement with PlantPlus Foods LLC and its wholly-owned subsidiary, PlantPlus Foods Canada Inc. PlantPlus Foods, a joint-venture controlled by Marfrig Global Foods S.A., is a provider of leading-edge plant-based protein products across the Americas. Pursuant to the Arrangement Agreement, the Purchaser will acquire all of the outstanding common shares of Sol Cuisine for $2.06 per share in cash, all of the outstanding common share purchase warrants and compensation options of Sol Cuisine for $0.18 per Warrant or Compensation Option, as the case may be, in cash, and all of the outstanding stock options of Sol Cuisine for a cash payment equal to the amount (if any) by which the Share Consideration exceeds the exercise price of such Options. The Transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Ontario).
Blender Bites Ltd., a Canadian company that develops and markets premium frozen organic and plant-based pre-portioned smoothie products, announces the launch of new Power Berry, Vita-Smoothie, and Green D-Tox superfood pucks under Sobeys Inc.'s three major grocery retail banner stores. Sobeys was one of the first grocery chains in Canada to carry the Blender Bites' brand and has been a reseller of Blender's original Greens and Berries, as well as Greens and Tropicals formulations of superfood smoothie pucks for over a year. Sobeys is Canada's second largest grocery chain and has over 1,500 corporate and franchised locations. With the moto "We are a family nurturing families," Sobeys is committed to nurturing customers through the provision of exceptional shopping and food experiences and putting their needs and their families' needs first. Staying true to this moto, Sobeys is set to launch Blender's reformulated and improved smoothie innovations in its Sobeys, Safeway, and Thrifty Foods banner stores.
Nabati Foods Global Inc., a plant-based food tech company offering whole, natural, plant-based foods for health-conscious consumers, is launching its plant-based liquid egg product in Canada. Nabati Plant Eggz™ is now available at Nabati.ca, and soon at Sobeys in Quebec, and at Whole Foods across B.C. and Ontario. “We are excited to be the first Canadian company to launch a plant-based liquid egg product that offers the same consistency, taste, and texture as a traditional chicken egg. Nabati Plant Eggz™ can be cooked like traditional chicken eggs in dishes such as omelettes, quiches, and scrambled eggs,” Nabati Foods CEO Ahmad Yehya said. “Unlike other plant-based eggs on the market, Nabati Plant Eggz™ are soy-free and gluten-free. We are committed to creating healthy, plant-based alternatives that everyone can enjoy.”
The Very Good Food Company released a corporate video update featuring CEO and co-founder Mitchell Scott highlighting recent Company developments and offering insight into expected growth through the coming year including shots of the production facilities. Of particular note were announcements of increased wholesale distribution across the U.S. and Canada, as well as an update on production capability following growth in consumer demand for innovative plant-based goods. With target production capability to increase to an average of 40,000 pounds per day in Q4 2021, VERY GOOD is aiming to build the capacity to produce 60,000 pounds of delicious plant-based, bean-packed product per day in Q1 2022 as its products continue to gain traction with consumers.
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