The plant based food story shows no signs of slowing. Instead, 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. In addition, we’re also seeing big demand for vegan cheese in a potential $155.5 billion market, as noted by Fortune Business Insights. They also note, “With consumer food preferences steadily shifting towards vegan food products, several vegan cheese brands are gaining traction in this industry.” With the plant based trend sprouting, some of the top companies to keep an eye on are Feel Foods Ltd. (CSE:FEEL)(OTC:FLLLF), Very Good Food Company Inc. (CSE:VERY)(OTC:VRYYF), Nabati Foods Global Inc. (CSE:MEAL), Komo Plant Based Foods (CSE:YUM) (OTC:KOMOF) (FSE:9HB), and Billy Goat Brands Ltd. (CSE:GOAT).
In addition, according to Allied Market Research, “Increase in obesity rates all over the world, growth in health problems such as heart diseases, high blood pressure, diabetes, asthma, and others, have uplifted the overall health consciousness among consumers. This has resulted in increase in demand for different types of healthy food products including vegan food products. Moreover, over the past couple of years, there has been a surge in number of vegan population around the globe specifically in developed regions such as North America and Europe.”
Look at Feel Foods Ltd. (CSE:FEEL)(OTC:FLLLF) For Example
Feel Foods Ltd. announced it has received an initial purchase order from Western Canadian distributor, Summit Specialty Foods for its 100% owned Black Sheep Vegan Cheeze products.
Summit Specialty Foods is a Western Canadian food distributor that manages over 125 brands and offers a full range of natural, organic and specialty products all these categories, including refrigerated, frozen & dry grocery. Summit offers daily shipping schedules to all retail channels including natural & organic food retailers, mass market grocery chains, independent grocery retailers, food service, commissary, restaurants, manufacturers, and farm markets.
Summit is an active vendor to the majority of mass, natural, and independent retailers in Western Canada, with strategic warehousing locations throughout Vancouver and Vancouver Island. Summit’s distribution network includes major retailers such as: Askews, Buy Low (Nesters & Shop n’ Save), Choices Markets, London Drugs, Natural Markets Food Group (Mrs. Greens & Planet Organics), Nature’s Fare, Overwaitea Food Group (Price Smart, Save on Foods & Urban Fare), Quality Greens, Safeway, Whole Foods and many more.
Feel Foods Director and CEO David Greenway states: “We are rapidly expanding our distribution throughout Western Canada with the addition of Summit Specialty Foods and are focused on a country wide expansion of our unique plant-based food products. Feel Foods will continue to grow its business through the acquisition of plant-based companies and the expansion of its distribution network. We are on a mission to transform plant-based food, with no compromises on taste or quality while reducing global environmental impact. Together, by shifting our collective approach to food, we can improve the health of our World, the lives of animals, and preserve valuable resources for generations to come.”
The plant-based food market is expected to grow at a CAGR of 11.9% from 2020 to 2027 to reach $74.2 billion by 2027. The growth of this market is mainly attributed to the factors such as increasing incidence of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments.
Other related developments from around the markets include:
Very Good Food Company Inc., a leading plant-based food technology company, announced that it has brought back its limited-edition Stuffed Beast, a delicious and carefully crafted plant-based meat, just in time for the holidays with US distribution starting in over 250 stores. The plant-based Stuffed Beast, sold under VERY GOOD’s leading brand The Very Good Butchers, will be available in over 250 stores across the US at a variety of retailers including Wegmans, Earthfare, PCC Markets, Metro Markets among numerous independents supplied by UNFI US. In addition, VERY GOOD will be offering its plant-based Thanksgiving Box and Holiday Meat Box available for purchase in the beginning of October, just in time for the American holiday season. Packed with fall and winter-inspired flavours, these limited-edition plant-based offerings are made with a variety of seasonal vegetables and spices.
Nabati Foods Global Inc., a plant-based food technology company offering whole, natural, plant-based foods for health-conscious consumers, is announcing that its plant-based liquid egg product, Nabati Plant Eggz™, is now available at all Whole Foods locations throughout British Columbia. “We are excited to bring Nabati Plant Eggz™ to our B.C. and Ontario customers through the province’s multiple Whole Foods locations. Whole Foods is an excellent retail partner that aligns with our values and demonstrates those values by bringing natural, clean, healthy foods to more people,” Nabati Foods CEO Ahmad Yehya said.
Komo Plant Based Foods, a premium frozen plant-based food company, announces that it has signed an agreement with an established food manufacturer in Metro Vancouver to produce two lines of its plant-based products. After months of due diligence of various potential co-manufacturing partners, Komo, on Sept 23, 2021 entered into a co-manufacturing agreement with a company whose facility is in Metro Vancouver. Pursuant to the agreement, Komo can immediately increase manufacturing for six of its products currently on the market. Komo has been preparing for expansion with this chosen co-manufacturer with the order of specialized equipment to produce Komo products, allowing production to now begin.
Billy Goat Brands Ltd., a venture capital platform focused on identifying, sponsoring and incubating environmental, social and governance focused companies in the blue economy, is pleased to announce the appointment of Strother Simpson to GOAT’s advisory board. Mr. Simpson brings over 30 years of experience in revolutionizing the cold-brew coffee market, including the development and formulation of cold-brew coffee recipes. GOAT expects the appointment to help the Company achieve the rapid growth of the FunGuys Beverages’ line of KOLD products. The KOLD line currently features organic chaga and lion’s mane mushrooms infused into cold-brew coffee, with the goal of creating a more sustainable and healthy coffee ritual for consumers.
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