The plant-based food market could hit $74.2 billion by 2027 thanks to skyrocketing demand. Analysts at Meticulous Research say the key driver for such growth is bigger demand for sustainable and nutritious foods, as reported by Green Queen, a trend fueled by the pandemic. In fact, “They said that the crisis has importantly underlined the link between dietary choices and human and planetary health, as well as the vulnerabilities in the meat supply chain, from workplace safety concerns to the danger of emerging zoonotic diseases.” Additionally , governments are supporting alternative proteins, too with Canada recently investing CAD$100 million into Merit Functional Foods. Finland also made a $2.3 million investment in a plant-based protein group, as well. The shift to plant-based food is creating opportunity for companies such as Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL), United Natural Foods Inc. (NYSE:UNFI), SunOpta Inc. (NASDAQ:STKL), ConAgra Brands Inc. (NYSE:CAG), and Sprouts Farmers Market Inc. (NASDAQ:SFM).
Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL) BREAKING NEWS: Else Nutrition Holdings Inc., a developer of plant-based alternatives to dairy-based baby nutrition, is pleased to provide an update on its North American product launch of its plant-based Toddler Nutrition product.
Else has engaged with additional retail brokers in order to bring the product to the shelves of natural food retailers (independent and retail chains), and to regional grocers. As a result of the engagements Else now has broker representation covering the entire U.S. West Coast, Arizona and Nevada, and the north East and Mid-Atlantic regions. Additionally, the Company hired a specialized broker for one of the largest U.S. retail chains with 1000 plus stores and a significant share in the baby food space.
Additionally, Else has commenced a second commercial manufacturing run. This manufacturing run will be 300% larger than the initial production run. As a result, Else will generate additional inventory to service the Company’s expansion in the U.S. market by adding retail presence and increasing its capacity to generate online sales.
“We are very excited by the early response to our long awaited product launch and equally pleased to have to ramp up our inventory as we continue to see strong demand for our novel, clean-label, plant-based Toddler Nutrition product,” said Ms. Hamutal Yitzhak, CEO and Co-Founder of Else. “We are grateful for the overwhelming positive daily feedback from parents all over North America and look forward to bringing the product to store shelves soon.”
Else has completed the setup and order automation processes by signing up with a third-party logistics company. This company has warehouses across the U.S. and Canada which will support Else’s e-commerce sales. Online order shipments have already commenced.
Else Nutrition’s Plant-Based Complete Nutrition for Toddlers & Babies (12+ mo.) is now available for sale on Else’s e-store at elsenutrition.com, and will soon be available on Amazon.com. Consumers can order single 22 oz cans and 4-packs.
Other related developments from around the markets include:
United Natural Foods Inc. (NYSE:UNFI), North America's premier and largest food wholesaler delivering the widest variety of products to a diverse and expansive customer base, today issued the following statement regarding the long-term labor agreement that it has reached with Teamsters Local 414 in Fort Wayne, Indiana. Jill Sutton, UNFI’s Chief Legal Officer, General Counsel and Corporate Secretary, commented: “We’re very pleased that Teamsters Local 414 has ratified a new long-term labor agreement for our distribution center in Fort Wayne, Indiana. UNFI’s four-year contract with Local 414 maintains competitive benefit and wage terms in line with other facilities in the Midwest. The contract also includes language updates that afford UNFI the flexibility it needs to operate and succeed as a competitive distribution business in today’s landscape. We believe this resolution is a positive development for UNFI, our valued associates in Fort Wayne and our customers.
SunOpta Inc. (NASDAQ:STKL), a leading global company focused on plant-based foods and beverages, organic ingredient sourcing and production, and fruit-based foods and beverages, today announced financial results for the second quarter ended June 27, 2020. “We delivered another strong quarter, doubling adjusted EBITDA over the prior year for the third consecutive quarter. We believe our turnaround efforts have now taken root, setting us up for more consistent revenue and profitability growth going forward. The quarter represented a powerful combination of strong execution and favorable underlying category trends. Each of our three segments produced revenue growth and expanded gross margin during the second quarter,” said Joe Ennen, Chief Executive Officer of SunOpta. “Our growth continues to be led by our #1 focus area, which is plant-based foods and beverages. Despite the negative impact on volumes in the foodservice channel, as a result of COVID-19, we still produced 10% growth on an adjusted basis. This growth and our ability to offset COVID-19 impacts are a direct reflection of the strength of our plant-based platform. We are extremely bullish on our plant-based opportunity including a robust sales pipeline and incremental capacity expected to come on-line in the fourth quarter of this year.”
ConAgra Brands Inc. (NYSE:CAG) announced that its board of directors approved a quarterly dividend payment of $0.2125 per share of CAG common stock to be paid on September 3, 2020 to stockholders of record as of the close of business on August 4, 2020.
Sprouts Farmers Market Inc. (NASDAQ:SFM) will open a highly anticipated store in Santa Barbara, at 29 South Milpas Street on Wednesday, September 2 at 7 a.m. The new store will expand local access to fresh and healthy groceries, and will be open daily from 7 a.m. – 10 p.m. To celebrate the new location, every shopper on opening day will receive a free reusable shopping bag with purchase. In line with Sprouts’ focus on health, the grocer is closely following CDC and local health authority guidelines related to COVID-19, and regularly providing store team members with the latest safety guidance. In addition to regular food safety and cleaning procedures, Sprouts has invested additional labor hours into stores to allow for more frequent cleaning, paying close attention to high-touch areas such as service counters, restrooms, carts and checkout lanes. Stores are also implementing steps to promote social distancing and have installed plexiglass barriers at registers to add protection for team members and customers.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Else Nutrition Holdings Inc. by a third party. We own ZERO shares of Else Nutrition Holdings Inc. Please click here for full disclaimer.
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