Plant based food demand shows no signs of cooling. In fact, according to Fortune, sales are expected to increase five-fold by 2030. “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.” That’s substantial news for companies such as Komo Plant Based Foods (CSE:YUM) (OTC:KOMOF)(FSE:9HB), Beyond Meat Inc. (NASDAQ:BYND), Very Good Food Company Inc. (TSXV:VERY)(OTC:VRYYF), Tattooed Chef Inc. (NASDAQ:TTCF), and Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL).
“Plant-based is the grocery category to watch right now as brands continue to innovate by using new ingredients and processes that make plant-based products exciting for shoppers,” said Parker Brody, Senior Global Category Merchant for Plant-Based at Whole Foods Market. “And in the laid-back days of summer, we find that customers are breaking out of their routines and are more open to trying something new, whether they’re longtime vegans or just starting to experiment with plant-based eating.”
Look at Komo Plant Based Foods For Example
Komo Plant Based Foods Inc. just announced that it is rapidly expanding its retail distribution network and has successfully added dozens of independent and specialty grocers to sell Komo plant based food products in the past 2 months.
Recent retail additions include Meinhardt’s Fine Foods, Larry’s Market, Stong’s Market, Vegetarian Butcher, The Juice Truck, Nourish Market and Bean Around the World in Metro Vancouver. Komo’s retail launch in April 2021 has shown strong consumer demand with many reorders from retailers, and one retailer submitting 10 reorders over the past 5 months.
Since its launch earlier this year, Komo’s products have garnered over 75 five star reviews through its direct-to-consumer channel. Consumers mention delicious taste, wholesome ingredients and ease as reasons why they continue to buy Komo plant-based products. “Excellent. Tasty, healthy, easy to bake,” says one review.
“Our goal has been to create a solid foundation of loyal consumers locally so we are poised for strong growth,” says Komo Plant Based Foods CEO William White, “We have had a very positive response from retailers for local sales. Many of our retail locations are returning to us with consistent reorders as consumers enjoy our delicious plant-based comfort foods. Adding dozens of independent locations gives consumers convenient access to purchase our products while we work on the longer sales cycle of larger grocery chains. We are very excited about pursuing rapid growth this year.”
Komo is now selling through several food distributors, including Dean’s Specialty Food Distribution, and is represented by Cornerstone Marketing for Canadian Sales, with 6 agents focused on sales in the natural frozen food category. Komo expects to broaden distribution points by 20 new retail locations per month as it plans for expansion in the United States. It is currently in the process of increasing manufacturing capabilities to keep up with demand.
In addition to selling through a retail network, Komo sells its products directly to consumers through its eCommerce website at www.komocomfortfoods.com and at local Farmers markets. A full list of retail locations can be found at https://komocomfortfoods.com/pages/contact-us and reviews from verified buyers are posted at https://komocomfortfoods.com/pages/reviews.
Other related developments from around the markets include:
Beyond Meat Inc. reported financial results for its second quarter ended July 3, 2021. Net revenues were $149.4 million, an increase of 31.8% year-over-year. Gross profit was $47.4 million, or gross margin of 31.7% of net revenues. Net loss was $19.7 million or $0.31 per common share. Net loss as a percentage of net revenues was -13.2%. Adjusted EBITDA was a loss of $2.2 million, or -1.5% of net revenues. Beyond Meat President and CEO Ethan Brown commented, "We are pleased to report record net revenues and the return to growth in foodservice as our customers welcomed consumers back to their venues. We are also proud of our retail performance, where we drove year-over-year growth despite cycling last year's demand surge driven by consumer panic-buying."
Very Good Food Company Inc., a leading plant-based food technology company, is pleased to announce that its newly released Butcher's Select gluten-free and soy-free MMM...Meatballs have been nominated as a finalist in the "Best New Frozen Product'' category for the NEXTY Awards. Winners will be announced virtually on September 15, 2021, on the Natural Products Expo Virtual Platform. The NEXTY Awards is a biannual awards program connected to the in-person and digital events of the New Hope Network, which hosts the Natural Products Expo. They were created to recognize the pinnacle of excellence in the natural products industry, elevating impactful brands and products that inspire a healthy, sustainable future for people and the planet.
Tattooed Chef Inc. announced financial results for the three months ended June 30, 2021. “The growth we have experienced in the first half of 2021 is a testament to the strength of the Tattooed Chef brand and the ability of our team to execute,” said Sam Galletti, President and CEO of Tattooed Chef. “We are firing on all cylinders, winning distribution in leading national retailers like Kroger, Publix, and Albertsons, and our velocities are outperforming the competition. By the end of the third quarter, we expect our branded Tattooed Chef products will be in over 12,000 retail stores, exceeding our previous goal of 10,000 stores. Furthermore, with the acquisition of Foods of New Mexico in May, we have ample production capacity to achieve over $500 million in revenue, and a strong innovation pipeline to stay ahead of the curve. I have never been more excited about the future of Tattooed Chef.”
Else Nutrition Holdings Inc. announced that it will be expanding into Roche Bros. locations this September with its Plant-Based Complete Nutrition for Toddlers. “Partnering with Roche Bros. is an exciting development for the Company,” said Hamutal Yitzhak, Co-Founder and CEO of Else Nutrition. “We’ve been looking to further strengthen our Northeast presence, and Roche Bros. is a great fit for us with premium-seeking, health-conscious customers,” she added.
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. Komo Plant Based Foods has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares Komo Plant Based Foods Please click here for full disclaimer.
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