Millions of consumers are hungry for plants. In fact, according to research firm, Piplsay, as quoted by Business Insider, “Over the past few years, the fake-meat phenomenon has gone from being a highly speculative curiosity to an in-demand food item, available not just in grocery stores but also dished out over the counters of popular fast-food chains across the country. From burgers and sandwiches to tacos and pizzas, a wide range of meatless alternatives is available to customers today, many of whom are opting for them for health, environmental, or ethical reasons." Even better, Credit Suisse says the plant based market could grow 100-fold by 2050. They also believe that a plant based shift in global food systems in “inevitable,” as noted by The Beet, and that the market could reach $1.4 trillion by 2050. All great news for companies like 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).
Look at Komo Plant Based Foods For Example
Komo Plant Based Foods Inc., a premium frozen plant-based food company, just announced the launch of new packaging created for large scale distribution and enhanced shelf appeal.
The new packaging was developed with sustainability in mind, while complying with requirements from retail chains. Komo will maintain using aluminum trays for its ready-to-bake frozen plant-based entrees. Aluminum is a 100% recyclable substrate that is one of the few materials that can be recycled indefinitely. Response from Komo consumers is that the aluminum trays allow for convenient and easy baking and disposal. The secondary sleeve packaging surrounding the trays are now made with recycled paper. The new design also has printed lot codes and a tamper evidence seal to ensure enhanced product safety and traceability. The new packaging allows Komo to expand its retail footprint by meeting the requirements of national retail grocery chains.
Komo’s research reveals consumer pain points around plant-based eating center around the lack of convenience, over-processed ingredients and lack of food satisfaction. Komo aims to provide a solution through its easy, wholesome and hearty vegan favourites. Changes to product formulations launched with the new packaging include a shortened ingredient list to ensure all ingredients are understandable, real and simple. Building on its mission to create wholesome plant-based food, Komo highlights Canadian-grown organic green lentils in these updated formulations. In addition, all 'natural flavours' have been formulated out of products. Komo will continue to use herbs, spices, and vegetables to provide the hearty experiences in its meals. Komo consumers are asking for more nut-free and soy-free options. Komo’s ready-to-bake line will now be free from nut ingredients as reflected in the new packaging. Komo’s Shepherd's Pie will also be soy-free.
“Consumers know they are in for a premium taste experience from the moment they first see Komo products in the freezer of their trusted grocery stores,” says Komo CEO William White. ”We believe our new packaging will meet and exceed customer expectations.”
The new retail packaging will be live for direct-to-consumer and retail orders in approximately 2 weeks.
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 it is expanding its U.S. retail presence with Earth Fare, a U.S. based health and wellness supermarket retailer. Starting in November, VERY GOOD's original The Very Good Butchers suite of plant-based alternative meat products and its newest gluten-free and soy-free product line, Butcher's Select, will be rolled out into all 23 of Earth Fare's locations in major states including North Carolina, South Carolina, Florida, Tennessee, Virginia, Georgia, Ohio and Michigan. This brings the total number of U.S. stores that will carry the Company's products to 175 locations in 20 cities across 15 states, and across North America, our products will soon be available in 825 outlets.
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 the launch of a new dedicated Health Care Professional (HCP) Website in the U.S. Parents in the U.S. rely heavily on their pediatrician for advice when it comes to feeding their baby/toddler. In fact, data shows that 89% ask their pediatrician for a specific recommendation related to nutritional products. Additionally, many simply confirm whether what they want to use is suitable for their child, via their pediatrician. “We are pleased to provide this resource to over 80,000 pediatricians in the U.S. as well as many other healthcare professionals,” Stated Hamutal Yitzhak, CEO and Co-founder of Else Nutrition.
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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