Demand for plant-based food is only gaining momentum. In fact, over the next three to four years, says Cargill CEO Dave MacLennan, as noted by AGWeb, “plant-based protein will possibly make up 10% of the market. He says it will continue to eat into the market share of traditional meat demand. Despite being a major beef processor, Cargill continues to increase its footprint in the plant-protein industry, including selling pea protein to businesses like Beyond Meat.” That continues to be a solid catalyst for companies such as Komo Plant Based Foods (CSE:YUM), Very Good Food Company Inc. (TSXV:VERY)(OTC:VRYYF), Unilever (NYSE:UL), Plantx Life Inc. (CSE:VEGA)(OTC:PLTXF), and Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL).
In addition, “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.
Komo Plant Based Foods (CSE:YUM) Expanding Production and R&D Capabilities
Komo Plant Based Foods Inc. just announced it has now completed its move to a larger commercial kitchen in Vancouver, British Columbia, increasing production capacity to 2,500 units per week. Earlier this week Komo successfully completed its first production run in the new facility.
The new location is a shared commissary kitchen that serves as Komo’s R&D (Research and Development) and production kitchen for the creation and test launch of new products. Using natural, wholesome and recognizable ingredients will continue to be a guiding principle for all future plant-based products and Komo is exploring options for different dietary preferences, including gluten-free products. Komo is committed to developing new plant-based food alternatives using progressive food technology and making plant-based eating uncompromisingly easy, wholesome and hearty.
“We recently moved into our new dedicated R&D and production kitchen space which will enable us to continue innovating with new plant-based products and scale up our production capacity,” says Komo Comfort Foods CEO Jeffrey Ma. “We’re humbled by the customer feedback that our products have received over the past four months since launch and we will continue to bring easy, wholesome, hearty favourites to our customers’ dinner tables. With our local research and development kitchen and direct-to-consumer channel, we have the opportunity to bring concepts quickly to market for validation and feedback before scaling them nationwide. At Komo, we believe our innovation is a key component of our future growth and this new space will allow us to move faster and more efficiently.”
To scale up further to meet a national launch in the fall, Komo plans to work with a co-manufacturer for certain products, such as its Plant-based Lasagna and Shepherd's Pie, and is currently in the process of vetting co-manufacturing partners.
Other related developments from around the markets include:
Very Good Food Company Inc. announced that its U.S. wholesale retail distribution channel now has more than 100 retail stores signed to carry VERY GOOD's suite of products under its core brand, The Very Good Butchers, with orders placed as recent as July 1, 2021. VERY GOOD expanded its U.S. retail distribution network earlier this year when it first secured its first U.S. sales order from the California-based online vegan grocery store, GTFO It's Vegan. Since then, the Company has rapidly expanded its U.S. retail reach through additional retail distribution partnerships with Green Spoon Sales, Colorado-based natural food and beverage brokerage; KeHE Distributors, a top pure play U.S. wholesale food distributor of natural, organic, specialty and fresh food brands across North America; and United Natural Foods (UNFI), the largest publicly traded wholesale distributor of health and specialty food in North America.
Plantx Life Inc. announced the addition of vegan wine to its expanding product selection on its U.S. e-commerce platform. The Company will be enhancing its product offerings by adding a curated selection of high-quality vegan wines by brands such as Rare Earth, Veuve Clicquot, Pino Cellars and Gravel Bar Winery. The new items are now available to order in the “Plant-Based Wine” section of the Company’s U.S. e-commerce platform. “The alcoholic beverage market is one of the fastest growing industry segments in the U.S. and globally,” said PlantX CEO, Julia Frank. “The new vertical will allow PlantX to holistically meet customer demands and expectations by expanding its product offerings in line with its mission and values.”
Unilever announced that it will partner with food-tech company ENOUGH (formerly 3F BIO) to bring new plant-based meat products to market. ENOUGH’s technology uses a unique zero-waste fermentation process to grow a high-quality protein. Natural fungi are fed with renewable feedstock, such as wheat and corn. This produces ABUNDA® mycoprotein, a complete food ingredient containing all essential amino acids as well as being high in dietary fibre. The global meat-free sector is experiencing explosive growth as people around the world become more conscious of the impact of animal products on their health and the planet. Recent estimates suggest the global meat-free sector will hit US$290 billion in 2035.
Else Nutrition Holdings Inc., the Plant-Based baby, toddler and children nutrition company announces it will begin distribution at 16 Huckleberry's Natural Market locations. Since the opening of the original Huckleberry's in 1996, 15 additional "store with-in a store" concept locations have been added, all operating as a department with-in Rosauers Grocery stores with locations in the Spokane, Washington area, and with satellite locations in Idaho, Montana and Oregon.
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