The plant based market is sprouting – and fast. In fact, “Plant-based popularity is shifting the foodservice sector towards more sustainable and healthier ingredients, in light of both the climate crisis and the pandemic. The trend is occurring across the entire market, marking a significant shift in both restaurant sourcing and consumer demand. The report also found that 9.2 percent of restaurants in the US incorporate vegan meat in their menus,” as noted by TheBeet.com. That’s big news for companies such as Komo Plant Based Foods (CSE:YUM)(OTC:KOMOF), Rritual Superfoods Inc. (CSE:RSF)(OTC:RRSFF), Very Good Food Company Inc. (CSE:VERY)(OTC:VRYYF), good natured Products Inc. (TSXV:GDNP)(OTC:SLGBF), and Oatly Group (NASDAQ:OTLY). In addition, analysts at Credit Suisse say the market could grow 100-fold by 2050. They also believe that a plant-based shift in global food systems is “inevitable,” as noted by The Beet, and that the market could reach $1.4 trillion by 2050.
Komo Plant Based Foods (CSE:YUM)(OTC:KOMOF) Expands Plant-Based Meal Helpers
Komo Plant Based Foods Inc. just announced that it has received a Safe Food for Canadians License certification from The Canadian Food Inspection Agency (CFIA) to export Komo Foods to other countries, including the U.S.
The license, granted under the Safe Food for Canadians Regulations (SFCR), also authorizes Komo to ship food it makes in its commercial kitchen to all provinces and territories in Canada, making it possible for Komo to now enter into agreements with national grocery retailers. Having this license supports Komo’s aggressive growth plan to expand sales across Canada and into the U.S.
“The U.S. market represents a huge market opportunity for Komo and we are excited to start our plans for aggressive U.S. expansion,” says Komo Plant Based Foods CEO William White. “The transition to plant-based diets from diets heavy with animal proteins can have a significant impact on climate change. We are so pleased to give more consumers the ability to make healthy food choices without giving up the comfort, taste, and quality of hearty foods they love.”
Komo is currently working with a sales broker experienced in natural food distribution to onboard national grocery chains in Canada and is now in discussions to secure U.S. sales representation.
Komo incorporates the concept of modern comfort into its packaging design, and is now designing packaging for the US to comply with the US FDA labeling requirements. Each frozen meal has a shelf life of one year and is prepared with the safest food preparation based on HACCP principles.
The CFIA is a global leader in regulating food, animal and plant health and safety. The SFCR is designed to improve food product quality and safety. To be licensed, companies must have a rigorous food safety program based on HACCP principles. The SFCR gives CFIA the authority to certify all foods for export, as is increasingly required by more foreign countries, streamlining the system and making export easier for Canadian manufacturers.
Other related developments from around the markets include:
Rritual Superfoods Inc. announced that the Company’s premium brand of functional superfoods are experiencing strong growth at CVS Stores throughout the USA as indicated by a third consecutive month of re-orders following the brand’s launch earlier this year. “As the focal point of our growth strategy, that being an emphasis on building a national retail presence, Rritual’s CVS rollout continues to prove extremely valuable as a platform to build brand loyalty and customer satisfaction throughout the nation,” noted Mr. David Kerbel, Rritual CEO and Director. “The CVS HealthHUB philosophy aligns completely with Rritual’s health and wellness vision and the continued pattern of re-orders is validation of our strategy and consumer and retail partner satisfaction.”
Very Good Food Company Inc., a leading plant-based food technology company, is pleased to announce it has further expanded its product offering within Sobeys Inc.'s retail network. Our popular The Very Good Butchers product line up is now available for the first time in Québec at Rachelle Béry health food stores, and online throughout the Greater Toronto Area via Voilà by Sobeys' online home delivery service. Rachelle Béry opened its first natural products grocery store over 35 years ago with a groundbreaking mission - to reimagine the way consumers take care of their health. With 10 grocery stores and over 80 Espace santé sections in IGA supermarkets throughout Québec, customers are able to shop with peace of mind that the products offered are carefully sourced, organic, natural or local. The Very Good Butchers products will first be available in Rachelle Bery's 10 grocery stores in Québec.
good natured Products Inc., a North American leader in earth-friendly plant-based products, highlights two additional specialty meal kit providers that have partnered with good natured® to increase the use of sustainable packaging in the growing meal kit industry. Meal kit services tackle the quickly emerging demand for higher quality convenience eating and is estimated to be a US $11.6 billion market by 2022*. Similar to the sustainable goods market, demand for meal kit services is highest amongst millennials,** who also expect the companies they do business with to make environmentally conscious choices where possible. The Company is gaining traction amongst plant-based meal kit providers that serve customers who are choosing to eat differently for health reasons and to reduce their impact on the planet.
Oatly Group, the world’s original and largest oat drink company, announced financial results for the second quarter and six months ended June 30, 2021. Toni Petersson, Oatly’s CEO, commented, “2021 represents the most transformational year in our Company’s history with the completion of our successful IPO in May, which has provided us with the capital to fuel new production capacity globally as we scale our business across three continents to meet the robust consumer demand for our leading oat-based brand. We are incredibly proud of our global team’s execution with strong growth in new and existing customers, the opening of two new facilities in Ogden, Utah and Singapore, as well as doubling production capacity at our facility in Vlissingen, Netherlands.”
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