All around the world, demand for plant based products is on the rise, fueling top companies like Pontus Protein Ltd. (TSXV:HULK), PlantX Life Inc. (CSE:VEGA)(OTC:PLXTF), The Very Good Food Company Inc. (CSE:VERY)(OTC:VRYYF), NEXE Innovations Inc. (TSXV:NEVE)(OTC:NEXNF), and Eats Beyond Global Holdings Inc. (CSE:EATS)(OTC:EATBF). Helping, according to a 2020 study by Ipsos Retail Performance, as noted by The Beet, about 9.7 million Americans now follow a plant-based diet up from just 290,000 in 2004. However, this may just be the start. With incredible demand likely, the plant-based market could be worth up to $74.2 billion in the next seven years, according to Meticulous Research.
That’s helping drive growth for Pontus Protein Ltd.
In a move to develop sales, the company has signed a Letter of Intent with Canadian T&J International Development Inc., a private arm's length British Columbia corporation, and distributer to 80% of all Asian Supermarkets in Western Canada, with products including the well-known Natural World brands. The Agreement between Pontus and T&J covers potential distribution and sales of both Pontus Protein and Pontus Foods Added Value Products.
Connor Yuen, CEO of Pontus, stated, “Our market analysis identified the increase in meat reduction and the increase in demand for sustainable plant based protein across North America, yet this is still a fairly new phenomenon. In many Asian cultures, vegetarianism has been established for centuries, driven by access to meat, culture and religion. T&J’s comprehensive distribution to the Asian supermarkets, including T&T and most Asian Supermarkets, will give us access to this large existing market.”
Dean Liu, CEO of T&J added, “The demand for healthful plant based products in Asian supermarkets is well established, and we also see a move to gluten-free and low carbohydrate diets. Pontus Protein will meet these trends, and its versatility as a raw ingredient added into products will be very appealing to my clients. This agreement is for North American sales and distribution. Still, we also have significant sales in China that I believe we can access with Pontus, as it is such a strong product and Chinese people love Canadian products. Food is used as medicine, and people are often looking for the healthiest options for their wellbeing. In China, with the population growth, there is an increasing concern for food security. In the growing Chinese middle class, there is a thirst for premium and clean products, Pontus well meets these growing needs of the most populated country in the world.”
It is the intentions of Pontus and T&J to continue good faith negotiations to finalize a definitive agreement that would cover distribution and sales, which will also include the economic terms of such arrangement.
Or, look at PlantX Life Inc. The company just announced its interim unaudited financial results for the three and nine months ended December 31, 2020. The Company generated gross revenue of $1,832,484 for the three months ended December 31, 2020, an increase of 298% from Q2 gross revenue of $459,982. Cost of sales for the three months ended December 31, 2020 was $1,465,879. The Company achieved a gross margin of 20% for the three months ended December 31, 2020, an increase from 5.7% in Q2. “The Company’s increase in revenue and sales during a highly unprecedented year positions the Company as one of the highest growing leaders in the plant-based industry,” said Julia Frank, PlantX CEO. “The Company attributes its revenue growth to its expanded product offerings, innovative partnerships and strategic acquisitions.”
The Very Good Food Company Inc. recently announced it signed a non-binding letter of intent for the acquisition of all the shares of The Cultured Nut Inc., a popular plant-based cheese company located in Victoria, British Columbia, with current distribution in several online and grocery retailers including SPUD.ca and select Whole Foods stores. The Cultured Nut is a rapidly growing and highly successful artisan vegan cheese manufacturer on the West Coast of Canada with a well-established line-up of innovative products consisting of block style cheeses, cream cheese and plant-based butter, which are tree nut based and both soy and gluten free.
NEXE Innovations Inc. just announced the XOMA Superfoods online store, which the Company just opened to the public on February 5th, has completely sold out of its initial inventory of its proprietary pods under the pilot launch. XOMA Superfoods, with its initial Micro-Ground Soluble Coffee with medium-chain triglycerides (MCT) oil offering, is the first commercial product released by NEXE.
Eats Beyond Global Holdings Inc., an investment issuer focused on the global plant-based and alternative food sector, is announcing that it has joined Protein Industries Canada (PIC). PIC is an industry-led, not-for-profit organization created to position Canada as a global source of high-quality plant protein and plant-based products. PIC is one of Canada's five innovation Superclusters, which the Government of Canada put in place in 2017 to direct the investment of nearly $1 billion over five years, into five of Canada's most promising innovative industries, including the plant-based protein industry. “Plant-based proteins are one of the original foundational aspects of this industry," said Patrick Morris, CEO of Eat Beyond. "We are fortunate to be based in Canada, which has earned its place as a leader in plant-based proteins, particularly because of the unique, high-protein crops that are grown here. PIC aligns with our mission of working with companies to help them gain pathways to customers, markets, and partnerships that they could not have accessed on their own, accelerating their progress."
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