Millennials are demanding far more plant-based products like cosmetics. So much so, that the global vegan cosmetics market could be worth up to $20.8 billion over the next five years, says Grand View Research. In addition, according to consulting firm Alix Partners, “Global sales of beauty and personal care products are valued at over $500 billion today and are expected to reach $800 billion by 2023, a compound annual growth rate (CAGR) of just over 7%. The natural and organic beauty industry is only a small fraction of that, at about $11 billion, but is expected to grow to approximately $22 billion in annual sales by 2024.”
That’s happening as beauty companies incorporate natural products into their product lines.
On the belief that plant-based products are far better for their health, consumers are pushing for natural alternatives. In fact, at the moment nearly a third of Millennials are already buying skin care products with organic, sustainable, or plant-based attributes, says Linkage Research. Increased demand is creating opportunity for companies such as The Yield Growth Corp. (CSE:BOSS)(OTC:BOSQF), Else Nutrition Holdings Inc. (TSXV:BABY)(OTC:BABYF), The Very Good Food Company Inc. (CSE:VERY), Burcon Nutrascience Corporation (TSX:BU)(OTC:BUROF), and Amazon.com (NASDAQ:AMZN).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. announced that eight of its Urban Juve products are now listed for sale on Amazon.ca and are available to both regular and Prime members. As of July 13, 2020, the Amazon.ca listings have been live for eight Urban Juve plant-based products, including its Ultra-Hydrating Lip Balm, Skin Awakening Serum, Energizing Body Oil, Nurturing Body Oil, Hydrating Body Oil and its Terpene-Rich Face Moisturizers.
Urban Juve Ultra-Nourishing Hand Sanitizer Liquid is expected to be listed and available for purchase on Amazon.ca within the next two weeks. “In Canada, Amazon is the dominant e-commerce player, so we are thrilled to make the Urban Juve Brand available to this wide consumer audience,” says Yield Growth COO Tamara Melck. “Consumer shopping behaviour continues to shift to online retail channels, and we are excited to be on the forefront of this trend, and to be able to leverage the power of the Amazon platform to drive sales of our plant-based personal care products.”
Statista reported that in 2019, e-commerce retail sales in Canada reached $1.85 billion, with approximately 28.1 million Canadians making purchases online that year. Revenue generated within the retail e-commerce market globally is expected to surpass $33 billion U.S. dollars by 2024, up from $25.4 billion in 2019.
A 2020 Ecommerce.com article states that Amazon is the leading e-commerce site in Canada, with approximately 160.45 million monthly visitors to Amazon.ca.
Other plant-based related developments from around the markets include:
Else Nutrition Holdings Inc. (TSXV:BABY) announced the U.S. launch of trial-sized pouches of Else Plant -based Complete Nutrition for Toddlers. Following successful production, the trial samples of Else's proprietary product will now be widely available for order via the elsenutrition.com e-store. "We are thrilled to hit this key milestone and to be sharing our product with the world. It is indeed a major inflection point as we continue down the path toward commercialization of our first product. We are excited to get the samples in the hands of eager parents looking for clean label, plant-based nutrition alternatives for their children," said Ms. Hamutal Yitzhak , CEO & Co-Founder. Else Plant-Based Complete Nutrition for Toddlers trial pouches (1.27 oz) will be available at no charge, with customers covering only the shipping costs. The sampling campaign will be promoted via Else social media channels and will precede the launch of the full-size version of the product, which will be available for pre-orders on our e-store this July.
The Very Good Food Company Inc. (CSE:VERY) announced a significant increase in its distribution network as part of its continued focus on scaling operations. As a result of the new agreements, the Company has expanded its points of distribution by over 30%. Effective July 1st, 2020, a new distribution agreement with Nesters Market and Buy-Low Foods came into effect for The Very Good Butchers brand, representing an additional 25 stores. On July 15th, 2020, a highly anticipated agreement with Sobeys Inc. will become active, which will initially include distribution in 30 Thrifty Foods stores in British Columbia and Alberta. The sum of the two agreements represents 55 new stores, increasing points of distribution from 150 to over 200 locations. "The Thrifty Foods agreement represents a particularly exciting milestone for the Company, as it opens up the potential for significant expansion across the 1500 store network operated by Sobeys. We are thrilled to have the support from one of North America's largest grocery chains as we look to rapidly scale from coast to coast," - Mitchell Scott, CEO
Burcon Nutrascience Corporation (TSX:BU)(OTC:BUROF) reported results for the year ended March 31, 2020. “Fiscal 2020 was truly a transformational year for Burcon,” said Johann F. Tergesen, Burcon’s president and chief executive officer, adding, “Coming out of the year, we have a strong balance sheet, we established the Merit Functional Foods joint venture and we partnered with Nestlé, the largest food and beverage company in the world. Through the Merit Foods joint venture, we are well advanced in building a state-of-the-art production facility to produce our unique pea and canola proteins as well as our new protein blends. The production facility, which is on track to be completed in Q4 2020, will be the only commercial facility in the world with the capability to produce non-GMO food grade canola proteins.”
Amazon.com (NASDAQ:AMZN) announced plans to open a new fulfillment center in the city of Pflugerville, Texas. The site, which is anticipated to launch in 2021, will create 1,000 new full-time jobs with industry leading pay and comprehensive benefits starting on day one. “We’re appreciative of the people of Texas for so warmly embracing Amazon into the community,” said Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “There are now over 20,000 Texan Amazonians working for us in the state – and we’re excited to be creating an additional 1,000 full-time jobs in Pflugerville with Amazon’s industry leading benefits, and minimum starting wage from $15 an hour.”
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