The plant based food story shows no signs of slowing. In fact, it’s only set to grow, with some analysts saying plant based food sales could increase five-fold by 2030, says Fortune. “Sales of plant-based dairy and meat alternatives reached $29.4 billion in 2020, and could increase to $162 billion by 2030, comprising 7.7% of the global protein market,” they noted. “Demand is increasing as companies like Beyond Meat Inc., Impossible Foods Inc. and Oatly Inc. bring alternative protein products to more restaurants and grocery stores.” News like that is creating incredible momentum 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).
Also, “Plant-based diets are fast becoming mainstream, but the change hasn’t been a steady one,” said Kelly Fairchild, global business development manager at Ipsos Retail Performance, as quoted by Vegconomist. “Recent years have seen rapid adoption of vegan diets and more meat-free products making their way onto shelves. As the dialog around veganism shifts from one of animal welfare, to wider concerns around climate change and personal health, we are seeing more and more people adopt this once minority dietary preference.”
Look at Komo Plant Based Foods (CSE:YUM)(OTC:KOMOF) For Example
Komo Plant Based Foods Inc. just announced that it has signed an agreement with an established food manufacturer in Metro Vancouver to produce two lines of its plant-based products. Production at this co-manufacturing facility commences today.
After months of due diligence of various potential co-manufacturing partners, Komo, on Sept 23, 2021 entered into a co-manufacturing agreement with a company whose facility is in Metro Vancouver. Pursuant to the agreement, Komo can immediately increase manufacturing for six of its products currently on the market. Komo has been preparing for expansion with this chosen co-manufacturer with the order of specialized equipment to produce Komo products, which arrived last week, allowing production to now begin.
“The demand for our products has been increasing since we launched earlier this year, and for months we have been straining to meet the demand from repeat retail orders and from our direct-to-consumer business,” says Jeffrey Ma, President and CEO of Komo operating subsidiary, Komo Plant Based Comfort Foods Inc. “Commencing production at this new facility allows us to significantly increase our production output, and also frees up Komo’s current facility for focused research and development. We are continuously refining our recipes to improve flavor, nutrient profile, and texture and we are exploring options for different dietary preferences, including gluten-free.”
Komo launched in March 2021 with three product SKUs which were expanded to seven SKUs by June 2021. In July 2021 it moved to a larger commercial kitchen to scale up production to meet demand and today Komo is commencing production at the co-manufacturing facility. Komo estimates that the production capacity of the new co-manufacturing facility will allow it to manufacture an additional 10,000 units per month. This week Komo will begin producing, through the new co-manufacturer, its ready-to-bake classics Lasagna and Shepherd’s Pie, and Komo’s plant-based Meal Helpers, in multiple sizes.
In addition to building distribution channels and increasing sales, Komo’s goals are to achieve better cost efficiencies with larger scale production and to negotiate better pricing of raw materials and packaging at scale.
“Food safety is key for any food brand and at Komo consumers can feel good and feel safe when enjoying Komo’s products. We selected a co-manufacturing partner who meets our high standards of food quality and safety and who is well suited for our aggressive growth plan,” says Mr. Ma. “We spent months reviewing facilities to find one that we believe is well suited to match our growth and local enough for us to carefully monitor the quality of our products. We have a tremendous amount of work ahead of us over the coming months as we ramp up for expansion throughout Canada and the United States. We are excited about this new relationship that will allow us to pursue our mission to help make plant-based meals a staple on every dinner table by sharing our love for feel-good food that connects people to the planet.”
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, announced 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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