FinancialBuzz.com News Commentary
Plant-based foods are part of a relatively new market, one that is witnessing major growth in demand. In fact, major plant-based meat and dairy brands like Beyond Meat, Impossible Foods, and Oatly have played a large part in growing the popularity of such products in recent years. Their partnerships with restaurants, fast-food chains, and global food manufacturers have made vegan options more accessible to a wider demographic. According to data provided by the Plant Based Foods Association (PBFA), U.S. retail sales of plant-based foods continue to increase, growing 6.2% in 2021 and bringing the total plant-based market value to an all-time high of USD 7.4 Billion. Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF), Beyond Meat, Inc. (NASDAQ: BYND), Benson Hill, Inc. (NYSE: BHIL), Oatly Group AB (NASDAQ: OTLY), Farmmi, Inc. (NASDAQ: FAMI)
Additional data from the PBFA report shows that 62%, or 79 million, of U.S. households are now buying plant-based products, representing an increase from 61% (77 million in 2020). Julie Emmett, PBFA’s Senior Director of Marketplace Development, explained that “More and more consumers are turning to plant-based options that align with their values and desire to have a positive impact on personal and planetary health. The data shows that, despite the challenges of the past two years, retailers and foodservice providers are meeting consumers where they are by partnering with brands across the entire store to expand space, increase assortment, and make it easier than ever to find and purchase plant-based foods. The potential impact of these initiatives extends far beyond the store shelf: By taking consumer concerns to heart, the industry is actively embracing its role as a key driver of change that moves us closer to a secure and sustainable food system.”
Planet Based Foods Global Inc. (CSE: PBF) (OTCQB: PBFFF) just announced breaking news that “a new distribution partnership with US Foods Inc. (“US Foods”), a leading supplier of foodservice products throughout the United States.
The Company’s popular plant-based options will be initially distributed by two of US Foods’ divisions, La Mirada and Corona, which supply a variety of products to restaurants, business and industry, healthcare, and many key independent and multi-unit operators throughout Southern California region. Both divisions will stock The Original Burger, Mild Breakfast Sausage Patties and The Italian Sausage Crumble, while the Green Chili Southwest Burger and Hot Breakfast Sausage Patties will also be available via special order.
‘As our new distribution partner, we are thrilled that US Foods will be debuting the Planet Based Foods brand to their significant customer base, highlighting us as a premier and unique offering in their substantial plant-based and healthy-eating portfolio,’ said Planet Based Foods’ President and CEO Braelyn Davis. ‘We are very excited to be working with one of America’s leading food distributors, and look forward to expanding our product reach through this evolving partnership.’
To view information about the Company and subscribe to automated email alerts for future news and public filings, visit the Planet Based Foods website at www.planetbasedfoods.com.”
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Beyond Meat, Inc. (NASDAQ: BYND) and PepsiCo, Inc. (NASDAQ: PEP) announced earlier last month the debut of Beyond Meat® Jerky. The delicious and convenient plant-based jerky is the first product from the two companies’ joint-venture, Planet Partnership, LLC. Rolling out at stores nationwide starting in March, Beyond Meat Jerky offers a full-flavored, on-the-go snack experience that furthers Beyond Meat and PepsiCo’s shared passion for creating products that are better for both people and the planet. “We are thrilled to introduce the first product from Planet Partnership, our joint venture with Beyond Meat and PepsiCo,” said Dan Moisan, CEO of Planet Partnership. “The nationwide launch of Beyond Meat Jerky will make plant-based meat accessible to millions of households. It tastes great, it’s a good source of protein, and it’s convenient to eat whether you’re on the go, at the office, or out on adventures.”
Benson Hill, Inc. (NYSE: BHIL) reported back in February the launch of TruVail™, a new line of domestically sourced, non-GMO plant-based protein ingredients with unique sustainability benefits. The TruVail™ brand’s initial offering includes high protein soy flour, a less processed equivalent to soy protein concentrate (SPC), and texturized proteins for broad use across traditional soy protein applications as well as rapidly growing alternative plant-based protein markets. TruVail™ ingredients are sourced from Benson Hill’s proprietary Ultra-High Protein (UHP) soybeans, reducing the need for additional processing steps typically required to concentrate protein levels. The resulting less processed, the value-added ingredient can serve as a more sustainable alternative to commodity soy protein concentrate (SPC) and can require up to 70% less water and up to 50% less CO2e to produce than SPC.1 Benson Hill works with farmers to grow its identity preserved UHP soybean varieties with an emphasis on regenerative agriculture practices, enabling sustainability benefits from farm to fork.
Oatly Group AB (NASDAQ: OTLY) reported back in December a major collaboration with Deutsche Bahn (DB) in Germany: beginning 1 January 2022, the Oatly Barista Edition will be available in the on-board catering of ICE and Intercity trains as the first-ever plant-based milk alternative offering for consumers. “At Oatly, we want to drive a more sustainable food system, because this is essential not only for our health but especially for the climate. To achieve this, we need to make the switch to a more plant-based diet as easy as possible by making tasty plant-based products available to more consumers. We are proud that Deutsche Bahn is introducing Oatly as the first-ever plant-based milk alternative in their onboard catering. And we hope that many other companies follow this example,” explains Tobias Goj, General Manager Oatly Germany.
Farmmi, Inc. (NASDAQ: FAMI) reported last month that it won another repeat customer order for its dried black fungus and dried mushrooms. The customer will be exporting the dried black fungus and dried mushrooms to Vancouver. Ms. Yefang Zhang, Farmmi’s Chairwoman and CEO, commented, “We continue to focus on driving across the board growth with our upward trajectory led by our high-quality products and farm-to-table distribution. Our team is really doing a great job supporting our customers worldwide, as we help them to secure the quantities they need and to navigate the ongoing logistics situation. This is an exciting time for us and we are working hard to capture an increased share of the opportunities in front of us.”
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