As more existing food companies have become aware of the popularity of the plant-based lifestyle, many of these companies have started introducing their own lines of plant-based items. Some companies have also entered into partnerships with pre-existing plant-based companies to enter this thriving market. Plant-based foods are favored alternatives to meat products because of the added benefits such as pea protein. With pea protein becoming a replacement in many people’s diets, the future looks to be plant-based. Plant-based products can be found on many consumers’ shopping lists as the products become more readily available in grocery stores. Companies such as Plant & Co. Brands Ltd (CSE:VEGN) (OTCPK:VGANF), McDonald’s (NYSE:MCD), Yum! Brands (NYSE:YUM), Maple Leaf Foods (TSX:MFI) (OTCPK:MLFNF), and Kellogg Company (NYSE:K) are just a few that have become a part of the plant-based fetish.
Plant & Co. Brands, a health and wellness company curating plant-based foods, announced its plans to grow this sector when they acquired the plant-based butcher YamChops earlier this year. With Plant & Co. determined to inflate its reach, the company decided to franchise the YamChops vegan butcher stores in order to create further awareness of the brand across North America. YamChops is known for specializing in plant-based meats, chicken, pork, fish, and other variants of vegan foods by preparing and distributing its products to retailers. YamChops reportedly had a 689% increase in online sales in Q3 and Q4 2020.
CEO of Plant & Co., Shawn Moniz, stated, “we strongly believe a YamChops franchise system that is operated by an experienced entrepreneur or restaurant operator is poised for growth and market leadership due to our first-mover advantage in the emerging plant-based protein or vegan butcher markets.”
Plant & Co. has strategized for the growth of the plant-based industry and plans to make exclusive products, such as YamChops’ high-quality plant-based Montreal style ‘steak’ and Szechuan ‘beef’. Additionally, Plant & Co. has acquired a franchise program to offer system manuals and training programs, architectural and construction renderings with leading design firms, strategic retail sales strategy, as well as proprietary plant-based food products.
Prior to its recent acquisition of YamChops, Plant & Co. completed the onboarding of the Holy Crap brand in early February of this year.
Plant & Co. President Donna Reddy stated, “Our focus is to drive revenue by taking the best of acquired companies, like Holy Crap and YamChops, and offering healthy, high-quality plant-based products with superior customer service to a large and growing customer base.”
Companies Collaborate to Bring Out Their Best Plant-Based Products
On March 1, McDonald’s (NYSE:MCD) and Yum! Brands (NYSE:YUM) announced their global partnerships with Beyond Meat. Both McDonald’s and Yum! Brands recognize the long-term potential of plant-based meat and have faith the future entails a growing industry of plant-based foods. McDonald’s, noted as the world’s largest chain restaurant, commented that making plant-based products accessible in its restaurants will only alter decision making for consumers and eventually become a default choice. McDonald’s has plans to incorporate plant-based pork, chicken, and egg in its products. Yum! Brands plans to distribute its innovative products to companies such as KFC, Taco Bell, and Pizza Hut.
Maple Leaf Foods (TSX:MFI) (OTCPK:MLFNF) has made plans to continue the relaunching of two pre-existing North American brands, Lightlife and Field Roast. With Maple Leaf Foods being thoroughly invested in a future of plant-based protein, the CEO has voiced his determination for the success of his plant-based products. While plant-based products were launched in 2020 for both Lightlife and Field Roast, the success fell below average due to the impact of the world health crisis. However, the CEO of Maple Foods plans to improve product efficacy via upcoming product innovations, which should help the plant-based extensions do better in the coming years.
In early February 2021, Kellogg Company (NYSE:K) announced its collaboration with Future Food-Tech with plans to launch an “Innovation Challenge”. This new project will provide an opportunity for new talent in the food industry to present their ideas related to wellness, which is a prominent focus area for the Kellogg brand. With the Innovation Challenge, the Kellogg Company hopes to discover a unique pitch related to plant-based ideas, which will also encourage digestive wellness.
Plant-based products are the latest innovation to hit the market, something that was unheard of a decade ago, but quickly became a mainstream trend. As a modern health and wellness company, Plant & Co. Brands’ growth plans suggest a promising future for the plant-based industry.
For more information on Plant & Co. Brands, click here.
Featured image: DepositPhotos © anyaberkut
