While the food industry has seen a steady shift towards offering more plant-based options to their product lines, 2020 was indeed a mega-year for plant-based investment. In just the first three months of 2020 alone, US plant-based protein investment took in US$741 million. The global plant-based protein market is expected to continue a large growth trend, as it’s projected by Emergen Research to grow to over US$16.6 billion by 2027. On the road to get there, several innovative companies are offering the market a wide variety of vegan-friendly options in both home delivery and other options, including from PlantX Life Inc. (CSE:VEGA) (OTC:PLTXF), Eat Beyond Global (CSE:EATS) (OTC:EATBF), NEXE Innovations (TSXV:NEXE), good natured Products Inc. (TSXV:GDNP) (OTC:SLGBF) and Plant & Co Brands (CSE:VEGN).
Serving a growing number of customers with a straight-to-home delivery convenience option, PlantX Life Inc. (CSE:VEGA) (OTC:PLTXF) recently announced the addition of meal programs to its already-operating meal delivery services platform. The company’s current offerings include chef-designed meals, and a selection of more than 10,000 plant-based products right to the customers’ doors.
Between April and October 2020 alone, PlantX already sold and delivered more than 10,000 meals—of which includes menus from a variety of celebrity chefs.
By cultivating a subscription-based “set and forget” option, PlantX has now enhanced their home-meal delivery service for consumers to have as many as 5 full days’ worth of nutritionally-balanced meals delivered to their door.
These new meal programs are provided in partnership with “Upmeals” and delivered from their HACCP-certified production facility. Meals for the programs will be curated by Ms. Amy Gensel RD, CSNC and will be positioned as a simple way to incorporate healthy and nutritious meals for the PlantX community. As per the agreement, Gensel joins the PlantX Medical Advisory Board.
“We couldn’t be happier to have Amy on the Medical Advisory Board and helping us curate the meal programs. We’re committed to educating the public about healthy living, and this is another step in the journey,” said PlantX CEO, Julia Frank. “PlantX is focused on creating the ultimate customer experience that provides customers with flexibility for their food delivery options. PlantX meals will still be able to be ordered à la carte, but customers will now have the option to pre-order in 3 or 5-day quantities. This enhanced meal delivery service provides freedom from the hassle of cooking and meal-preparation.”
The PlantX business model extends beyond meals, and now includes pet foods and plant-based baby formula products, as well as the highly profitable industry of indoor plants.
So, as per the investment trend going into the plant-based market, PlantX secured an oversubscribed CA$11.5 million financing at the tail-end of 2020—giving the company a better financial position moving into 2021.
Enhancing their investment portfolio focused on the global plant-based and alternative food sector, Eat Beyond Global (CSE:EATS) (OTC:EATBF) recently announced it had completed an investment in Above Food Inc.—which currently serves over 300 customers in 35 countries, including many leading brands with its established business-to-business (B2B) plant-ingredient and plant-protein platform, and will also be launching its own business-to-consumer (B2C) product line that includes plant-based meats, plant-based dairy, plant-based baby food, and plant-based bakery, beginning in 2021.
Even the Government of Canada is getting into the action, having recently awarded CA$1 million to NEXE Innovations (CSE:NEXE), which produces fully compostable, plant-based materials for beverage pods and other everyday consumer products.
Shortly after that positive gesture, NEXE announced the significant expansion of its research, development and manufacturing facility in Surrey, BC—a move said to double the company’s footprint from ~10,000 sq ft to ~20,000 sq ft.
Texas-based producer of plant-based treats Better Bites Bakery recently made the switch to producers and distributors good natured Products Inc. (TSXV:GDNP) (OTC:SLGBF) for packaging and national retail distribution. Because good natured packaging is made from annually renewable materials, the Better Bites Bakery saw the move as beneficial to the offering of its plant-based treats that are already free from the top 8 allergens.
Specializing in a variety of plant-based meats and other vegan foods, Plant & Co Brands (CSE:VEGN) recently finalized the acquisition of various Canadian corporations doing business as YamChopsTM.
Using the slogan “Grown not raised”, YamChopsTM specializes in the preparation, distribution, and retail sales of over 17 proprietary plant-based meats, chicken, pork, fish, and various other vegan style food products in both a B2B and B2C revenue models, and is said to be Canada’s “first plant-based butcher”.
Clearly, opportunities abound in the plant-based market for investors and companies alike. Companies like PlantX Life are no stranger to innovation, making them ripe for a growing market such as the plant-based industry.
To get more information on PlantX Life, click here.
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