2020 was an interesting year in regards to consumer spending habits, with some trends resurfacing from the dead and others falling flat. One sector that experienced massive growth last year, and is expected to continue upward for years to come, is plant-based food. Dollar sales of plant-based foods grew 11% in the past year and 29% over the past two years. At the same time, the global plant-based protein market is anticipated to register an annual growth rate of 7.0% to reach a valuation of USD 16.63 Million by 2027. Plant-based food companies like Beyond Meat (NASDAQ: BYND), Tattooed Chef Inc. (NASDAQ: TTCF), The Very Good Food Company (CSE: VERY) (OTCQB: VRYYF), and Else Nutrition Holdings (TSX-V: BABY) (OTCQX: BABYF) are capitalizing on the growing trend. Then there is PlantX Life Inc. (CSE: VEGA) (OTCQB: PLTXF), which is focused on providing a one-stop-shop for everything plant-based and helping companies of all sizes get their products in front of consumers.
PlantX Life continuously grew its portfolio of products and services throughout 2020 and is showing no signs of slowing. Since the start of 2021, the Company has launched a baby product category, adding to its online e-commerce shop of over 10,000 plant-based products, completed the acquisition of a Squamish-based restaurant that will be redesigned as the PlantX Canadian Flagship brick and mortar shop, expanded into Israel, and applied to uplist on the Nasdaq.
PlantX Life Applies for Uplisting on the Nasdaq and Expands Portfolio
On January 11th, PlantX Life announced that it had taken a significant step to enhance its investor profile by launching a new capital markets strategy focused on the U.S. and applied to list on the Nasdaq. The Company believes the uplisting will provide opportunities to “broaden its institutional and retail investor base” and enhance its visibility, while accelerating growth.
“With our sustained and continuous growth, this is a natural step forward,” PlantX Life founder, Sean Dollinger, said. “We’re looking forward to the opportunities that this move can create for the plant-based movement.”
A week prior, PlantX Life announced that it had completed the acquisition of the Squamish-based Locavore Bar & Grill, along with other related businesses, including the Cloudburst Café and Locavore Food Truck. The 15,000 sq. ft. Locavore Bar & Grill location will be redesigned as PlantX’s Canadian flagship location, keeping Locavore’s management staff. The popular Cloudburst Cafe will become the PlantX Cafe and include an updated design and a new menu. PlantX will be using the space as a showcase for franchises, including a multi-tiered pop-up shop concept, food truck, and full-service bar.
In early January, PlantX Life announced that it will begin featuring plant-based baby formula products from Else Nutrition Holdings (TSXV:BABY) (OTCQX:BABYF), further expanding its e-commerce categories. Else Nutrition’s baby formula will be the first product available to order in the new baby products section of the PlantX U.S. e-commerce platform.
“We are thrilled to be listed on the PlantX platform. Joining this innovative online platform solely dedicated to plant-based companies aligns perfectly with our mission to bring clean label and sustainable plant-based options for parents to nourish their infants,” said Else Nutrition’s co-founder and CEO Hamutal Yitzhak. “We are proud to be part of a platform of like-minded, purpose-driven brands and raising awareness for plant-based nutrition and its benefits to a growing segment of consumers. This will help bolster Else Nutrition’s presence in both North America and Europe.”
Else Nutrition is an Israel-based food and nutrition company that is developing innovative plant-based products for infants, toddlers, children, and adults. In late December, the company announced that its Else Plant-based Complete Nutrition for Toddlers, which was launched in August 2020, has received overwhelmingly positive customer feedback with a high-level of satisfaction with product quality and effect on children. To meet growing demand, Else has ramped up its production plans in 2021.
Plant-Based Food Companies Continue to Add More Products to the Market
The ongoing health crisis has made consumers more health-conscious than ever, creating a growing demand for meatless alternatives and plant-based options. According to the International Food Information Council’s 2020 Food & Health Survey, 28% of Americans eat more proteins from plant sources compared to 2019, 24% are eating more plant-based dairy, and 17% are consuming more plant-based meat alternatives. Companies in the space are responding to the market by increasing their product offerings.
To help Americans kick off the new year with healthier habits, Beyond Meat (NASDAQ: BYND) announced that it was partnering with popular local restaurants in nine major cities, including Los Angeles, New York, and Chicago, to offer free better-for-you breakfast options made with Beyond Breakfast Sausage on January 14th. Beyond Meat will also be launching two new versions of its iconic Beyond Burger, which are expected to launch across the U.S. in early 2021.
Emerging plant-based food tech company The Very Good Food Company (CSE: VERY) (OTCQB: VRYYF) is also continuing to bolster its product portfolio. In January, the company announced that it had signed a non-binding letter of intent (LOI) to acquire The Cultured Nut, a popular BC-based, plant-based cheese company with current distribution in numerous online and grocery retailers, including SPUD.ca and select Whole Foods locations. The LOI marks VERY’s first move into the dairy alternatives market, which is expected to grow at a CAGR of 11.2% to reach USD 44.9 Billion by 2027.
Tattooed Chef Inc. (NASDAQ: TTCF) is another plant-based food company that is focused on gaining a larger market share by increasing its product portfolio. In December, the company announced that it had expanded its product range with plant-based pepperoni and plant-based sausage crumbles, which are available nationwide. Tattooed Chef’s signature products include ready-to-cook bowls, riced cauliflower, acai and smoothie bowls, zucchini spirals, and cauliflower pizza crusts, which are available in the frozen food sections of leading national retail food stores across the U.S. and online at the Tattooed Chef’s ecommerce site.
For PlantX Life, the more plant-based products that come to market, the better. Instead of having to compete with these plant-based food companies, PlantX will likely gain more partnership opportunities as more products hit the shelves.
For more information on PlantX Life Inc. (CSE: VEGA) (OTCQB: PLTXF), please visit this link.
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