The plant based food market shows no clear signs of slowing. Earlier this week, McDonald’s announced plans to test its plant-based burger, the McPlant in the UK. “McDonald’s UK&I has announced a trial for its first ever plant-based burger – the McPlant – which delivers the same great taste and experience you would expect from a McDonald’s burger, whilst enabling customers to choose a plant-based menu option,” as noted in a McDonald’s press release. It’s another sign of how quickly the market has accepted plant based foods – all great news for companies like Komo Plant Based Foods (CSE:YUM) (OTC:KOMOF)(FSE:9HB), Beyond Meat Inc. (NASDAQ:BYND), Very Good Food Company Inc. (TSXV:VERY)(OTC:VRYYF), Tattooed Chef Inc. (NASDAQ:TTCF), and Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL).
In addition, as reported by Yahoo Finance, “According to a new report from food intelligence firm Tastewise, menu mentions of plant-based meat spiked by a staggering 1,320% in the U.S. compared to pre-pandemic levels in early 2020.” In addition, according to Alon Chen, Co-Founder and CEO of Tastewise, as also quoted by Yahoo Finance, “This shift has created a $14B opportunity over the next decade, where the question is not 'if' every foodservice business must offer plant-based alternatives, but 'when' and which technology will prevail.”
Look at Komo Plant Based Foods For Example
Komo Plant Based Foods Inc., a fast growing plant-based food start-up, is pleased to announce that within 6 months of the launch of its direct to consumer eCommerce platform, it has received over 100 reviews from verified purchasers through the YotPo app, of which over 90 reviews have included a five out of five star consumer rating.
“Our plant-based comfort foods blend the right amount of real, wholesome cooking with the science and technology of developing innovative plant-based recipes to deliver hearty, satisfying food experiences,” says Komo CEO William White. “We put each of our meals through multiple tests to make sure each one meets our standards for taste, nutrients, food satisfaction, and scalability. Our eCommerce platform provides us a direct relationship with consumers and allows us to carefully monitor every touchpoint of the consumer journey, giving Komo a competitive advantage over retail-only brands.”
Komo’s consumer reviews, featured at https://komocomfortfoods.com/pages/reviews, consistently speak to the great taste and convenience of Komo’s frozen plant-based meals. Consumers also comment positively on their customer experience of ordering products and receiving home delivery.
In March 2021, Komo launched its Shopify platform using apps to enhance digital marketing and support a great online shopping experience. Post-launch, Komo added applications Privy, Klaviyo and ReCharge to enable site pop-ups, email marketing, and subscription packages. The launch of YotPo enabled automatic review generation where emails are sent out to customers automatically 7 days after their initial purchase, along with a text message. The YoPo application collected over 100 consumer reviews within six months, allowing Komo to assess consumer pain points and discover promising product development opportunities. In the summer of 2021, Komo used feedback from consumers and other data to support the launch a new line of frozen products - Komo Plant-Based Meal HelpersTM - versatile meal starters to allow the creation of plant-based dishes at home.
In addition to being sold through eCommerce, Komo products are sold through a distribution network of online and brick-and-mortar grocery, convenience, and natural retailer channels.
Other related developments from around the markets include:
Beyond Meat Inc., reported financial results for its second quarter ended July 3, 2021. Net revenues were $149.4 million, an increase of 31.8% year-over-year. Gross profit was $47.4 million, or gross margin of 31.7% of net revenues. Net loss was $19.7 million or $0.31 per common share. Net loss as a percentage of net revenues was -13.2%. Adjusted EBITDA was a loss of $2.2 million, or -1.5% of net revenues. Beyond Meat President and CEO Ethan Brown commented, "We are pleased to report record net revenues and the return to growth in foodservice as our customers welcomed consumers back to their venues. We are also proud of our retail performance, where we drove year-over-year growth despite cycling last year's demand surge driven by consumer panic-buying."
Very Good Food Company Inc., a leading plant-based food technology company, is pleased to announce it is expanding its U.S. retail presence with Earth Fare, a U.S. based health and wellness supermarket retailer. Starting in November, VERY GOOD's original The Very Good Butchers suite of plant-based alternative meat products and its newest gluten-free and soy-free product line, Butcher's Select, will be rolled out into all 23 of Earth Fare's locations in major states including North Carolina, South Carolina, Florida, Tennessee, Virginia, Georgia, Ohio and Michigan. This brings the total number of U.S. stores that will carry the Company's products to 175 locations in 20 cities across 15 states, and across North America, our products will soon be available in 825 outlets.
Tattooed Chef Inc. announced financial results for the three months ended June 30, 2021. “The growth we have experienced in the first half of 2021 is a testament to the strength of the Tattooed Chef brand and the ability of our team to execute,” said Sam Galletti, President and CEO of Tattooed Chef. “We are firing on all cylinders, winning distribution in leading national retailers like Kroger, Publix, and Albertsons, and our velocities are outperforming the competition. By the end of the third quarter, we expect our branded Tattooed Chef products will be in over 12,000 retail stores, exceeding our previous goal of 10,000 stores. Furthermore, with the acquisition of Foods of New Mexico in May, we have ample production capacity to achieve over $500 million in revenue, and a strong innovation pipeline to stay ahead of the curve. I have never been more excited about the future of Tattooed Chef.”
Else Nutrition Holdings Inc. announced the launch of a new dedicated Health Care Professional (HCP) Website in the U.S. Parents in the U.S. rely heavily on their pediatrician for advice when it comes to feeding their baby/toddler. In fact, data shows that 89% ask their pediatrician for a specific recommendation related to nutritional products. Additionally, many simply confirm whether what they want to use is suitable for their child, via their pediatrician. “We are pleased to provide this resource to over 80,000 pediatricians in the U.S. as well as many other healthcare professionals,” Stated Hamutal Yitzhak, CEO and Co-founder of Else Nutrition.
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