Plant Based Proteins Could Make Up 10% of the Food Market by 2025
Demand for plant-based food is only gaining momentum. In fact, over the next three to four years, says Cargill CEO Dave MacLennan, as noted by AGWeb, “plant-based protein will possibly make up 10% of the market. He says it will continue to eat into the market share of traditional meat demand. Despite being a major beef processor, Cargill continues to increase its footprint in the plant-protein industry, including selling pea protein to businesses like Beyond Meat.” That continues to be a solid catalyst for companies such as Komo Plant Based Foods (CSE:YUM)(OTCQB:KOMOF), Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL), Very Good Food Company Inc. (NASDAQ:VGFC)(TSXV:VERY), Oatly Group (NASDAQ:OTLY), and Odd Burger Corporation (TSXV:ODD)(OTCQB:GBLYF).
In addition, “Consumer demand for plant-based options has been growing steadily, and quick-service restaurants are doing their part to meet the demand with alternative burgers and chicken. Technomic Ignite menu data predicts that plant-based proteins will grow nearly 35% on menus by the end of 2022,” notes Restaurant Business Online.
Komo Plant Based Foods (CSE:YUM)(OTCQB:KOMOF) Sales Increased 67% in October
Komo Plant Based Foods Inc., a premium plant-based food company, today announces record plant-based food sales in October 2021 of more than $45,000, a 67 percent increase over the previous month.
Komo launched its plant-based comfort food products locally earlier this year, and in October it was successful in significantly expanding production to meet demand from distributors and retailers One of the recently signed distributors is TransCold Distribution Ltd., a Unilever Master Distributor, which delivers frozen products to over 10,000 distribution points in Canada and the United States. This week Komo has begun its expansion to other provinces and Komo expects to double its retail distribution network to over 100 points within the next few months.
Komo also sells direct-to-consumer through its own eCommerce platform, and it has received over 130 five-star reviews from verified purchasers through the Yotpo app, which enables automatic review generation.
“We were able to achieve significant revenue in October, within 7 months of launch as a new brand and with only 30 distribution points. We have already grown this month to 50 retail locations with the addition of the Nesters Market chain,” says Komo CEO Wiliam White. “We have proven that we are able to achieve rapid growth locally and we look forward to continuing this trend now that we have production and distribution in place to expand across Canada and into the United States.”
Other related developments from around the markets include:
Very Good Food Company Inc., a leading plant-based food technology company, announced two delicious additions to an already innovative line of bean and vegetable-based meats in the form of Butcher’s Select Spicy Meatballs and The Very Good Steak for retail and e-Commerce. After seeing overwhelming demand for the NEXTY Award winning Butcher’s Select Mmm...Meatballs, the Spicy Meatballs are an addition that pack a flavorful punch, and more than a little heat. The original plant-based meatballs, winners of the NEXTY Best New Frozen Product category, have entered the market as a flavorful alternative to not only plant-based, but also traditional meat products in the natural food space.