VANCOUVER, BC, April 22, 2022 /CNW/ - The Yumy Candy Company Inc., (CSE: TYUM) ("Yumy" or the "Company") is pleased to announce that it is expanding into the U.S. market, which is the largest confectionary market in the world. Currently, the Company is evaluating potential distribution partners and food brokers to help facilitate the expansion. After landing on the shelves of Canada's largest retailer and Western Canada's largest retailer, the Company has become a very desirable brand for many U.S. distributors and has been evaluating all options. The Yumy Candy Company will look to expand its low-sugar better-for-you confectionery, specifically partnering with the largest U.S. distribution networks that align with the core principles of the Company including delivering the best value to end users and the most aggressive distribution plan. Expansion into the U.S. will serve as the Company's first step into the international market, which is important for its successful global growth.
"Expanding into the United States is a game changer for our Company. If executed properly, it will exponentially grow our revenues and global profile. Establishing our brands as one of the top confectionary companies in Canada has allowed us to go into the US with leverage. Entering the market with a known brand with a history of success, we have become a desired and preferred product to many distributors. Our Company has been reached out to by some of the country's top distributors/brokers and we are currently in in-depth discussions with them. Over the last year we have entertained many offers to come to the U.S., but now we feel that our Company is ready and poised for this expansion. We have confidence in our existing infrastructure, our aggressive growth strategy, manufacturing capabilities, distribution plan, and our ability to market our product," states Erica Williams, CEO and Founder.
The United States confectionary market is the largest in the world and there is an increasing push for consumers to buy healthier low-sugar products as consumers become increasingly aware of the negative effects of obesity, diabetes and calories intake. The Yumy Candy Company is a lifestyle company focused on nutrition, health and delivering the best value to its clients.
"We have a unique look on confectionery different than any of our competitors and an array of new products in our pipeline, with what we have planned over the next period we feel confident that we can replicate our success we've had in Canada and become a leader in the U.S. confectionary space. When we first started the Company, we knew going to the U.S. would be a necessity to reach the level of success we set out to achieve and I am pleased to say the time has come!" States Erica Williams, CEO and founder of Yumy Candy.
The U.S. has over 63,000 supermarkets and grocery store businesses as of 2022, representing one of the largest grocery retail numbers in the world. The global sugar-free confectionery market size was valued at USD $2 billion in 2021 and is expected to grow at a compound annual growth rate of 5.4% from 2021 to 2031. The United States holds a market share of 84.5% of the global sugar-free confectionery demand. The growth is attributed to the widespread impression that the sugar-free version is healthier than the conventional counterparts and the growing number of health-conscious people.
The Yumy Candy is an affordable health-conscious low-sugar plant-based confectionery company based in Vancouver, British Columbia and it has developed a portfolio of healthier gelatine-free candies made from non-GMO ingredients with proprietary recipes. All of its products are free of gelatin, soy, gluten, nuts, dairy, eggs, sugar alcohols, artificial sweeteners and genetically modified organisms.
Cautionary Statement Regarding Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable securities legislation. The information in this news release about future plans and objectives of the Company, are forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: general business, economic and social uncertainties; local and global market and economic uncertainties arising in respect of the COVID-19 pandemic; litigation, availability of key product ingredients, legislative, environmental and other judicial, regulatory, political and competitive developments; the ability to effectively expand manufacturing and production capacity; the ability to obtain retail partners to distribute Company products, the success of market initiatives and the ability to grow brand awareness; the ability to attract, maintain and expand relationships with key strategic vendors; our ability to predict consumer taste preferences; delay or failure to receive regulatory approvals; the sufficiency of our cash to meet liquidity needs; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Accordingly, the forward-looking statements discussed in this release may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward- looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Yumy Bear Goods Inc.
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