NEW YORK, June 22, 2021 /PRNewswire/ -- The plant-based food boom is proving to be much more than a fad. The excitement may have started with Beyond Meat's grand entrance into the public back in 2018, but the market's appetite for plant-based stocks has grown tenfold. In May, the world's largest oat milk maker Oatly IPO'd at a value of $10 billion and quickly grew to a value of $17 billion. Then, Restaurant Brands International's (NYSE:QSR) global fast food chain, Burger King, ditched meat from its menu at a select location for a limited time and caused massive lineups to be formed - the latest cue that the ongoing plant-based eating trend is showing no sign of dissipating. As the movement gains momentum, experts estimate that the plant-based food market will grow to a value of $37.98 billion, presenting innovation and growth opportunities for companies like Else Nutrition Holdings Inc. (TSXV: BABY) (OTCQX: BABYF), Oatly (NASDAQ: OTLY), Beyond Meat (NASDAQ: BYND), Tattooed Chef (NASDAQ: TTCF), and Restaurant Brands International (NYSE: QSR).
Else Introduces Plant-Based Protein Shakes for Kids
While most of the aforementioned plant-based stocks cater primarily to the adult population, Else Nutrition Holdings Inc. (TSXV: BABY) (OTCQX: BABYF) is focused on plant-based baby, toddler, and children nutrition. The company has committed itself to provide clean, sustainable plant-based dairy alternatives for families whose children struggle with lactose intolerance from dairy products. Else has continued to sign significant distribution deals and just bolstered its lineup of products with the release of two new plant-based protein shakes for children.
The launch of the new products comes at an ideal time, as Else Nutrition (TSXV: BABY) (OTCQX:BABYF) has continued to sign multiple distribution deals across the US including two of the largest food distributors in the US: KeHe and UNFI, as well as Sprouts Farmers Market, Big Y, Albertson's subsidiary, Raley's, Haggen Food and Pharmacy, Natural Grocers, and Associated Food Stores (Dan's Fresh Market, Dick's FreshMarket, Maceys, Lin's, and more).
On top of that, Else Nutrition also successfully launched three online platforms during the first quarter, including Thrive Market, a leading natural food e-commerce platform with 500,000 subscribers; iHerb, a US-based international online platform that serves 180 countries and PlantX, a new plant-based online retailer.
On May 31, Else Nutrition reported strong Q1 results including 90% quarter over quarter revenue growth, with the company bringing in C$1.13 million in Q1 2021 compared to C$598,000 in Q4 2020. The company also reported 149% QoQ growth in formula revenues of C$862,000 in Q1 2021 compared to C$346,000 in Q4 2020.
Company Offer Plant-Based Alternatives to a Growing Customer Base
Swedish oat drink company Oatly (NASDAQ: OTLY) has had more than 25 years developing daily alternatives and spent a decade fine-tuning its core product, Oatly oat milk. Oatly has also aligned its brand messaging as a sustainability-focused organization, which is part of its appeal to a consumer base that is increasingly focused on environmental sustainability and plant-based alternatives. The company began trading its shares publicly on May 20 at $ 22.12 (IPO priced at $17 a share), and the stock rose to $26.52 by Monday, June 14. Through the IPO, Oatly raised $1.4 billion giving the company the necessary funds to execute its strategy, which is expected to transform the dairy plant-based alternatives market.
Plant-based meat producer Beyond Meat (NASDAQ: BYND) is a recognized name in the alternative meat market. The company's range of GMO-free and soy-free meat-based products includes a portfolio of plant-based ground beef, sausages, meatballs, burger patties, breakfast sausage, and crumbles. Beyond Meat is leading the way towards a plant-based future around the world by collaborating with other brands to bring its products to the international consumer. The latest market is in Australia where Beyond Meat has partnered with Coles to bring Australians the Beyond Meatballs at a time when the demand for plant-based proteins has increased. Beyond Meat's Vice President International Business Development, Ihab Leheta termed the launch as "a new milestone towards our goals in making great-tasting, nutritious, and sustainable plant-based meat more accessible to everyone."
Tattooed Chef (NASDAQ: TTCF) is also tapping into the plant-based market with a focus on vegetarian, vegan, and fruitarian consumers. The company previously launched two of its vegetable products; organic greens and zucchini spirals in Whole Foods stores across the country. In May, Tattooed Chef announced its first quarter 2021 financial results which revealed revenue of $52.7 million, a 59% increase compared to $33.2 million in the prior year. The company also saw branded revenue increase 105% in Q1 across the mass, club, and grocery channels which it said was "driven by successful product launches, increased distribution and a promotion at a large club chain."
Burger King, a company of Restaurant Brands International (NYSE: QSR) recently hosted a plant-based takeover in the briefly opened Burger King Meatless restaurant in Cologne, Germany, from June 7-11, which saw long queues. The company offered meat-free versions of its Whoppers and Chicken Royale burgers and plant-based nuggets. These plant-based alternatives were made in collaboration with The Vegan Butcher, a Unilever-owned brand. According to Burger King's CEO, the company is leaning towards introducing a plant-based menu with the goal of having a 50% plant-based menu by 2031.
The push for sustainability is fuelling the demand for plant-based alternatives, including plant-based dairy and meat alternatives. Companies such as Else Nutrition Holdings Inc. are creating nutritional products that meet the growing consumer demand.
To learn more about Else Nutrition, click here.
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