NetworkNewsWire
Editorial Coverage: The exploding interest in all things
plant-based has taken root around the world. And the trend is about
much more than eliminating meat from concerned consumers’ diets.
For millions of people, choosing plant-based products is a holistic
lifestyle that reflects not only healthy eating habits but a
commitment to social and sustainability values as well. As proof,
recent
research shows that ads highlighting the social costs of meat
consumption are more influential in swaying a person to a
plant-based meat alternative than those emphasizing taste. The
concept of an all-encompassing way of living is at the heart of
PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB:
PLTXF) (Profile), a rapidly growing company founded
by serial entrepreneur Sean Dollinger as the digital face of the
plant-based community and a one-stop shop for all things
plant-based. The focus on putting people and planet first is a
common thread running through the plant-based foods sector, a
philosophy embraced by consumers to drive growth for manufacturers
such as Beyond
Meat Inc. (NASDAQ: BYND), Tattooed
Chef Inc. (NASDAQ: TTCF), Laird
Superfood Inc. (NYSE American: LSF) and Burcon
Nutrascience Corp. (OTCQB: BUROF).
- The plant-based food market is forecast to grow 11.9% annually,
reaching $74.2 billion by 2027.
- PlantX is emerging as leader in the space as the vegan Amazon,
offering a huge array of products for plant-minded consumers.
- Partnerships are key with tennis superstar Venus Williams and
two popular vegan chefs joining the PlantX team.
- Riding the wave of plant-based passion, PlantX posted
triple-digit increases in revenues during its first three
quarters.
Click here to view
the custom infographic of the PlantX.com
editorial.
The Powerful Impact of Partnerships
Innovative and complementary partnerships are crucial in growth
and performance in the emerging plant-based space. The market
opportunity is certainly there; Meticulous Research forecasts
11.9% CAGR, resulting in the plant-based food market totaling $74.2
billion by 2027. For partnerships to succeed, companies must
collaborate with experts from diverse fields such as culinary,
sports, nutrition, e-commerce and others to capture share and
promote market adoption. Deepening ties between these industries
fosters longevity and allows companies to offer services and
solutions that help their customers and other businesses become
more successful.
Throughout the industry, plant-based partnerships are disrupting
the food market’s status quo with a theme of sustainability to
answer existential questions about feeding a growing population
with dwindling resources. To make the point, consider the potential
impact of just one partnership to influence the market: the Humane
Society of the United States recently teamed up with
food-service juggernaut Aramark, which serves 500 million meals to
approximately 5 million students at colleges, universities and K-12
schools each year.
What if just a small percentage of those socially and
environmentally aware students switch to plant-based alternatives?
Add to that the hundreds of millions of sports fans and thousands
of health-care facilities and other businesses Aramark caters to
across 22 countries; the potential of that single partnership is
staggering.
Growing awareness of the benefits of plant-based foods by any
company plays into the wheelhouse of PlantX
Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB:
PLTXF), a company that is also extremely active in
partnering and building market awareness. PlantX is clearly
differentiated from e-commerce sites such as Amazon — although
it has been called the “vegan Amazon,” insomuch that it offers a
huge array of plant-based products. There is no wondering or
guessing. If PlantX sells it, it is plant-based.
Launched only last March, PlantX’s e-commerce
site already offers more than 10,000 plant-based products
ranging from consumer packaged goods for people and pets to
live-plant home delivery, with new products being added either
under PlantX’s own brand or one of the 360-plus other brands
available on the site. The online portal is a cornerstone of the
company, but it is more than just a sales channel. The powerful
digital platform provides a single, invaluable resource where
PlantX provides education and builds a community that aligns
perfectly with the psyche of the plant-based lifestyle
consumer.
Household Names Line Up with PlantX
To achieve its goal of being a key leader in the plant-based
space, PlantX is creating strategic partnerships that help create a
multidimensional team of experts that offers a wide variety of
services, products and knowledge to its growing community. To that
end, the enterprise is being built and fortified on partnerships
with top nutritionists, chefs and brands.
The upstart has attracted top names in their respective fields
who want to be part of what is happening. For instance, tennis
champion and entrepreneur Venus Williams recently invested in
PlantX, while also signing on as a PlantX ambassador and
advocate for a plant-based lifestyle.
Top vegan chefs have also joined the team. Chef Matthew Kenney,
the author of 12 cookbooks and the founder of dozens of vegan
restaurants, came on last
month as chief culinary officer. At the same time, PlantX also
announced a five-year partnership with Kenney’s plant-based
lifestyle brand, MK Cuisine Global ("MKC"), as well as the
intention to acquire MKC’s California-based vegan store, New
Deli.
Kenney will be able to collaborate with Chef Anne Thornton, who
partnered with the company in March for the purpose of creating a
new iteration of her famous Plant Reset program to be branded
PlantXReset meals. The reset program will be available on the
PlantX e-commerce platforms at strategic points throughout the
year, such as New Year’s or throughout the summer.
Home Delivery Boom
Having world-renowned partners and ambassadors is a powerful way
to spread the word about the online, one-stop, plant-based mecca,
which also features another key pillar of growth for PlantX: its
home-meal delivery program. The five-day, plant-powered meal plans
under the PlantXReset moniker will initially be available
throughout Canada at various points throughout the year, with plans
to expand into the United States soon.
The timing of the PlantX meal-delivery business was
serendipitous in dovetailing with the outset of the COVID-19
pandemic, which boosted the entire home-delivery industry. COVID-19
didn’t produce a temporary spike in the market; it accelerated the
inevitable as people shop increasingly online and spend more time
at home, resulting in forecasts for the U.S. meal delivery market
to climb to $28.5 billion by 2024.
Record Sales, NASDAQ Listing Will Draw More
Attention
Prestigious partnerships and ambassadors also lend to the
phenomenon of influencer marketing, which draws more consumers into
adopting a vegan or vegetarian lifestyle. Interestingly, PlantX was
seeing a boon in quarterly sales before the agreements with
Williams, Kenney and Thornton. The company also substantially
widened its sales and brand footprints through a deal with
Hudson’s Bay, where PlantX will add an array of more than 2,000
of its products on Hudson's Bay Marketplace's online platform.
Starting with zero sales in April 2020, PlantX has posted
consistently increasing month-over-month revenue increases. For the
month of April 2021, PLTXF achieved a
new record gross revenue of $2,042,450, reflecting a 30%
increase from March 2021 and 87% increase since January
2021. In addition, earlier this year PlantX started the
process to uplist to the NASDAQ exchange, which should perpetuate
the cycle of attention coming to the brand.
Data Point to Blue Skies
In the U.S. and Canada, sales of plant-based products have grown
at an annual rate of 29% and 16%, respectively, in the last two
years. In that vein, data published on FONA International that
found that 51% of
consumers reported adding plant-based products to their diet.
This points to the thesis that the market is undergoing a
fundamental shift that is gaining momentum, which is good for
several established players in the space.
Beyond
Meat Inc. (NASDAQ: BYND) is the brand that everyone
has heard of in the plant-based space. Rightfully so, with its
global scale. Partnerships with companies such as McDonald’s and
Carl’s Jr. are helping bring substantial exposure to plant-based
meats. In addition, Beyond Meat recently established a
pioneering Plant-Based Diet Initiative Fund at the Stanford
University School of Medicine. The five-year endeavor is designed
to provide peer-reviewed, clinically significant studies on the
health implications of a plant-based diet, including plant-based
meat, and will help to generate data to drive and inform Beyond
Meat’s research and development.
Tattooed
Chef Inc. (NASDAQ: TTCF) offers a portfolio of
sustainably sourced, plant-based foods including ready-to-cook
bowls, zucchini spirals, riced cauliflower, acai and smoothie
bowls, and cauliflower pizza crusts, which are available in the
frozen food sections of leading national retail food stores as well
as on Tattooed Chef’s e-commerce site. Thanks to a rise in sales of
its branded products, 2020 revenue rose
75% versus 2019 to $148.5 million. Keeping with the theme of
being good for Earth companies, Tattooed Chef is donating $1 to One
Tree Planted for every product purchased during May.
Laird
Superfood Inc. (NYSE American: LSF), a company founded
by famous big wave surfer Laird Hamilton to share his coffee and
plant-based fat concoctions, offers a wide range of plant-based and
functional food products. The company has found its niche with a
subscription model that accounts for 66% of sales on its ecommerce
site. Growing from just three SKUs in 2015 to 25 SKUs in 2019,
Laird is about to bolt on some more, saying this month that it is
buying fellow
Central-Oregon-based Picky Bars LLC. for a total purchase price
of $12 million in cash and stock.
Burcon
Nutrascience Corp. (OTCQB: BUROF) has quietly been in
the thick of the plant-based protein revolution for two decades.
Driven by a desire to develop a sustainable way to feed the world,
Burcon has a product lineup consisting of pea proteins, canola
proteins and protein blends. The company hit a major milestone this
month when its joint venture company, Merit Functional Foods Corp.,
achieved first commercial production of its novel lineup of
Puratein(R) canola proteins. Merit’s new, state-of-the-art,
plant-based protein production complex is now the first and only
commercial-scale facility in the world capable of producing
food-grade protein from canola, the world’s second-largest oilseed
crop.
It wasn’t long ago that analysts scoffed at plant-based food
manufacturers, positing that it was a fad that wouldn’t last. Those
so-called experts have changed their tune now as plant-based
products — from hamburgers and hot dogs to baby food and makeup —
are becoming are becoming mainstream.
For more information about PlantX Life Inc. (CSE: VEGA)
(Frankfurt: WNT1) (OTCQB: PLTXF), please visit PlantX Life
Inc.
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