August 24, 2021 -- InvestorsHub NewsWire -- NetworkNewsWire
Editorial Coverage: An old investing proverb states “the trend
if your friend.” Tested and proven through time, the proverb rarely
does an investor wrong. To that point, two emerging trends that
should be commanding attention are plant-based foods and food
delivery. Both were disrupted during the COVID-19 pandemic but in
slightly different ways as consumers became more in tune with their
bodies while having to cope with shuttered restaurants amid global
lockdowns and social-distancing mandates. With the coronavirus
slowly slipping into the rear mirror, these markets should continue
their upward treks undergirded by consumers adopting healthier,
more convenient lifestyles. At the intersection of plant-based
foods and food delivery is PlantX Life Inc. (CSE:
VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (Profile), a company on a mission to not just
be a brand but also a lifestyle, partner to all brands, and the
digital face of the entire plant-based community. Others looking to
capitalize on the trend away from animal-based foods
include Beyond Meat Inc. (NASDAQ:
BYND), Tattooed Chef Inc. (NASDAQ:
TTCF), Amazon.com Inc. (NASDAQ:
AMZN) and Oatly Group AB (NASDAQ: OTLY).
- The global market for plant-based foods could see fivefold
growth by 2030, according to a recent Bloomberg
article.
- PlantX Life is a first mover combining a leading e-commerce
platform selling exclusively plant-based products with a meal
preparation and delivery service.
- Delivery of online sales of prepared vegan meals and drinks
began in January and have since expanded in Canada and begun in Los
Angeles.
- PlantX works with sports stars Venus Williams and Justin Fields
as ambassadors and world renown vegan chef Matthew Kenney as its
chief culinary officer.
Click here to view the custom infographic of
the PlantX Life editorial.
Double-Digit Growth Trends
It wasn’t long ago that faux meat was scoffed at — that is until
Beyond Meat and rival Impossible Burger became international
brands, landing on menus and in refrigerated coolers at leading
stores and restaurants and generating valuations into the billions
of dollars. The trend toward plant-based meat hiccupped during the
coronavirus pandemic in 2020 insomuch that restaurant sales fell
while the U.S. plant-based food industry grew as a whole. Analysts
at IMARC note that the global plant-based food market reached $35.6
billion in 2020, while forecasting
double-digit annual growth of 10.4% through 2026, which
equates to near doubling for the market to $64.5 billion.
The global market for plant-based foods could see fivefold
growth by 2030, according to a recent Bloomberg article.
That increase is helped by rising consumer demand for sustainable
products. “Sales of plant-based dairy and meat alternatives reached
$29.4 billion in 2020, and could increase to $162 billion by 2030,
comprising 7.7% of the global protein market,” the article
stated.
“Meat and dairy substitutes are marketed as healthier and more
sustainable than the products from animals that they aim to
replace,” the article continued. “They’re getting popular just as
consumers become more conscious of the environmental footprint of
food, and aim for healthier eating.” The forecasts indicate that
consumers are increasingly moving towards vegan diets and ditching
long lines in favor of ordering online and eating premium food
without leaving the comforts of home.
These aren’t exactly new trends; they were already emerging
trends that accelerated during the pandemic. PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1)
(OTCQB: PLTXF) is an early mover in the space as
the first public company focusing on the plant-based e-commerce
sector, in addition to a network of brick-and-mortar retail
locations. The company is similar to a specialized Amazon.com with
added features. Since inception in February 2020, the company has
moved with purpose toward a core objective of becoming the most
trusted and convenient destination for people living plant-based
lives. Brands under the PlantX umbrella include XFood, Bloombox
Club, Little West, New Deli, Locavore Bar & Grill and
Cloudburst Café.
The PlantX platform is robust, offering consumer packaged goods
for plant-based lifestyles, an integrated home-delivery system for
thousands of vegan grocery items, meals, wines, beers recipes,
indoor plants and more, as well as an online community where
like-minded individuals connect from different parts of the world.
PlantX has built trust as a premier e-commerce platform and
manufacturer through partnerships with venerable restaurants,
nutritionists, chefs and brands.
PlantX Star-Studded Lineup
PlantX offers more than 5,000 plant-based consumer products
available for home delivery ranging from foodstuffs, vitamins,
cosmetics, pet food and more. In a move of marketing genius, the
company partnered with sports superstars and plant-based lifestyle
advocates as brand ambassadors, including tennis star Venus
Williams, Chicago Bears quarterback Justin Fields, extreme skier
Nick McNutt and extreme mountain biker Rémy Métailler. These
professional athletes and personalities share and promote their
favorite products from individual juices to complete meals for fans
and PlantX shoppers to follow.
PlantX’s XFood lineup of
innovative plant-based meals are designed by restaurateur
and famous vegan chef Matthew Kenney, who is also the company’s
chief culinary officer. Kenney is world renowned as the chef behind
more than 40 vegan restaurants, including Double Zero, Plant Food
and Wine, Baia, Alibi and Sutra. In order to spearhead the movement
towards vegan home-meal delivery, PlantX partnered with
Vancouver-based food tech company UpMeals.
Expansion in Canada, Launched in U.S.
PlantX’s meal-delivery plan was first launched in Canada in
January 2021. Customers could order a la carte, three-day or
five-day meal plans that include breakfast, lunch and dinner as
part of a “set it and forget it” subscription service. Meals were
shipped once a week. By June, the company responded to growing
demand in Canada by adding a
second delivery day each week for its subscription meal
programs.
In July, the meal delivery service was launched in
the United States, with packaged meals prepared at PlantX’s
ghost kitchen in Los Angeles first reaching American customers on
August 9. The three-day and five-day meal plans retail for $99.95
and $174.95, respectively, with the company offering a 10% discount
for first-time customers. Meals are currently available in Southern
California within a 60-mile radius of Los Angeles, which covers a
population of roughly 19 million people.
Going forward, PlantX intends to steadily add new markets to
eventually service the whole country. The decision to launch in the
populous Greater LA region could prove prescient to build brand
recognition and leverage its team and operational structure,
considering LA was ranked the
second most vegetarian- and vegan-friendly city in America
by WalletHub.
PlantX Teams with Disney
Companies are often best known for the company that they keep,
and PlantX is checking the boxes. This month, the company’s
Bloombox Club Limited business, a U.K.-based e-commerce platform
that sells and delivers indoor plants and accessories (pots,
watering cans, misters, etc.), partnered
with the Walt Disney Company. Per the pact, the new partners
are working together to promote Bloombox products and celebrate the
release of Disney’s new film, “Jungle Cruise,” which has launched
in theaters and on Disney+. Starring Dwayne “The Rock”
Johnson and Emily Blunt, the film reeled in more than
$90 million in theater and streaming sales during opening
weekend early this month.
The co-branded campaign will include Bloombox promoting the film
via a new Amazonian exotic plant collection. Among other
things, the
promotion will also include a social media campaign and a
treasure hunt on the Bloombox website.
Meat Alternatives Are Here to Stay
Billions of dollars in investment are going into the plant-based
food space as companies and investors alike recognize the market
opportunity. The secret is out that plant-based foods aren’t some
newfangled concoctions swirled up in beakers by chemists in lab.
The science is sound, the taste and texture are comparable to their
animal counterparts, and the recipes are designed by world-class
chefs.
Beyond Meat Inc. (NASDAQ:
BYND) is one of the fastest-growing food
companies in the United States, offering a portfolio of
revolutionary plant-based proteins made from simple ingredients
without GMOs, bioengineered ingredients, hormones, antibiotics, or
cholesterol. This month, Beyond
Meat teamed up with Pizza Hut to add plant-based pepperoni
to the menu developed jointly by both companies’ culinary teams.
Made from rice and peas, Beyond Pepperoni reportedly crisps like
traditional meat pepperoni with zero cholesterol or animal products
and is being introduced for a limited time at 70 locations in five
cities.
Tattooed Chef Inc. (NASDAQ:
TTCF) signature products include ready-to-cook
bowls, zucchini spirals, riced cauliflower, acai and smoothie
bowls, and cauliflower pizza crusts found in leading food stores
throughout the United States. This month the company released
results from the second quarter, which spoke to growing demand for
its products. Revenue was $50.7 million, a 45.9% increase compared
to $34.8 million in the prior year period, including Tattooed
Chef-branded product revenue climbing to $33.1 million, an
increase of 62.3% compared to $20.4 million in the prior year
period.
Amazon.com Inc. (NASDAQ:
AMZN) is an e-commerce giant that sells tens of
thousands of plant-based products. Additionally, Amazon has a direct interest in the wellness
space since it bought Whole Foods Market for $13.4 billion in 2017.
Whole Foods last year debuted a plant-based dairy alternative
product (read as “plant-based milk”) that was developed by NotCo, a
company that was backed by venture capital including Bezos
Expeditions, a business of Amazon CEO Jeff Bezos.
Oatly Group AB (NASDAQ: OTLY) is
the world’s original and largest oat drink company. Oatly has branched out into a portfolio of
oat-based dairy alternatives including milk, ice cream, yogurt,
cooking creams and spreads. The Sweden-based company has its
products in more than 20 countries and recently increased capacity
at its facility in Ogden, Utah, to support an acceleration in
consumer demand.
The investment community will surely be watching for Impossible
Burger to pull the trigger with an initial public offering, as a
signal that Wall Street appetite is growing again for plant-based
food companies. Safe to say, that plant-based food and drinks
aren’t going anywhere but up, as they become staples in the lives
of younger generations, who, by the way, like the food brought
right to their door.
For more information about PlantX Life Inc., please
visit PlantX Life
Inc.
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