Plant Based Food Trends Pick Up Steam as Major Players Enter the Market

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Mar 30, 2022, 09:00 ET

FinancialBuzz.com News Commentary

NEW YORK, March 30, 2022 /PRNewswire/ -- Plant-based foods are growing in popularity as major changes transform the burgeoning marketplace. For instance, major innovations have been made in recent years in terms of the production of alternative-meat products, which are now highly successful and widely known thanks to upstarts like Impossible Foods and Beyond Meat. As a result, more and more traditional food companies have joined the race to expand within the plant-based space, including major conglomerates like Tyson, Kellogg and Kraft Heinz. Lately, private-label versions of plant-based products have become available, such as Kroger's Simple Truth brand, which use its substantial manufacturing and distribution scale to increase sales. Additionally, according to data provided by a Bloomberg Intelligence (BI) report, the plant-based alternatives market was valued at USD 29.4 Billion in 2020, and could grow to USD 162 Billion in the next decade. In fact, plant-based meat sales could surpass USD 74 billion on their own, hitting USD 118 Billion by 2030, according to the report. Planet Based Foods Global Inc. (CSE: PBF) (OTC: PBFFF), Beyond Meat, Inc. (NASDAQ: BYND), The Very Good Food Company Inc. (NASDAQ: VGFC), Oatly Group AB (NASDAQ: OTLY), Tattooed Chef, Inc. (NASDAQ: TTCF)

Additionally, international fast-food restaurant chains have successfully adapted to the new normal. Taco Bell, Chipotle, Jamba Juice and even Starbucks are all set to play a significant role in increasing sales and consumption of plant-based alternatives. These companies now offer burger, sausage and milk-alternatives, which encourage consumer habits to adjust to plant-based food products. Jennifer Bartashus, Senior Consumer Staples analyst at Bloomberg Intelligence explained that "food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow. The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world. If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike. Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade."

Planet Based Foods Global Inc. (CSE: PBF) (OTCQB: PBFFF) just announced breaking news that, "its subordinate voting shares have begun trading on the US-based OTCQB operated by OTC Markets Group Inc., under the symbol "PBFFF". Further to this, the company has also received approval from the Depository Trust Company ("DTC") to make the Company's subordinate voting shares eligible to be electronically cleared and settled through DTC ("DTC Eligibility").

Designed for developing and entrepreneurial companies in the United States and abroad, companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. With more compliance and quality standards, the OTCQB provides investors improved visibility to enhance trading decisions. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities.

In addition to trading in the United States, Planet Based Foods Inc. subordinate voting shares continue to trade on the Canadian Securities Exchange (CSE) under "PBF" and the German Börse Frankfurt (FRA) exchange under "AZ0".

Planet Based Foods further advises that it has received approval from DTC which is a subsidiary of the Depository Trust and Clearing Corporation, a United States company that manages the electronic clearing and settlement of publicly traded companies. DTC Eligibility incorporates an electronic method of clearing securities that speeds up the receipt of stock and cash, and thus accelerates the settlement process for certain investors. DTC is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the U.S. Securities and Exchange Commission.

Braelyn Davis, CEO of Planet Based Foods commented, "We are very excited to be able to increase shareholder value by enhancing liquidity to our current and future investors around the world. This news is an important milestone and shows our commitment to increasing our market presence across the United States as we engage with this significant audience. By listing on the OTCQB, we increase the visibility and transparency to the investment community, and overall, positions us to engage with greater effectiveness to our current and future shareholders. DTC eligibility also allows our shareholders a reliable, cost-effective and timely method for clearing and settling of our common shares."

To view information about the Company and subscribe to automated email alerts for future news and public filings, visit the Planet Based Foods website at www.planetbasedfoods.com.

About Planet Based Foods - PBFG, through its wholly-owned subsidiary in San Diego, California, Planet Based Foods, is a producer of sustainable plant-based meat substitutes. Planet Based Foods was founded in 2018 in San Diego, California. With a mission to build a better food system by providing hemp-formulated superfood products to people today that support our planet tomorrow, all Planet Based Foods products are 100% vegan."

Beyond Meat, Inc. (NASDAQ: BYND) and PepsiCo, Inc. (NASDAQ: PEP) announced earlier last week the debut of Beyond Meat® Jerky. The delicious and convenient plant-based jerky is the first product from the two companies' joint-venture, Planet Partnership, LLC. Rolling out at stores nationwide starting in March, Beyond Meat Jerky offers a full-flavored, on-the-go snack experience that furthers Beyond Meat and PepsiCo's shared passion for creating products that are better for both people and the planet. "We are thrilled to introduce the first product from Planet Partnership, our joint venture with Beyond Meat and PepsiCo," said Dan Moisan, CEO of Planet Partnership. "The nationwide launch of Beyond Meat Jerky will make plant-based meat accessible to millions of households. It tastes great, it's a good source of protein, and it's convenient to eat whether you're on the go, at the office or out on adventures."

The Very Good Food Company Inc. (NASDAQ: VGFC) reported in a recent operations update that the Company is temporarily lowering production throughput and headcount to manage inventory levels, and implementing initiatives such as pausing non-critical capital expenditures and lowering SG&A spending, to manage both short and long-term liquidity and to establish a path towards profitability. "As a result of the supply chain environment, we undertook certain stock safety measures to protect against stock outages," stated Mitchell Scott, CEO, and founder of VERY GOOD. "This, in conjunction with retailer reset timing delays, has resulted in inventory being at levels that require us to lower production at some of our locations. This decision was made after a long and careful review of our options and will impact some of our production team members. We are thankful for their contributions."

Oatly Group AB (NASDAQ: OTLY) reported back in December a major collaboration with Deutsche Bahn (DB) in Germany: beginning 1 January 2022, the Oatly Barista Edition will be available in the on-board catering of ICE and Intercity trains as the first ever plant-based milk alternative offering for consumers. "At Oatly, we want to drive a more sustainable food system, because this is essential not only for our health, but especially for the climate. To achieve this, we need to make the switch to a more plant-based diet as easy as possible by making tasty plant-based products available to more consumers. We are proud that Deutsche Bahn is introducing Oatly as the first ever plant-based milk alternative in their on-board catering. And we hope that many other companies follow this example," explains Tobias Goj, General Manager Oatly Germany.

Tattooed Chef, Inc. (NASDAQ: TTCF) a plant-based food company, produces and sells a portfolio of frozen foods. It supplies plant-based products to retailers in the United States. In their financial results for the fourth quarter and full year ended December 31, 2021 Tattooed Chef reported that revenue rose 32.2% to $52.3 million. "2021 was a milestone year for Tattooed Chef," said Sam Galletti, President and CEO. "We grew our revenue by approximately 44%, consummated two transformative acquisitions, expanded our national presence, diversified our channel and customer mix, and broadened our product line. That these financial and operational achievements were realized against a backdrop of supply chain stresses and pricing pressures is a testament to our team, the resiliency of our vertically integrated infrastructure, growing interest in our plant-based offerings, and a validation of the investments we are making in our people, products, and processes."

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