The Plant-based Food Market Boom is Just Getting Started
- FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, Jan. 27, 2021 /PRNewswire/ -- Plant-based alternatives to animal product foods have been by far the biggest food industry trend of the past few years. Heading into 2021, that growth is showing no sign of slowing. The plant-based food market is set to reach $74.2 billion by 2027 for a CAGR of 11.9% in 2021. As the market grows, companies are now bringing to market products that fit into previously unserved niches in the plant-based food market, while established favorites like the Beyond Burger are still going strong. Consumers have embraced plant-based foods, setting up a market opportunity that is not going away any time soon. Now that the concept is a proven success, established legacy food companies like Kraft Heinz Co (NASDAQ: KHC), Tyson Foods, Inc. (NYSE: TSN), and Kroger Co (NYSE: KR) are establishing and expanding their plant-based offerings to join purpose-built plant-based food companies like Beyond Meat Inc (NASDAQ:BYND) and Else Nutrition (TSXV:BABY) (OTCQX:BABYF) in this rapidly growing market.
Else Nutrition Grows US Retail Availability
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Israeli-based food and nutrition company Else Nutrition (TSXV:BABY) (OTCQX:BABYF) is one of the leading companies in plant-based nutrition innovation. The company is focused on developing innovative, clean, and plant-based food and nutrition for infants, toddlers, children, and adults. Else's flagship product is a 100% plant-based infant nutrition formula that closely replicates the nutritional profile of human breast milk. All of Else's products are free of dairy, soy, and corn-syrup, and are made with non-GMO ingredients.The company has been rapidly expanding its footprint in the United States market throughout 2020 with a successful e-store and Amazon launch and an ongoing rollout of its products in more than 380 retail locations throughout the United States.
On December 23, Else Nutrition announced a major development in the company's US product rollout. Else announced that the company's plant-based toddler nutrition formula would be carried by major US health food retailer Sprouts Farmers Market. Else formula will be available at more than 360 Sprouts locations throughout the country beginning in February 2021. This partnership between Sprouts and Else Nutrition will dramatically increase the size of Else's footprint in the United States and put the company's products front and center in the eyes of health conscious consumers throughout the country.
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