Aug 06, 2020 (Baystreet.ca via COMTEX) -- The plant based food market is booming. So much so, Meticulous Research says the market could be worth up to $74.2 billion by 2027. All thanks to demand from consumers for sustainable and nutritious food, as noted by Green Queen. Plus, Canadian Prime Minister Justin Trudeau recently announced Canada was making a $100 million investment in plant-based ingredient company, Merit Functional Foods. Better, according to an NBC News report, market research firm “NPD found that 16 percent of Americans say they ‘regularly’ use plant-based alternatives to meat and dairy products, such as almond milk and meat substitutes. More unexpected, though, is that 89 percent of the people eating all of these tell NPD that they’re not vegetarian or vegan — they just like variety in their diets.” It’s all creating sizable opportunity for companies such as Else Nutrition Holdings Inc. /zigman2/quotes/209138873/delayed CA:BABY -3.70% (otcqx:BABYF) /zigman2/quotes/218949731/delayed DE:0YL +9.68% , Goodfood Market Corp. /zigman2/quotes/203921997/delayed CA:FOOD +2.11% , Burcon NutraScience Corp. /zigman2/quotes/208841603/delayed CA:BU +1.08% /zigman2/quotes/208144736/delayed BUROF -0.48% , Conagra Brands Inc. /zigman2/quotes/200394144/composite CAG -0.72% , and Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN -1.79% .
Else Nutrition Holdings Inc. /zigman2/quotes/209138873/delayed CA:BABY -3.70% (otcqx:BABYF) /zigman2/quotes/218949731/delayed DE:0YL +9.68% BREAKING NEWS: Else Nutrition a developer of plant-based alternatives to dairy-based baby nutrition, is pleased to provide the following corporate update.
“Our team has been working relentlessly, during an unprecedently difficult time, to bring our product to market. As we get set to launch, we are beyond thrilled to have crossed major hurdles over the past months and weeks – including full scale manufacturing with a U.S. based partner and mobilization of our U.S. supply chain which has culminated in our ability to ship samples of our plant-based formula for toddlers to eager parents across North America,” said Ms. Hamutal Yitzhak, CEO and Co-Founder of Else.
North America Launch
The Company’s proprietary, plant based, clean label formula for toddlers will launch in August 2020. A full-scale marketing campaign for the launch has commenced with samples and pre-order sales over the past few weeks; the product will be shipped to consumers in the U.S. and Canada from two U.S. based warehouses of a third-party logistics partner. The Company’s Amazon.com store will launch in the coming weeks.
The first full-scale commercial manufacturing run of the toddler nutrition powder product was successfully completed by the Company's U.S. manufacturing partner and packed at a co-packer plant in Nevada. The terms of the U.S. manufacturing agreement have been negotiated and a formal agreement will be executed upon the receipt of final yield and cost optimization parameters. The next commercial manufacturing run is booked and secured.
FDA Regulatory Pathway
The Company in conjunction with its FDA consulting partner continues to progress on the regulatory pathway for multiple products including an infant formula and new products currently in development for the adult nutrition market.
Health and Happiness International Holdings Limited
The Company’s negotiations with its strategic partner, H&H Global, for distribution rights of the toddler and infant formula in France are advancing well. The parties are studying the target market needs, channels, and regulations, in addition to preparing a launch plan and negotiating the distribution terms. Additionally, discussions regarding distribution in additional markets have also commenced.