VANCOUVER, BC, Jan. 24, 2024 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Foods") or (the "Company"), Modern Plant-Based Foods, a leader in the plant-based food industry, is excited to announce growing interest in its innovative product lines, including the Plant-Based Kaviar and Sausage-less Rolls. The Company has continued to strategize, pivot and innovate, focusing on acquiring and developing great-tasting, products that offer an interchangeable plant-based offering in the current market.
The Vegan Caviar market, a relatively new segment in the plant-based industry, has shown impressive growth. Recent reports indicate a global market value projected to reach $400 million by 2025, growing at a CAGR of 7%. Modern Plant-Based Foods' entry into this market with its Plant-Based Kaviar, available in distinctive flavors like Salmon, Wasabi, and Beluga, positions the company at the forefront of this burgeoning sector. Similarly, the market for plant-based sausage rolls is expanding rapidly, driven by a growing demand for healthier and sustainable meat alternatives. Industry analysts forecast a CAGR of 8% over the next five years in this segment, reflecting a significant opportunity for Modern Plant-Based Foods' Sausage-less Rolls.
In response to the increasing interest, Modern Plant-Based Foods is actively exploring a range of potential sales outlets. The Company is actively pursuing discussions with distribution partners for its new product lines with a strong focus on penetrating the foodservice sector, including partnerships with restaurants, cafes, and catering companies, both domestically and internationally. To meet the anticipated demand, Modern Plant-Based Foods is open to innovative distribution solutions globally. The Company is committed to ensuring the availability of its healthier and more sustainable food products to a broad audience. Modern Plant-Based Foods is actively seeking partnerships with distribution companies that align with its ethos of sustainability and high-quality standards.
"Our goal is to make our Plant-Based Kaviar and Sausage-less Rolls readily accessible to everyone," says Avtar Dhaliwal, CEO of Modern Plant-Based Foods. "We have seen growing demand for great-tasting vegan products that can be consumed by a wider consumer base. We have perfected the product development step and are working to pair these new innovations with expansive distribution networks."
Research from Credit Suisse found that, among consumers ages 16-40 across 10 countries, 66% plan to spend more on plant-based meat and dairy alternatives in the future. Yet product development and enhancement opportunities remain, including to improve taste and lower prices in the plant-based meat category. Taste is the primary barrier to consumption of plant-based foods. According to Mintel, 53% of all consumers agree that plant-based protein products should taste indistinguishable from meat.1
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About Modern Plant-Based Foods
Modern Plant Based Foods is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based products including meat and dairy-free alternatives, soups, and vegan snacks. We take a holistic approach to plant-based living and understand the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. We want people to feel good about the food they eat which is why we are deliberate in choosing ingredients free of soy, gluten, nuts, and GMOs. Our mission is to change the way food is produced and consumed for the benefit of people, animals, and the environment by using natural plant-based ingredients.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation that are not historical facts. Forward- looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the Company and the Company's business and prospects; the Company's objectives, goals or future plans; the Company's sales growth, planned expansion, awareness of the Company's brands, future sales and revenue growth, and the business, operations, management and capitalization of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; local and global market and economic uncertainties arising in respect of the COVID-19 pandemic; litigation, availability of key product ingredients, legislative, environmental and other judicial, regulatory, political and competitive developments; the ability to effectively expand manufacturing and production capacity; the ability to obtain retail partners to distribute Company products, the success of market initiatives and the ability to grow brand awareness; the ability to attract, maintain and expand relationships with key strategic restaurant and food service partners; our ability to predict consumer taste preferences; delay or failure to receive regulatory approvals; the sufficiency of our cash to meet liquidity needs; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Accordingly, the forward-looking statements discussed in this release may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Modern Plant Based Foods Inc.
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