Companies Kick Off Veganuary With New Food and Tech Offerings for Growing Market
Even fast-food restaurants like Burger King and Pizza Hut are continuing to add new plant-based offerings to a market poised to reach $162 billion within the next decade.
NEW YORK, Jan. 20, 2022 /PRNewswire/ -- For the first time in history, there's now a monthly health cause wrapped around veganism called Veganuary, which started in January 2021. A record number of people, including meat-eaters, participated in this challenge to experiment with animal-free diets against the pandemic. Even fast-food restaurants like Burger King and Pizza Hut are continuing to add new plant-based offerings to a market poised to reach $162 billion within the next decade. At the same time, plant-based companies like Plantable Health Inc. (NEO:PLBL), Beyond Meat (NASDAQ:BYND), Yum! Brands (NYSE:YUM), Tattooed Chef, Inc. (NASDAQ:TTCF), and Sprouts Farmers Market, Inc. (NASDAQ:SFM) are focused on expanding their reach and launching digital services for the growing vegan food market.
Plantable Health Inc. (NEO:PLBL) began trading on the NEO exchange under the symbol PLBL, two weeks after completing its IPO. From the IPO, the company generated gross proceeds of C$4.5 million, which will be used to support present and future clinical trials, technology development, sales and marketing, and scaling the business.
Plantable Health is a New York-based company that was founded by Dr. Nadja Pinnavaia, a former managing director at Goldman Sachs for 12 years. Plantable Health a clinically supported dietary intervention company focused on health and wellness aims to make healthy eating effortless, through long-term behaviour change. The company achieves its mission by delivering customers with nutrient-rich, plant-based, chef-prepared meals, one-on-one personalized coaching support, and education resources to reset dietary habits, restoring good health and optimizing well-being.
The listing on NEO exchange marks a significant milestone for the company, which according to the president and CEO of NEO, Jos Schmitt is the exchange's "first female-led issuer" and the "first public listing at the intersection of the food and healthcare sectors."
Commenting about the listing, Nadja Pinnavaia, CEO of Plantable said, "Our debut on the NEO Exchange is a significant milestone for our company as we look to leverage the capital markets to fuel our growth with the support of a Tier 1 exchange. We are on a mission to transform the health of a world that is addicted to processed food and give people the tools that will revolutionize healthcare."
On January 18, Plantable announced the launch of its lifestyle app, which is available for free download via the Apple App Store or Google Play. The Plantable App is the Plantable's first expansion outside of the US and the first phase of the company's digital health initiative.
Plantable offers a 28-day program designed to reset dietary habits. The company also has ongoing clinical trials in collaboration with the Memorial Sloan Kettering Cancer Center. Other clinical trials with Weill Cornell and Johns Hopkins are scheduled to start soon.
For more information about Plantable Health Inc. (NEO:PLBL), click here.
Meeting Market Demand With Plant-Based Alternatives
On January 10, Beyond Meat, Inc. (NASDAQ: BYND) and Pizza Hut, which is owned by Yum! Brands (NYSE:YUM), announced the rollout of plant-based Beyond Italian Sausage Crumbles throughout Pizza Hut Canada. Pizza Hut's new menu items, containing the Crumbles, are back by popular demand after a successful trial in Toronto and Edmonton last summer. This launch is part of the collaboration between Beyond Meat and Yum! Brands to introduce plant-based menu items to meet the growing demand for plant-based meat alternatives to the Canadian Market.
This isn't the first time Yum! Brands, the parent company of KFC, Pizza Hut, Taco Bell and The Habit Burger Grill, has launched new products to meet the growing interest in plant-based alternatives. In late 2019, Plant-Based KFC was tested in the market and after "extraordinary demand" it has become a staple.
Meanwhile, Supermarket chain Sprouts Farmers Market, Inc. (NASDAQ:SFM) has continued to grow its presence across the US with new store openings. On January 5, SFM celebrated the grand opening of its West Palm Beach and Boynton Beach stores. Two days later, the company announced that it will be celebrating the grand opening of its newest Denver store with Former NFL all pro running back and two-time Super Bowl Champion Terrell Davis.
Tattooed Chef, Inc. (NASDAQ:TTCF), a leader in plant-based foods, completed the acquisition of Belmont Confections, a private label co-manufacturer of snack bars for approximately $18 million in cash and stock, subject to a customary adjustment based on working capital at closing. It says the acquisition will allow it to enter the $10 billion global plant-based bar category in 2022. The acquisition also aligns with its strategy to expand its manufacturing capabilities and develop more ambient and refrigerated products.
Plant-based companies like Plantable Health are rising to meet the growing demand and increased adoption of healthier plant-based food alternatives and launching initiatives to help consumers adopt healthier lifestyles.
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