MODERN PLANT BASED FOODS ACTIVELY SEEKS ACQUISITION OF LUXURY BRANDS IN THE VEGAN FOOD SPACE
VANCOUVER, BC, March 21, 2023 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Plant Based Foods") or (the "Company"), an award-winning plant-based food company is actively seeking acquisitions of luxury brands in the vegan food space. Modern Plant Based Foods has been actively searching for cutting-edge vegan products to add to its portfolio and is looking forward to expanding the accessibility of more luxury vegan goods to consumers. Consumers seek vegan products that are more comparatively priced to their animal-based counterparts, opening up a gap in the marketplace for scarcely available premium vegan seafood and luxury delicacies. Modern Plant-based Foods aims to expand their current portfolio to tailor to the evolved demands of the consumer allowing the Company to target high-end restaurants and tap into a seemingly unsaturated marketplace.
Avtar Dhaliwal, CEO of Modern Plant Based Foods sees veganism as a new integral element in dining on the rise. "Plant-based cuisine has grown to be the most dynamic segment in the culinary world today. The vegan space has become increasingly competitive and consumers are looking for more value in their ingredients than just a simple plant-based alternative. We will be targeting higher ticketed items and providing a vegan alternative that not only is the most cost efficient to our customers, but provides a healthy vegan alternative to the originals," states Mr Dhaliwal. Note-worthy, innovative chefs around the world have introduced plant-focused menus with the same creativity which was previously seen using animal products such as vegan caviars. "As we continue to seek out valuable intellectual property and brands for our Company to acquire, we continue to position ourselves as a top vegan marker and ahead of future trends in the market."
More restaurants are incorporating restaurant-quality vegan foods into their menu, with many exclusively offering vegan dishes. The website Happy Cow, which works like Yelp, but for vegan and vegetarian food, lists over 24,000 veg-friendly eateries in the United States, including 1,474 exclusively vegan restaurants. And while California and New York are, perhaps predictably, leading the way by boasting 323 and 166 vegan restaurants respectively, vegan and vegetarian eateries have been popping up all over the country in recent years — from New England to the American South to the Midwest.1 Modern Plant-based Foods aims to expand their current portfolio to tailor to the evolved demands of the consumer allowing the Company to target high-end restaurants and tap into a seemingly unsaturated marketplace.
The demand for plant-based food has accelerated in recent years. Retail sales of categories like milk alternatives and meat substitutes have skyrocketed, mainly in Western countries. However, one of the main barriers for adoption remains price as the plant-based offering is significantly more expensive than its animal-based counterparts. With disposable incomes falling, closing the price gap is more important than ever.2 "By targeting premium and luxury foods, it allows our price point for the vegan counterpart to be more competitive than fast food items," states Avtar Dhaliwal CEO of Modern Plant Based Foods. "A product should not be priced high just because of its vegan label, however, often vegan products are forced to use higher quality or more expensive ingredients. We would be looking to compete with some of the highest ticked items in supermarkets such as oysters, caviars, and foie gras of the food industry, thus making our price point more comparable to its animal-based counterpart."
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. Our products are available at select restaurants and retailers across Canada. 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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