As a market leader in the plant-based meats category, we believe we are well-positioned to capture and drive a significant amount of this category growth. We believe that by applying the same strategy to the plant-based meat category, it can grow to be at least the same proportion of the approximately $270 billion meat category in the United States, which over time would represent a category size of $35 billion in the United States alone. The success of the plant-based dairy industry was based on a strategy of creating plant-based dairy products that tasted better than previous non-dairy substitutes, packaged and merchandised adjacent to their dairy equivalents. According to the Mintel Report, the non-dairy milk category in the United States was estimated to be approximately $2 billion in 2017. In the United States, the current size of the non-dairy milk category is equivalent to approximately 13% of the size of the dairy milk category. A key analogy for both the approach to and the scale of our opportunity is the strategy by which the plant-based dairy industry captured significant market share of the dairy industry. We believe that consumer awareness of the perceived negative health, environmental and animal-welfare impacts of animal-based meat consumption has resulted in a surge in demand for viable plant-based protein alternatives. Additionally, for several years we have maintained a presence and generated brand awareness in Hong Kong through our local distributor and expect further expansion in Asia over time. Upon completion of the facility, which is expected in the first quarter of 2020, the manufacturing partnership will mark our first co-manufacturing capability outside the United States. In May 2019, we expanded our partnership with a distributor to produce our innovative plant-based meats at a new manufacturing facility being constructed by this distributor in the Netherlands. In the second quarter of 2019, we expanded our international retail presence with distribution at several retail chains throughout Europe, including Albert Heijn, Delhaize, Metro and Rema 1000. We launched in Europe in August 2018 through contracts with three major distributors and have also received strong expressions of interest from some of Europe’s largest grocery and restaurant chains. Our recent expansion in Canada in both retail and with key foodservice customers such as Tim Hortons illustrates the growing international demand for our products. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in the sections titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” These and other factors could cause results to differ materially from those expressed in the projections and estimates made by the independent third parties and us. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Some market data and statistical information contained in this prospectus are also based on management’s estimates and calculations, which are derived from our review and interpretation of the independent sources listed below, our internal research and knowledge of the meat industry and plant-based protein market. The number of retail and restaurant and food service outlets are derived from data from June and July 2019. This prospectus contains estimates, projections and other information concerning our industry, our business and the markets for our products.
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