Plant-based foods are growing in popularity as major changes transform the burgeoning marketplace. For instance, major innovations have been made in recent years in terms of the production of alternative-meat products, which are now highly successful and widely known thanks to upstarts like Impossible Foods and Beyond Meat. As a result, more and more traditional food companies have joined the race to expand within the plant-based space, including major conglomerates like Tyson, Kellogg and Kraft Heinz. Lately, private-label versions of plant-based products have become available, such as Kroger’s Simple Truth brand, which use its substantial manufacturing and distribution scale to increase sales. Additionally, according to data provided by a Bloomberg Intelligence (BI) report, the plant-based alternatives market was valued at USD 29.4 Billion in 2020, and could grow to USD 162 Billion in the next decade. In fact, plant-based meat sales could surpass USD 74 billion on their own, hitting USD 118 Billion by 2030, according to the report.
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Additionally, international fast-food restaurant chains have successfully adapted to the new normal. Taco Bell, Chipotle, Jamba Juice and even Starbucks are all set to play a significant role in increasing sales and consumption of plant-based alternatives. These companies now offer burger, sausage and milk-alternatives, which encourage consumer habits to adjust to plant-based food products. Jennifer Bartashus, Senior Consumer Staples analyst at Bloomberg Intelligence explained that “food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow. The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world. If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike. Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade.”
Planet Based Foods Global Inc. just announced breaking news that, “its subordinate voting shares have begun trading on the US-based OTCQB operated by OTC Markets Group Inc., under the symbol “PBFFF”. Further to this, the company has also received approval from the Depository Trust Company (“DTC”) to make the Company’s subordinate voting shares eligible to be electronically cleared and settled through DTC (“DTC Eligibility”).
Designed for developing and entrepreneurial companies in the United States and abroad, companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. With more compliance and quality standards, the OTCQB provides investors improved visibility to enhance trading decisions. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities.