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Millions of Health Conscious Consumers Driving a Potential $557.6 Billion Opportunity
With millions of health conscious consumers, the global health food market could reach $557.6 billion by 2024, says Research and Markets. The analysts note that, “Increasing adoption of healthy eating habits among people is leading to the rising demand for functional food products such as grains, fruits, vegetables and nuts, which is eventually accelerating the growth of the global health food market.” That demand is helping to fuel growth for Rritual Superfoods Inc. (CSE:RSF)(OTC:RRSFF), Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL), Burcon NutraScience Corp. (TSX:BU)(NASDAQ:BRCN), Very Good Food Company Inc. (TSXV:VERY)(OTC:VRYYF), and Laird Superfood Inc. (NYSE:LSF).
In addition, they found that, “The fastest regional market is the U.S., owing to the growth in health-conscious population as well as growing people's awareness about the health benefits of a nutritional and balanced diet. Consumers are maximizing their healthy diet in order to boost their immunity and reduce vulnerability to the fatal disease, which is providing a growth opportunity to the global health food market during the forecasted period.”
Rritual Superfoods (CSE:RSF)(OTC:RRSFF) Just Announced May Purchase Orders
Rritual Superfoods Inc. just announced that the Company has received purchase orders totaling CAD $306,000 in the last week of May, with goods now shipping to customers.
“We are extremely excited to have had such a strong launch in our first month of full-scale commercial operations,” said Rritual CEO, Mr. David Kerbel. “We fully expect that these initial orders from our cornerstone retailers will establish Rritual products on shelf with regular re-orders to follow. As we establish our distribution foot-print we will continue to execute our marketing strategies to support our retail partners.”
Rritual has scaled its production to meet growing demand, with a sales and a marketing strategy targeting major retailers in Mass, Food & Drug, and Grocery across the USA in 2021. The Rritual Sales Team is in active discussion with a number of target retailers and will provide updates as new retail accounts are onboarded. Based on our projected distribution guidance of 6,000 stores and 20,000 points of distribution by the end of 2021 we expect to achieve a monthly run rate in the United States of CAD $1,300,000 achieving approximately 31-42% blended gross margins.
Rritual product offerings are all USDA-certified organic and are a caffeine-free option that can be mixed with other beverages or enjoyed by itself. Rritual's proprietary Immune-Synergy Six Mushroom Blend is the only functional health product on the market that contains a daily prebiotic blend which nourishes a healthy gut microbiome and facilitates balanced digestive function.
Other related developments from around the markets include:
Else Nutrition Holdings Inc. announced results for its first quarter ended March 31, 2021. Management is pleased to announce it achieved significant progress executing its go-to-market plan in the US market to become one of the leading providers of baby food products as a healthy alternative to dairy-based formulas. Q1 2021 revenues of C$1,135 thousand, an 90% growth over revenues of C$598 thousand in Q4 2020 and an increase of 282% vs. revenues over C$297 thousand in Q1 2020. 149% growth in quarter-over-quarter Formula revenues of C$862 thousand in Q1 2021 over C$346 thousand in Q4 2020. First quarter to recognize formula revenues from the retail market. The Company successfully launched retail sales at Sprouts Farmers Market, a leading natural food retailer in the US.
Burcon NutraScience Corp., a global technology leader in the development of clean-label, plant-based proteins for foods and beverages, is pleased to share that its joint venture company, Merit Functional Foods Corporation received a second co-investment from Protein Industries Canada, which will see Merit Foods’ game-changing pea and canola protein ingredients utilized in new plant-based products. The project will see Merit Functional Foods, TWC Nutrition, Daiya Foods and Grand River Foods partnering to develop new plant-based products which may include meat and dairy alternatives, ready-to-drink beverages, supplement powders and other plant-based applications for the global food and beverage market. Led by Merit Foods, this project has a total investment of $7.9 million with Protein Industries Canada providing half of the total investment into the project.
Very Good Food Company Inc., a leading plant-based food technology company, announced that its flagship brand - The Very Good Butchers - will be available to U.S. customers through its new Amazon store by the end of June 2021. The Amazon.com launch strongly supports VERY GOOD's mission to make plant-based eating not only nutritious and delicious, but approachable and accessible. U.S. customers will soon have access to the Company's popular bean-based products through their well-known Butcher Boxes which include some of The Very Good Butchers best sellers such as Very Good Pepperoni, The Very British Banger, The Very Good Burger and the Taco Stuff''er. VERY GOOD's Butcher boxes will also be available through Amazon's app making it even easier for consumers to order its delicious products.
Laird Superfood Inc. just announced the expansion of its popular Powdered Superfood Coffee Creamer line with the launch of Aloha Oat & Macadamia Nut Superfood Creamer - a plant-based oat milk creamer inspired by the flavors of Hawaii and created the superfood way. After the continued success of Laird Superfood’s best-selling coconut-based Powdered Superfood Creamers, Aloha OatMac Superfood Creamer marks its place as the brand’s first non-coconut based creamer. With this launch, Laird Superfood continues to define the superfood space by bringing delicious products that provide natural fuel - sustainably and affordably.
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