Plant-based milk is the #1 grocery category in plant-based foods, almost double the size of the next largest category, plant-based meat
Consumers purchased more plant-based foods than ever before as plant-based food retail sales grew around three times faster than overall food retail sales
Plant-based foods are showing growth across the board, with three-year industry growth at 54%, emphasizing the staying power of this rapidly-expanding industry
CHICAGO, IL and VANCOUVER, BC / ACCESSWIRE / March 29, 2022 / The Planting Hope Company Inc. (TSX-V:MYLK)(FRA:J94) ("Planting Hope" or the "Company"), a plant-based food and beverage company focused on producing the world's most nutritious and planet-friendly products, highlights recent data prepared by the Plant Based Food Association, The Good Food Institute, and SPINS (the "PBFA Data Set"). The PBFA Data Set reported that total United States retail plant-based market sales reached an all-time high of US$7.4 billion in 2021, 42% of which is attributed to plant-based milk and creamers. The data collected only account for retail sales in the United States and exclude foodservice and other distribution channels.
"It's exciting to see plant-based foods continue to exceed expectations, scaling to new record highs and outpacing the growth of animal-based products," said Julia Stamberger, CEO and Co-founder of Planting Hope. "Most compelling are the implications for our Hope and Sesame® plant-based milks and creamers, which play in two of the three largest plant-based categories that collectively represent more than 42% of the entire plant-based foods market. With more data showing a sustained rise in plant-based foods' market share, we believe this shift will become permanent and Planting Hope is well positioned to capitalize on this large opportunity by continuing to innovate and expand our sesamemilk and other plant-based product offerings."
Plant-based milk highlights from the PBFA Data Set include:
Over the past three years, the plant-based milk category grew 33% to its current size of US$2.6 billion, by far the largest plant-based category
Plant-based milks now occupy 16% of overall retail milk dollar sales in conventional channels and 40% in the natural enhanced channel
Household penetration of plant-based milk has reached 42% with a 76% repeat rate
The PBFA Data Set reports that plant-based milk now serves as the innovation leader in the overall milk category due to its prioritization of sustainability, advancements in ingredient diversification, new product development, and increased nutritional profiles. Planting Hope is pushing the envelope in this category with its Hope and Sesame® product lines, continuing to build and innovate on the research and development that went into creating its flagship nutrient dense, sustainable, and delicious sesamemilk.
Plant-based creamer highlights from the PBFA Data Set include:
Over the past three years, the plant-based creamer category grew 373% to its current size of US$0.5 billion, becoming the third-largest plant-based category, and one of the fastest-growing
In 2021, plant-based creamer growth outpaced the growth of animal-based creamers and was the growth driver of the overall creamer category, with a year-over-year growth rate of 33%
Planting Hope recently announced the launch of its Sesamilk™ creamers at Natural Products Expo West 2022, marking its entrance into the high-growth plant-based creamer category.
The PBFA Data Set also found 62% or 79 million United States households are now buying plant-based products, an increase from 61% of households in 2020. Increased repeat rates in plant-based foods across numerous record-breaking years illustrate strong consumer commitment and interest - the percentage of consumers purchasing multiple times within the plant-based category grew from 78% in 2020 to 79% in 2021. These trends suggest plant-based foods are no longer considered "nice to have," but "must-have" items for consumers.
Published March 24, 2022, the PBFA Report uses SPINS data and is titled 2021 U.S. Retail Sales Data for the Plant Based Foods Industry. It can be found on the Plant Based Food Association's website at www.plantbasedfoods.org. The Company is a member of the Plant Based Food Association and James Curley, a Co-founder and EVP Global Business Development of the Company, serves on the Sustainability Committee of the Plant Based Food Association.
Hope and Sesame® Sesamemilk Finalist at the World Food Innovation Awards
Hope and Sesame® Non-GMO Chilled Sesamemilk in Unsweetened Vanilla has been named a finalist for "Best Plant-based Beverage" at the World Food Innovation Awards. As the longest and most established awards program in the industry, the World Food Innovation Awards, in association with International Food and Drink Event (IFE), are a celebration of innovation and excellence across every category of the global food industry. This recognition continues to establish the Hope and Sesame® brand as a leader, innovator, and disrupter in the plant-based beverage industry.
About Hope and Sesame®
Hope and Sesame® has cracked the code on unlocking the dense nutrition in tiny sesame seeds, creating an important new trend in plant milk: sesamemilk, both ultra-nutritious and highly planet-friendly. Sesame is sustainable, requiring very little water to cultivate, is naturally drought- and pest-resistant, and can self-pollinate. Sesamemilk is nutritionally comparable to dairy milk, delivering 8g of complete protein per serving (including all nine essential amino acids) - that's 8x the protein in most nut milks and 3x the protein in most oat milks! Specifically developed for and tested by top baristas, Hope and Sesame® Barista Blend froths, steams, and foams like a dream, great for latte art, and delivers 4g of complete protein per 8 oz serving. Sesamemilk is an excellent source of Vitamin D and calcium and is upcycled from the byproduct of sesame oil extraction. Hope and Sesame® Sesamilk™ creamers are free from saturated fat and only 40 calories per serving. All Hope and Sesame® products are vegan, Certified Gluten-Free and Certified Kosher, free from soy and dairy, Non-GMO Project Verified, and Certified by the Plant Based Foods Association. Hope and Sesame® was awarded Best Milk Alternative and Best Plant-Based Sustainability in FoodBev's 2021 World Plant-Based Food Awards and signature Chocolate Hazelnut flavor received the 2020 Sofi Award for Best New Product, Plant-Based Milk from the Specialty Food Association.
About The Planting Hope Company Inc.
Planting Hope develops, launches, and scales uniquely innovative plant-based and planet-friendly food and beverage brands. Planting Hope's award-winning and cutting-edge products fill key unmet needs in the skyrocketing plant-based food and beverage space. The Planting Hope brand family includes Hope and Sesame® Sesamemilk and Sesamilk™ creamers, RightRice® Veggie Rice, Mozaics™ Real Veggie Chips, and Veggicopia® Veggie Snacks. Founded by experienced food industry entrepreneurs, Planting Hope is a women-managed and woman-led company focused on nutrition, sustainability, and diversity. For more information visit: www.plantinghopecompany.com.
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This news release contains "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements that address activities, events, or developments that the Company expects or anticipates will, or may, occur in the future, including statements about the Company's business prospects, future trends, plans and strategies. In some cases, forward looking statements are preceded by, followed by, or include words such as "may", "will," "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "anticipates", "continues", or the negative of those words or other similar or comparable words. In preparing the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that demand for the Company's products will be sustained or increase in accordance with management's projections, that overall growth in consumer demand for plant-based foods will lead to increased demand for the Company's products, that the Company's current business objectives can be achieved and that its other corporate activities will proceed as expected, and that general business and economic conditions will not change in a materially adverse manner. Although the management of the Company believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that any forward-looking statement herein will prove to be accurate. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting its industry can be found in the Company's annual information form dated January 6, 2022, and the Company's continuous disclosure record available on SEDAR at www.sedar.com. Such cautionary statements qualify all forward-looking statements made in this news release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
SOURCE: The Planting Hope Company Inc.
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