Superlatus Announces Planned Expansion into Pet Food Market
TAMPA, FL, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Superlatus, Inc., a food technology and distribution company that recently merged with a subsidiary of pharmaceutical exchange platform provider TRxADE HEALTH, Inc. (Nasdaq: MEDS), today announced it plans to enter the worldwide pet foods market, specializing in plant-based, high-protein foods and snacks.
Superlatus will launch the expansion with assorted flavors of baked plant-based treats, then intends to follow with a full offering of veterinarian formulated, plant-based, high-protein full meal offerings. All products will feature reduced calorie and saturated fat content compared to traditional animal-based pet meals and treats and will utilize plant-based ingredients from strategic supply partners.
The company is currently in discussion with several major national pet food chains to participate as a launch partner for the products, said Superlatus.
All the new treat offerings will utilize an advanced food extrusion technology from Sapientia Technology, LLC, a wholly owned subsidiary of Superlatus. This technology, developed by well-known food scientist Dr. Gino Bortone, enables Superlatus to create dense, protein rich, plant-based dog treats.
“We are excited to enter this market,” stated Superlatus CEO Tim Alford. “According to a broad array of established data sources, the plant-based segment of the pet food industry is growing significantly faster than the traditional animal-based segment.”
One such source, Future Market Insights (FMI), recently announced that, in 2023, the vegan dog food market was estimated to be worth $13.58 billion and is anticipated to register a CAGR of 7 percent for the next 10 years, reaching a value of $ 26.35 billion by 2033.
In contrast, reported FMI, the conventional, animal-based dog food market, which has a current value of $68.27 billion, is anticipated to expand with a CAGR of only 4.35 percent to 2033. This slower rate of projected growth, added FMI, is attributable primarily to both widespread consumer awareness of the health advantages of vegan pet foods as well as the increased numbers of online sales channels available for such foods.
“As a company with a core mission to create a healthier and more sustainable future for our planet, we are extremely proud to offer consumers these better-for-your-pet food products,” continued Mr. Alford. “We believe they will rank among the healthiest and most delicious products our pets can eat.
“We anticipate the initial line of vegan pet treats will likely be available by Q1 2024 with the vegan full meal offerings hitting the market by later in 2024.”
About Superlatus, Inc.
Superlatus is a diversified food technology company with distribution capabilities. We scale food innovation and transformational change to our food systems to optimize food security and population health via innovative CPG products, agritech, foodtech, plant-based proteins and alt-proteins. We provide industry-leading processing and forming technologies that create high nutrition, high taste, and textured foods. Our management team consists of world-class food executives with an unparalleled understanding of technology and taste. For more information on Superlatus, please visit Superlatus’ website at https://www.superlatusfoods.com.
About TRxADE HEALTH, INC.
TRxADE HEALTH (NASDAQ: MEDS) is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S. TRxADE HEALTH ( NASDAQ: MEDS) plans to exit its legacy businesses and focus on the Superlatus foods business after its next special meeting of shareholders. For more information on TRxADE HEALTH, please visit the Company’s IR website at investors.trxadegroup.com.
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