“Expanding our working relationship with CANEX Foods benefits Naturally Splendid on many levels including increased logistic efficiencies, cost savings, as well as leveraging business relationships that CANEX has developed over their 35 years of doing business. In particular, the forward-looking strategy displayed by CANEX in extending their product lines to appeal to the flexitarian market is perfectly in line with the strategy at Naturally Splendid and we very much look forward to building on this relationship,” stated Naturally Splendid CEO Mr. J. Craig Goodwin.
I still remember the first bite I took of a plant-based burger. The texture was dangerously close to that of a meat patty and the flavor was both savory and smoky. I almost couldn’t believe that the burger I was eating was from some generic fast food “restaurant” across the street from me. For the next month, I found myself actively making the choice to eat plant-based burgers over the real deal. I mean, it tasted pretty damn good and it was a healthier alternative to the grease infused meat slabs I would eat otherwise.
Although there is a growing demand for plant-based foods, less than 10% of Canadians identify as vegetarian or vegan. With this in mind, an increasing amount of consumers are identifying as flexitarian. Flexitarians are essentially people who are trying to eat less meat, but aren’t ready to give it up entirely. Reports have shown that 90% of consumers who tried plant-based meats in the past 12 months fit this description. With an expansive portfolio of NATERA Plant-Based products, Naturally Splendid is prepared to respond to this growing demographic of flexitarians, vegans and vegetarians in Canada.
Hiring Canex Foods as its master distributor will benefit the Company in a variety of ways including overall reduced operating costs, increased storage capacity, daily scheduled deliveries, inventory management, and the establishment of working relationships with numerous distributors. Canex Foods has placed an initial purchase order of fourteen pallets of NATERA Plant-Based Foods to begin servicing their clientele.
According to Grand View Research, the global plant-based meat market is expected to grow at a compound annual growth rate (CAGR) of 19.4% from 2020 to 2027. However, higher prices for plant-based foods continue to be a deterrent for consumers looking to switch to a vegan or vegetarian diet. Regardless, Naturally Splendid is positioned in a market that is growing at an outstanding rate. Moreover, North America represents one of the largest markets for plant-based foods. With this in mind, by hiring Canex Foods as its master distributor, Naturally Splendid now has the capacity to serve Canada.
Naturally Splendid’s share price opened at $0.065, up from a previous close of $0.055. The Company’s shares are up 27.27% and currently trade at $0.07 as of 11:00AM ET.