This morning, Emerging plant-based food tech firm, The Very Good Food Company (OTCMKTS:VRYYF) announced its new soy-free and gluten-free Butcher’s Select product line of plant-based meats. The premium line will compete with Impossible Foods and Beyond Meat through extra meaty taste as well as texture using wholesome and simple ingredients.
Consumers interest in plant-based products is increasing because of more sustainable and healthier habits. It is estimated that over half of US households are buying plant-based foods.
Estimates by Good Food Institute and Plant Based Foods Association in April suggest that sales of plant-based food have been higher than animal product sales for third year. Butcher’s Select line will appeal to an estimated 30% of Americans avoiding gluten.
The company’s products are made with real and less processed ingredients differentiating it from the rest. It will help diversify its products in the meat substitute category and pack an extra meaty taste as well as texture. The rollout is planned across North India and its e-commerce platform.
Mitchell Scott, co-founder and CEO of The Very Good Food Company, said that the company believes everyone must have nutritious plant-based and delicious food. Scott added that the company will engage fresh set of consumers with preferences and augment the target customer base.
Market Reaction:
As of 11:32, VRYYF stock gained 5.60% at $2.45 with more than 63k shares, compared to its average volume of 161k shares. The stock had moved within a range of $2.3200 – 2.4500 after opening the trade at $2.34. Over the past 52-week, the stock has been trading within a range of $0.5650 – 7.4300.
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