PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) Leverages Unique Market Foothold as Plant-Based Food Sector Flourishes
Plant-based foods are proving they are re not just a passing vegan fancy. Whether its bean-based burgers or veggie pizzas, the plant-based food trend in the North America has grown from virtual obscurity to become an important segment of the North American diet. Several drivers have spurred phenomenal growth in the sector including healthier eating habits, increased concern for climate and limited natural resources, as well as new techniques that have turned boring veggies into tasty feasts. More and more, consumers are opting for simple, wholesome ingredients in products that taste good. This trend only accelerated as the pandemic took hold, evidenced by Nielsen’s report that alternative meat sales increased 454% in the third week of March 2020 compared to the same week in 2019. Nielsen’s data shows that plant-based meat and milk sales skyrocketed, far outpacing conventional meat and milk sales as Americans stocked up on food during the pandemic. This giant wave of plant-based food demand doesn’t appear temporary but likely represents a lasting shift in consumer preferences. Not counting the pandemic surge in growth, the plant-based food sector ballooned over 33-fold during the last 15 years, with no signs of slowing. As a result, plant-based online groceries are also thriving as sustainability-focused products are growing more than five times faster than other product categories, generating the highest growth in the consumer goods sector. Operating at the intersection of three high-growth sectors — plant-based products, e-commerce/technology and consumer-packaged goods — PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (Profile) is fast becoming the premier digital interface for plant-oriented consumers. As the first public company known to be fully focused on the plant-based e-commerce space, PlantX intends to leverage its first-mover status to become the global go-to place for everything plant-based. As it works to become, first and foremost, an e-commerce platform that carries multiple plant-based brands under one roof, PlantX looks to be following the model implemented by Amazon.com Inc. (NASDAQ: AMZN), which has become renowned for carrying a huge variety of products under one roof. PlantX is also following steps taken by both Amazon and Apple to succeed through both educating and serving its customers. Others in the plant-based sector, including Beyond Meat Inc. (NASDAQ: BYND) and The Very Good Food Company Inc. (OTCQB: VRYYF), have a narrower focus on the development and sale of alternative meats, while US Vegan Climate ETF (NYSE ARCA: VEGN) has made a significant commitment to sustainability by not investing in any company that hurts the environment or harms animals.
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