VANCOUVER: Modern Meat Inc., a Canadian plant-based meat producer, intends to expand into the US market and is evaluating a list of potential acquisition targets, a news release said.
Since listing on the Canadian Stock Exchange (CSE) the Company has been targeting strategic M&A opportunities, as well as internal growth expansion projects.
Modern Meat will specifically look to team-up with strong vegan brands that have a wide distribution network and management that aligns with the core principals of the Company.
Expansion into the US will serve as the Company’s first step into the international market, which is important for its successful growth.
“The United States market for meat substitute and vegan-labelled food products is witnessing strong year over year growth,” states Tara Haddad, CEO of Modern Meat.
“As a lifestyle company focused on nutrition, health and wellness, we want to develop a strong pipeline of brand extensions and new products with the goal of carving out a niche for Modern Meat in the US vegan space.”
The US is one of the leading countries in the vegan movement. Currently, the US vegan population is 3% of adults aged 18–29 years, 4% of those 30–49, 1% of those 50–64, and 3% of those over 65 years and the trend is increasing each year. The global vegan food market value is estimated to reach around USD 24.3 billion by 2026 and will grow at CAGR above 9.1% over the forecast time frame.
“Facilitating expansion into the US market is a major growth initiative for us,” said Campbell Becher, Head of Finance and Mergers and Acquisitions for Modern Meat.
“With the superior ingredient profile of our plant-based products and increasing consumer demand for healthier options, we believe our brand will be a hit in the US market. Looking ahead, I am extremely excited to drive our growth and shareholder value through strategic acquisitions.”