The plant-based milk market is currently worth $38.9 billion, making it 7.7 times larger than the market for plant-based meat, and it’s only going to continue growing.
In fact, the market is expected to quadruple over the next decade after doubling in the previous five years. According to Data Bridge Market Research, the market is projected to climb at a CAGR of 15.5% to reach a value of $123.2 billion by 2029.
One key factor driving market growth is the rising prevalence of dairy intolerance, in fact, more than 70% of the planet is intolerant to dairy proteins. Plant milks provide a product that functions in cooking and coffee like dairy milk, but without the allergenic proteins. Another is a concern for the planet, given the high environmental stress from cultivating and feeding livestock and the ancillary methane/CO2 etc. Although plant milk alternatives like almond milk are still stressful agriculturally on the planet with high water usage and damage to bee populations, new alternatives like sesame milk use 95% less water than almond milk and thrive in arid climates around the globe, from South America to Africa to Asia.
Add to that rising consumer awareness of animal health and you can see why the plant-based milk industry is primed to continue experiencing rising success in the coming years.
Of course, it remains to be seen which plant-based alternative will hold onto the largest share of the market.
Plant-Based Milk Market Constantly Evolving
As the market grows and evolves, new plant-based formulations replace old ones as consumer favorites, meaning new products and new companies are consistently entering the market looking to take the top spot.
First, soy milk became extremely popular, but it gave way to almond milk. Now oat milk is quickly rising in popularity.
Almond milk, which currently holds the majority of the market share, is ripe for disruption.
You see, even as oat milk gains popularity, a new plant-based milk trend is starting to emerge sesame milk.
Luckily, for environmentally conscious consumers and investors, The Planting Hope Company Inc. (TSXV:MYLK) (OTCQB:MYLKF) is a rapidly growing breakthrough company focused on producing the worlds most planet-friendly and nutritious plant-based milk from sesame seeds.
has spent more than 5 years developing the world’s first sesame milk, Hope and Sesame(R) Sesamemilk, levering cutting-edge ingredient formulations and processing technology to create a plant milk that performs like dairy milk in coffee and baking, with equivalent nutrition, including 8 grams of complete protein per serving. Hope and Sesame Sesamemilk has received numerous awards and nominations from groups like Good Housekeeping, the Specialty Coffee Association, and World Plant-Based Foods Expo. Hope and Sesame Sesamemilk is just one of four fast-growing food and beverage brands owned by this company.
382 stores across Canada will begin selling Hope and Sesame(R) Sesamemilk in dual-language packaging that meets Canadian standards in November 2022. Hope and Sesame(R) Sesamemilk, which is packaged in shelf-stable 946ml (32oz) cartons in three flavours, has been added to the plant milk section in stores (Barista Blend Sesamemilk, Original Sesamemilk, and Unsweetened Original Sesamemilk).
“As a plant-based food and beverage company headquartered in Canada and listed on the TSX Venture Exchange, entering with our flagship Hope and Sesame(R) brand is an important milestone for Planting Hope. Loblaw has always taken an innovative approach to the grocery experience and expects the same from its brand partners,” said Julia Stamberger, CEO and Co-founder of Planting Hope (TSXV:MYLK) (OTCQB:MYLKF). “Hope and Sesame(R) has brought important breakthrough innovation to plant-based milk, opening a whole new category, sesame milk, that unlocks the dense nutrition of the extremely sustainable and planet-friendly sesame seed. We’re very excited to bring our innovative Sesamemilk line, in our eye-grabbing, colorful new dual-language packaging, to Canadian consumers with Loblaw.”
Planting Hope (TSXV:MYLK) (OTCQB:MYLKF) has committed to releasing the best-selling products under its Hope and Sesame(R), MozaicsTM, and RightRice(R) brands in bilingual packaging that complies with Canadian regulations in the second quarter of 2022. In Q3 2022, the Company began producing these products in Canadian packaging for the first time. Planting Hope will introduce three shelf-stable Hope and Sesame(R) SKUs (Barista Blend Sesamemilk, Original Sesamemilk, and Unsweetened Original Sesamemilk) in Canadian packaging across 382 stores in the current quarter (Q4), adding 1,146 new Total Distribution Points in Loblaw locations.
The Planting Hope Company Expands Distribution
has added more than 3,700 new grocery retail doors and more than 9,600 new total distribution points (TDP) in key retailers such as Loblaws, Whole Foods, Sprouts Farmers Market, Safeway, Fresh Thyme Market, and many others since the beginning of 2022. The total grocery retail TDP has surpassed 50,000 placements across product lines and brands.
in September that its Hope and Sesame(R) Sesamemilk is now available at Kroger stores nationwide under multiple retailer banners. In addition, the Company added top New York City area food service distributor Baldor Specialty Foods and increased trade and consumer visibility through events, new distribution, and in-store placements. Baldor distributes 6,000 food and beverage items to over 4,600 distribution locations in New York Citys five boroughs, including restaurants (including over 70 Michelin-starred restaurants), retail, hospitals, corporate campuses, and schools.
In addition, the Company has increased the distribution of its RightRice(R) brand in over 1,500 locations, including the leading Southeastern US retailer Publix. RightRice products are available nationwide in over 8,000 doors at conventional and natural product retailers such as Kroger, Wegmans, Whole Foods Market, and others. RightRice has also developed a strategic foodservice distribution network through quick service restaurants such as CAVA and menu additions to college/university and business food service operations.
$3.3 million in revenue in Q2 2022, a 276% increase from $900,000 in Q2 2021 and a 32% increase over Q1 2022 revenues, representing a 22% increase over the entire fiscal year 2021. In Q2 2022, the Company earned $2.5 million in net revenue, a 205% increase from the previous quarter and a 24% increase year over year.
is continuing to execute on its business plan for this year, which includes expanding core products in key channels and establishing new products and distribution to achieve scale in 2023.
Featured Image The Planting Hope Company Inc.
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