A Vancouver-based company hopes to take advantage of the growing global appetite for vegan sweets.
On November 23, Feel Foods Ltd. announced that it has completed its newest formulations for a line of gummy candies, which it describes as “ketofriendly” and “herbal”.
“Sweets, especially gummy ones, are very popular and Feel Foods is committed to introducing plant-based products that offer a true alternative to the usual ones, especially in the high-growth vegan pastry market,” he said. David Greenway, CEO of Feel Foods. company news release.
Feel Foods is listed on the Canadian Stock Exchange and has a market capitalization of $ 12.32 million. Its shares closed at $ 0.18 on Nov. 22.
Its subsidiaries include Black Sheep Vegan Cheeze Company Corp. and Be Good Plant Based Foods Ltd.
The CEO, Greenaway, is also chairman, CEO and director of Bam Bam Resources Corp., which is another penny stock listed on CSE.
In 2020, Grand View Research wrote in report forecast for rapid growth of the vegan pastry market.
He estimated the global market at $ 816 million and predicted a compound annual growth rate of 11.8 percent from 2020 to 2027.
This not only attracts the interest of small players, such as Feel Foods, but also big players in the food industry.
In January 2020, one of Mondelez’s brands, Cadbury, launched a vegetable milk chocolate in its Veganuary campaign.
“However, it was difficult for the company to replace dairy products with plants that give the chocolate a texture and taste similar to the original and also do not contain nuts,” the report notes.
More recently, Grand View Research released a report on the vegan chocolate market, which predicted an annual growth rate of 14.8 percent from 2021 to 2028.