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January 25, 2021

Canada’s Above Foods gets investment from Eat Beyond

The fledgling firm, set up two years ago, has been supplying ingredients on a business-to-business basis but is looking to launch consumer-facing products in 2021.

By Dean Best

Above Food Corp., a Canada-based supplier of plant-based ingredients looking to launch a range of consumer-facing products in 2021, has secured investment from listed fund Eat Beyond Global Holdings.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Financial terms were not disclosed and Eat Beyond, a listed investment issuer financing companies offering alternatives to meat, seafood, dairy and eggs, had no further comment when asked for more information.

Above Food, set up in 2019, is planning to launch a range of foods this year. Last autumn, the Regina-based business announced it was looking to launch a line including plant-based meat, cheese and bakery products. The Regina-based firm said its first three products would be plant-based ground, burgers and sausages. The company supplies ingredients to customers in more than 30 countries, including, it says, “many leading brands”.

In the statement announcing the investment from Eat Beyond, Lionel Kambeitz, Above Food's executive chairman and CEO, said: "What we've built is truly disruptive. The ability to have custody of these new proteins, including lentils, chickpeas, fava, peas and oats, from seed all the way through to the end-consumers' dinner plates, allows us to create nutrient density and superior functional performance across our B2B, advanced ingredient and B2C lines of our business."

Patrick Morris, the CEO of Eat Beyond, called Above Food "an established high-growth, vertically-integrated business that is focused on its proprietary seed-to-fork plant ingredients and plant protein".

He added: "The company has established global distribution and saw revenue of CAD127m (US$99.6m) in the last twelve months alone. The company is growing quickly, and we are looking forward to supporting this growth as it continues to accelerate."

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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