Demand for Nabati products is growing rapidly, with sales seeing over 33% organic growth in the past year
VANCOUVER, BC and EDMONTON, AB, Nov. 24, 2020 /vWire/ – Eat Beyond Global Holdings Inc. (CSE: EATS) (“Eat Beyond” or the “Company“), an investment issuer focused on the global plant-based and alternative food sector, is announcing that its portfolio company, Nabati Foods Inc. (“Nabati“), launched its plant-based meat line this month on November 3rd, and the products are expected to be in stores by January of 2021.
This plant-based meat line is also planned to launch in the U.S. in Q1 of 2021, in time for category resets in retail stores that take place in March and April.
“Our Nabati burger is very different than a lot of what we are seeing on the market today,” said Ahmad Yeyah, CEO of Nabati. “We are developing a plant-based chicken burger instead of a red meat burger, and it is also unbreaded. This differentiates our product from what is in the market and ultimately improves the experience that the customer has with the product – because they have the freedom to choose how they want to enjoy it – with or without breading. We also provide recipes if the customer wants to bread the product themselves, or they can enjoy it as-is to save on calories. This all contributes to creating the best possible experience for those who enjoy our products. We have also added a plant-based fish burger to this line, which is also not something you typically see.”
Nabati is a private food technology company that offers healthy, plant-based products. Nabati is based in Edmonton, Alberta, and serves the North American Market. All products are certified gluten-free, dairy-free, egg-free, refined sugar-free, all natural (non-GMO), certified kosher, and certified vegan.
“My wife and I started the company in 2014, two years after we moved to Alberta, after deciding that we were simply not satisfied with the variety of plant-based foods available in store – especially desserts,” added Yehya. “We then began developing our own recipes at home, and sharing them with friends and family, and eventually we took them to the farmer’s market, where the products were very well received. We started this business with $33,000 and now we have our products in stores across North America.”
Demand for the products has been growing steadily, and sales grew organically by over 33% in Canada in just the past year, largely from Nabati’s dairy-free cheesecakes and Nabati Cheeze Shreds. Nabati’s dairy-free cheesecakes have just begun selling in the U.S. this fall, and 2021 will see Nabati expanding its production facility as well as its popular Nabati Cheeze line, introducing cheese slices. Demand for the cheese products has been enormous and the company plans to not only expand distribution across the U.S. but also throughout Asia and Europe in 2022.
“The company has grown up to this point almost completely organically by word of mouth,” said Patrick Morris, CEO of Eat Beyond. “We are thrilled to partner with Nabati to further drive this growth, expand the company’s market share and grow its product lines to serve this rapidly expanding market not just in North America, but also across the globe. Nabati plans to diversify its revenue sources through new products and distribution and quickly reach its (conservative) revenue target of $7M by 2023.”
About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. (“Eat Beyond”) (CSE: EATS) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/
SOURCE Eat Beyond Global Holdings Inc.
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