- Plant-based lifestyle brand builder PlantX Life Inc. offers more than 5,000 plant-based products through meal and indoor plant deliveries, and the company is working through research and development to introduce new product categories in the coming year
- PlantX is also adding to its physical XMarket store locations, advancing from initial British Columbia and California outlets to new locations in Ontario (Toronto and Ottawa), with further XMarket brand transition under way at stores in the Chicago area of Illinois
- The company is also preparing to open a new store and e-commerce presence in Tel Aviv, Israel this month as part of its first global endeavor outside of North America
- The XMarket physical retail locations have the primary role of enhancing the company’s e-commerce capabilities by acting as fulfillment centers that the company can use to improve its distribution infrastructure and better serve its online customers
- PlantX recently announced the election of directors and the appointment of new auditors to shareholders as further development of its strategy for the new year
Consumer trends indicate the demand for plant-based proteins as an alternative to animal products is growing at a tremendous pace, with a CAGR of 9.7 percent anticipated between 2021 and 2028 to produce revenues of $23.4 billion, according to industry analysts at Research and Markets.
“The growth of this market is mainly attributed to the growing demand for protein-rich diet, growing health & wellness trend, increasing consumers’ focus on meat alternatives, growing demand from the food & beverage industry, and various advancements in ingredient technologies such as microencapsulation are the key factors driving the growth of the plant-based protein market,” the report states (https://ibn.fm/Edblk).
Progressive plant-based lifestyle platform builder PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) marked 2021 as a growth year as it added retail outlets to strengthen its vision of becoming a one-stop shopping and education hub for all plant-based community interests, such as those expressed in the Research and Markets forecast, as PlantX grows toward 86 planned store locations to be opened by the end of this year in support of its e-commerce platform (https://ibn.fm/9em1W).
It’s an ambitious goal for a company still in the beginning phases of its brick-and-mortar openings. PlantX is a Vancouver, British Columbia-based Canadian entity that partnered with chef Matthew Kenney of Matthew Kenney Cuisine to establish the company’s XMarket branded stores last year in British Columbia, Southern California (Los Angeles and San Diego areas), and Ontario (Toronto and Ottawa), with two locations set to rebrand as XMarket in Illinois (Chicago area) as well as a new store opening expected this month in Israel (Tel Aviv).
Each of the physical store locations serve local plant-based communities, but their primary role will be to establish an extensive network of fulfillment centers for PlantX’s e-commerce operations. As the network of XMarket stores grows, the strength of PlantX’s distribution infrastructure will grow as well, enhancing the company’s ability to serve its customers in regions throughout North America and around Israel.
Recently, PlantX made an important announcement – the debut of its innovative XMarket café and store at Hudson’s Bay Rideau in Ottawa — Canada’s capital city in southeast Ontario. The 100 percent plant-based café features carefully-crafted vegan beverages and plant-based food options with ingredients sourced from Ottawa businesses, including local bakery Keepin’ it Vegan (https://ibn.fm/RKhzS).
The company also announced the results of a general meeting of shareholders, including the election of directors and the appointment of new auditors for the ensuing year (https://ibn.fm/vaHKf).
The company’s recent acquisition of plant-based market and e-commerce platform Peter Rubi has provided PlantX its physical store locations in the Chicago area of the United States, which it plans to convert to XMarket locations in the near future (https://ibn.fm/xkruY). Peter Rubi’s warehousing assets will benefit PlantX’s fulfillment and distribution infrastructure in the U.S. Midwest as the company continues to grow.
PlantX became a seller on the Walmart Marketplace last year, offering more than 500-plant based grocery products through the global retailer’s massive reach to consumers. Overall, PlantX offers customers across North America more than 5,000 plant-based products through meal and indoor plant deliveries, and the company is preparing to expand its product lines to include cosmetics, clothing, personal care and its own water brand, underscoring the importance of a strong fulfillment infrastructure.
The company recently announced the expansion of its online operations to include discounts for shoppers who subscribe for recurring service, and it is contracting with social media “micro-influencers” to help build the PlantX brand.
Its website’s educational efforts include community-focused information shared through a weekly podcast, YouTube channel and blog.
Bloomberg Intelligence analysts valued the overall global market for plant-based foods and products, including the plant-based protein market mentioned earlier, at $29.4 billion in 2020. The analysts predicted revenues will exceed $162 billion by 2030, which would be an astronomical increase of 451 percent (https://ibn.fm/DBeYw).
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF