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Modern Plant-Based Foods enters the prepared foods market
Modern Plant-Based Foods Inc, a provider of award-winning plant-based foods, is pleased to announce that Modern Meat, is now expanding its line of alternative products to meat in the form of ready-to-eat meals into retail stores throughout British Columbia. The ready-to-eat vegan meals are currently available at Modern Wellness Bars in Vancouver.
The global ready-to-eat meals market was valued at $159.15 billion in 2019, and is expected to grow at a CAGR of 5.5% between 2020 and 2027. Changing consumer behavior with higher preference for convenience foods is expected to be a major factor in the growth of this market - this considering the busy lifestyles of many working professionals and hectic schedules of graduates and students. The growing demand for minimally processed food products without additives is also expected to further drive the growth of the market.
We are very excited to diversify our capabilities and expand our production beyond frozen foods, commented Tara Haddad, CEO and Founder of Modern Plant-Based Foods. We see consumers continuing to focus on health and wellness, but also recognize a greater affinity for convenience products. Since we launched our prepared foods in our own retail stores in May, they have been flying off the shelves. Our chefs in development have created varied, nutritious plant-based dishes, incorporating Modern Meat into the recipes. Our current lineup includes a breakfast wrap with Modern Meat sausage, a Moroccan wrap with Modern Meat meatballs, a burrito with Modern Meat mince and two fresh salads.
Modern Plant-Based Wraps and Burritos.
Modern Plant-Based Foods has expanded its business in several areas since its debut in 2019 - from meat alternatives to plant-based household soups, vegan snacks, retail stores around health and wellness, and now prepared foods. Modern Meat has also expanded its brand range, which now includes gyoza, a roast and a plant-based breakfast sausage.
This market, which is already significant, offers tremendous opportunities, Tara explains. We continue to follow our roadmap for growth, which is driven by our ability to identify food trends and demand for our portfolio of high-quality plant-based foods. In the coming months, we will be working with our distributors to bring our dishes to grab-and-go shelves across the board at retail.
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