CANADA – BetterMoo(d) Food Holdings Corp., the dairy alternatives subsidiary of BetterMood Foods, has announced its intentions to acquire a European company that would allow it to enter Europe’s lucrative dairy alternatives market.
The company said it is in the advanced stages of negotiations to acquire the yet-to-be-revealed European dairy alternative company and expects to update shareholders in the coming days
It plans to leverage the company’s brands to widen its range into plant-based dairy alternative products even as it gears up to launch products made using its proprietary blend of herbs.
According to the company, the products have been specifically formulated to emulate the great taste of milk and traditional dairy products from the Alp regions of Switzerland, France, and Austria.
The Company added that it is pleased with the recent market reaction to ongoing developments, which has been reflected in the increased share price, and is excited to share this news about an imminent entry into the European market.
The Austrian-based company currently serves a local market in Austria, as well as the most heavily populated country in Europe, Germany, which has a population of 83 million.
Germany being the largest market in Europe, with a high GDP and progressive buying trends for dairy replacements, has become the ideal target for a European launch with 10% of German consumers being plant-based eaters.
It also has the highest share of plant-based eaters among the European countries, with another 30% identifying as flexitarian.
Nima Bahrami, CEO of Bettermoo(d) Holdings said: “The German market looks to be the most lucrative and receptive area for us to launch, based on statistics and existing projections related to Europe’s plant-based dairy alternative market. We view the entry into the German market as the next step for a major European expansion.”
The plans for the intended acquisition come on the heels of a report from Market Data Forecast which is projecting a compound annual growth rate (CAGR) in the plant-based food market of 7.1 % across Europe between 2021 and 2026, with an estimated valuation of US$2.22 million.
The report attributed the growth to the growing consumer consciousness surrounding health, environmental concerns, and compassion for animals.
Growth will also be bolstered by European consumer food trends which are increasingly shifting toward vegetarianism, Flexitarianism, and veganism.
BetterMoo(d) however points out that its target market for plant-based food and beverage lines is not limited to vegans but rather includes a broad spectrum of consumers, including flexitarians, lactose-intolerant consumers, and consumers looking for clean-label food and beverage options.
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