USA – To charge its ambitions of becoming one of the world’s largest plant-based food companies, The LIVEKINDLY co., has acquired plant-based brand Oumph! from Swedish company Food for Progress, for an undisclosed sum.
Founded in 2014, Oumph! has been part of Food for Progress – which seeks to create a sustainable and secure worldwide food system – and a partner of the Research Institute of Sweden (RISE) which develops plant-based ingredients.
Since the launch in Sweden back in 2015 the brand has gained popularity in the market and has had a strong development in sales, having reported a 40 % growth for the first quarter 2020 across all markets.
Oumph! products are currently available across the Nordic Countries, United Kingdom and most recently, at Jumbo in the Netherlands.
Well positioned for future growth, LIVEKINDLY co. said that the acquisition of the brand underlines its ambition to spearhead a global food transformation with environmentally friendly meat alternatives.
LIVEKINDLY co. was established in March this year following a merger between Food United and plant-based digital media platform, LIVEKINDLY Media. Backed by Swiss investor, Blue Horizon, LIVEKINDLY Co. has also raised US$200 million in a founders’ funding round to fuel the company’s growth.
Under the leadership of global food industry veterans, the food company says that it is working to make plant-based living the ‘new normal’ by building an ecosystem of founder-led plant-based consumer brands including: The Fry Family Food Co., LikeMeat, Oumph! and digital media platform, LIVEKINDLY.
“The LIVEKINDLY co. is leading a movement to build a more sustainable future through our portfolio of brands—who are all creating delicious healthy plant-based food—and our ecosystem of mission-aligned partners,” said Kees Kruythoff, CEO and Chairman of the LIVEKINDLY co.
“Bringing Oumph! into the LIVEKINDLY co. family was a natural next step for us. Their commitment to plant-based food quality and protecting the planet mirrors our own as we accelerate our mission to make plant-based eating the new normal.”
“Since co-founding Oumph! five years ago, it’s been an amazing journey to-date and I’m incredibly proud of the work our team has done in creating exceptionally tasty plant-based food,” said Anders Wallerman, co-founder of Oumph!.
“Our mission from day one has been to get more people eating plant-based food, which is a healthier, more sustainable way forward for the environment. I look forward to working with the LIVEKINDLY co. to introduce new, and existing products to more people around the world.”
Plant-based food products are becoming increasingly popular as consumer demand for cleaner, more sustainable options grow, and production technologies improve to significantly enhance taste and texture.
The global plant-based meat market was estimated to be valued at US$12.1 billion in 2019 and is likely to reach US$27.9B by 2025, with a compound annual growth rate of 15% during this period – according to a report by Research and Markets.
By 2040, the plant-based protein market is projected to account for 9% of the estimated US$2.7 trillion global meat market, according to a report by Jefferies – an opportunity which LIVEKINDLY is betting on for strong future growth.
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