Functional foods are quickly gaining momentum among the health-conscious. After all, such foods have been found to help increase mental clarity, and assist with immune support. For example, Reishi can help with sleep, anxiety, and depression, according to Teelixir. Chaga can help with inflammation for example, according to Best Products. With demand for such products on the rise, it’s already benefiting companies such as Rritual Superfoods Inc. (CSE:RSF)(OTC:RRSFF), Else Nutrition Holdings Inc. (TSXV: BABY)(OTCQX: BABYF)(FSE:0YL), Burcon NutraScience Corp. (TSX:BU)(NASDAQ:BRCN), Very Good Food Company Inc. (CSE:VERY)(OTC:VRYYF), and Rite Aid Corporation (NYSE:RAD).
In addition, according to Research Report, the functional food market could be worth $305+ billion in the next six years and grow at an Alomost CAGR of 8%. The report is Ready to Dispatch | If you need more information do not hesitate to ask our team @ email@example.com
“The increasing prevalence of chronic diseases prompts consumers to shift towards healthier food consumption habits. Rising interest of consumer regarding immunity benefits of a proper diet accounts for the key factor that drives the growth of functional foods market across the globe,” they note.
Rritual Superfoods (CSE:RSF)(OTC:RRSFF) Surpasses Full Year US Retail Distribution Targets
Rritual Superfoods Inc. just announced that the Company has surpassed its retail distribution targets for the end of 2021, exceeding 2400 retail locations and 10,000 points of distribution within the first half of the year.
“We set aggressive targets coming into this year, and I am extremely proud of our team and highly encouraged by the commitment we have seen from retailers to the Rritual Superfoods brand and product line as we have surpassed those targets in a matter of months,” said Rritual CEO, Mr. David Kerbel. “We are revising our targets based on the current lineup of sku’s to reach 6000 stores and 20,000 points of distribution this year, delivering on our brand promise to bring Rritual within arm’s length of consumer desire.”
These revisions are based on retailer commitments to carrying the Rritual brand. For example, Rite Aid has indicated 20% more stores than anticipated will carry Reishi Relax, Chaga Immune, and Lion’s Mane Focus as well as 100% more stores will carry the Variety Pack. The Company’s product line is being embraced by consumers, with initial sell through with key retail partners triggering new purchase orders and expansion of retail locations.
By the first week of July, Ritual will be available in 3000 retail locations with over 10,000 points of distribution. In addition, as the Company’s innovation pipeline delivers new product offerings there will be further growth in terms of points of distribution.
Rritual product offerings are all USDA-certified organic and are a caffeine-free option that can be mixed with other beverages or enjoyed by itself. Rritual’s proprietary Immune-Synergy Six Mushroom Blend is the only functional health product on the market that contains a daily prebiotic blend which nourishes a healthy gut microbiome and facilitates balanced digestive function.
Other related developments from around the markets include:
Else Nutrition Holdings Inc. announced results for its first quarter ended March 31, 2021. Management is pleased to announce it achieved significant progress executing its go-to-market plan in the US market to become one of the leading providers of baby food products as a healthy alternative to dairy-based formulas. Q1 2021 revenues of C$1,135 thousand, an 90% growth over revenues of C$598 thousand in Q4 2020 and an increase of 282% vs. revenues over C$297 thousand in Q1 2020. 149% growth in quarter-over-quarter Formula revenues of C$862 thousand in Q1 2021 over C$346 thousand in Q4 2020. First quarter to recognize formula revenues from the retail market. The Company successfully launched retail sales at Sprouts Farmers Market, a leading natural food retailer in the US.
Burcon NutraScience Corp., a global technology leader in the development of clean-label, plant-based proteins for foods and beverages, is pleased to share that its joint venture company, Merit Functional Foods Corporation received a second co-investment from Protein Industries Canada, which will see Merit Foods’ game-changing pea and canola protein ingredients utilized in new plant-based products. The project will see Merit Functional Foods, TWC Nutrition, Daiya Foods and Grand River Foods partnering to develop new plant-based products which may include meat and dairy alternatives, ready-to-drink beverages, supplement powders and other plant-based applications for the global food and beverage market. Led by Merit Foods, this project has a total investment of $7.9 million with Protein Industries Canada providing half of the total investment into the project.
Very Good Food Company Inc., a leading plant-based food technology company, announced that its flagship brand – The Very Good Butchers – will be available to U.S. customers through its new Amazon store by the end of June 2021. The Amazon.com launch strongly supports VERY GOOD’s mission to make plant-based eating not only nutritious and delicious, but approachable and accessible. U.S. customers will soon have access to the Company’s popular bean-based products through their well-known Butcher Boxes which include some of The Very Good Butchers best sellers such as Very Good Pepperoni, The Very British Banger, The Very Good Burger and the Taco Stuff’er. VERY GOOD’s Butcher boxes will also be available through Amazon’s app making it even easier for consumers to order its delicious products.
Rite Aid Corporation reported operating results for its fourth quarter and fiscal year ended February 27, 2021.For the fourth quarter, the company reported net loss from continuing operations of $18.5 million, or $0.34 loss per share, Adjusted net loss from continuing operations of $41.8 million, or $0.78 loss per share, and Adjusted EBITDA from continuing operations of $41.3 million, or 0.7 percent of revenues.
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