Zoglo’s Incredible Food Corp (CSE: ZOG) is a plant-based food company that has been making significant progress since it made its public debut in July 2021. While the Company established its reputation by serving customers top quality kosher products over the past 25 years, it has now entered the mainstream market for plant-based meat products.
Zoglo’s is capitalizing on the trend of consumers demanding not only healthier and more nutritious quality food choices, but products that taste good. Consumers are more conscious about health issues caused by traditional meat-based diets, but also have concerns about animal welfare, the sustainability of existing food production systems and their impact on climate change. This has resulted in rapidly rising demand for plant-based food options and the emergence of plant-based food producers to meet this accelerating demand. While plant based meat sales still account for only 2% of all packaged meat sales, Statista Research expects the global plant-based meat market to reach US$30.9 billion by 2026.
On November 2, 2021, Zoglo’s announced that it will be acquiring a 51% interest in Monday Swiss UK Ltd. which will provide Zoglo’s with broader access to the European market for its products, whose consumers have been far ahead of the curve when it comes to plant-based foods. Monday Swiss’ plant-based Veggie Day and Monday Swiss product lines can be found in major retailers such as Holland & Barrett, Co-Op, and Ocado.
Perhaps of more significance, Monday Swiss has a state-of-the-art R&D and production facility that will help accelerate new product development. The Monday Swiss facility has four production lines that can produce frozen, chilled and ready-to-eat plant-based products and offer complete packaging solutions.
This strategic acquisition is slated to close in April 2022.
Launching new products and getting shelf space in major retailers can be a daunting task at the best of times. Zoglo’s team has extensive senior executive management experience in the retail food distribution industry, and their credibility has enabled the company to make rapid inroads into Canada’s supermarkets nationwide.
On September 23, 2021 the company launched its Zoglo’s Incredible 12-SKU line of frozen meat alternative products; they include tasty, nutrient-rich, non-GMO, nitrate-free plant-based meat substitutes aimed at consumers that the company refers to as “flexitarians”, people who are looking to add more plant-based foods into their diets. Zoglo’s Incredible line was developed for the supermarket frozen foods category, and includes specialty developed products such as burgers, chicken strips, meatballs, cutlets and more, and are now available at major grocery retailers across the country.
During the short time since the Zoglo’s Incredible products were first introduced, the company has quickly and successfully entered into a number of significant retail distribution agreements.:
- An agreement with supermarket chain Foodland, a subsidiary of Sobeys Inc., to carry six of Zoglo’s Incredible-branded products in their 136 Ontario stores and over 200 stores in Atlantic Canada.
- An agreement with Sobeys subsidiary, FreshCo Ltd, to carry all of Zoglo’s Incredible product SKUs in its 96 FreshCo supermarkets across Ontario.
- An agreement with Calgary Co-operative Association Ltd., one of North America’s largest food co-operatives with over annual sales of $1 billion. Calgary Co-Op has over 440,000 members and operates 22 stores in Calgary, Alberta and will carry all of Zoglo’s Incredible-branded products.
- An agreement to list Zoglo’s Incredible-branded products in select Walmart Canada locations across Canada. Walmart is one of Canada’s largest retailers, serving over 2.4 million people per day.
- An agreement with Metro Inc to stock all of Zoglo’s Incredible products at over 130 locations in Ontario.
In another significant development, Zoglo’s announced on Oct. 21, 2021 that it formed a partnership with Markham, Ontario-based Classic Touch Foods to create a co-branded product line of 100% plant-based and vegan offerings for the retail and food service sectors that will supply ready-to-heat foods such as Lasagna, Butter Chicken, and Spaghetti & Meatballs. The partnership will leverage Zoglo’s plant-based expertise and Classic Touch’s innovative meal creation and supply chain. Classic Touch currently provides ready-to-eat meals throughout Canada, from breakfasts to event catering, that are prepared at its 50,000 square foot production facility by a team of chefs, food handlers, warehouse staff, logistics and planning personnel.
Classic Touch Foods is a full-service food manufacturing facility based in Markham, Ontario, whom provides clients with a wide selection of ready-to-eat products offered throughout Ontario and other parts of Canada. The team consists of chefs, executive administration, food handlers, warehouse staff, drivers, and event & catering coordinators who are all assembled at their 50,000 square foot production facility.
The market for plant-based foods is expanding rapidly and publicly-traded plant-based food companies such as Beyond Meat and Very Good Butchers have become household names. Zoglo’s Incredible has 99.75 million shares outstanding and a small market capitalization of $17.95 million when compared to other publicly-traded plant-based food companies; Beyond Meat (NASDAQ: BYND) – $4.09 billion, The Very Good Food Company Inc. (CSE: VERY) – $139.79 Million. Impossible Foods is reportedly preparing an IPO with a potential $10 billion valuation.
Zoglo’s management’s strategy is focused on building its brand recognition and rapidly growing a sustainable, profitable business, and should the company continue to perform as it has to date, it would not be surprising to see that success eventually reflected in its market cap. The company has made remarkable achievements in a very short period of time and continues to develop the storyline.
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