- A July 2021 survey conducted
by Hanover Researchi found that more than half of
consumers indicate they would reconsider going to a restaurant that
did not offer vegetarian or vegan options.
- Sol Cuisine is seeing strong demand and growing interest in
its products as restaurants refresh menus to coincide with staged
re-opening.
- The Company's range of plant-based food service offerings
includes beef, chicken and fish analogs as well as various
vegetable appetizers and entrees.
MISSISSAUGA, ON, July 21, 2021 /CNW/ - Restaurants in North America that do not offer an adequate
selection of vegetarian and vegan menu items could find themselves
losing customers as the industry reopens in the wake of the
COVID-19 pandemic.
That is the key finding from recent survey results released
today by Sol Cuisine Ltd. ("Sol Cuisine" or the "Company")
(TSXV: VEG) a growth-oriented North American plant-based protein
leader, with an expansive food service distribution network in
Canada and the U.S. The Company's
survey, conducted by Hanover Research, which polled 500 Canadian
and U.S. consumers in July 2021 (the
"Study") found that more than half of respondents would "reconsider
going to a restaurant that did not offer vegetarian or vegan
options." This is a direct result of the increasing number of
vegetarians visiting restaurants as part of a larger group. The
survey also revealed that 65% of respondents indicated that they go
to restaurants with vegetarians sometimes, often, or very often.
Excerpts of the Study are available below.
Sol Cuisine started providing the food service industry with
vegan options more than 20 years ago when its founder Dror Balshine, a vegan himself, had difficulty
finding food options while traveling across Canada for business. Today, Sol Cuisine has an
established food service network across North America supplying plant-based products
to some of the world's most recognizable restaurant chains. The
plant-based protein market in the North
America is expected to grow to US$13.8 billion by 2027ii. The
plant-based segment of the food service sector in the U.S.
currently generates approximately US$1.68
Billioniii in annual sales.
Sol Cuisine's extensive network of food service partners
includes over 4,000 locations across Canada and the U.S. The Company continues to
see strong demand for the 20 SKUs it offers to food service
customers, including versions of its Hot & Spicy Chik'n Wing,
Meatless Chik'n Tender, Meatless Extreme Burger, Sunflower and Beet
Burger and Italian Meatball.
During fiscal 2020, the Food Service & Industrial channel
accounted for approximately one-fifth of Sol Cuisine's Revenue.
The Study
The Study of 500 consumers in Canada and the U.S. was conducted by Hanover
Research in July 2021, focused on
ascertaining consumer attitudes and behaviour toward plant-based
offerings, specifically within the food service sector. A selection
of the results is included below:
- 52% of consumers surveyed indicated that they would reconsider
going to a restaurant that did not offer vegetarian or vegan
options;
- 65% of respondents indicated that they go to restaurants with
vegetarians sometimes, often, or very often;
- 50% of these consumers indicated that the presence of
vegetarian options has increased in importance in the past 2 years;
and
- Only 3% of consumers said that plant-based options/meat
alternatives are not at all important to them.
John Flanagan, CEO of Sol
Cuisine commented, "The food service portion of our
business is an important growth area, particularly as restaurants
and other businesses re-open in alignment with the loosening of
COVID-related restrictions in Canada and the U.S. The Study conducted by
Hanover Research corroborates what we are seeing on the ground.
Consumers want restaurants to offer more and better plant-based
options, and restauranteurs are accommodating, with growth both in
new launches as well as a deeper menu. We expect that consumers
will continue adding larger proportion of plant-based foods into
their diet, both at home as well as on the go. With a deep
portfolio of best-in-class, highly differentiated products aimed at
food service customers, Sol Cuisine is positioned to be a North
American partner of choice as we all get back to enjoying the food
we love, with friends."
For more details, visit Sol Cuisine's IR website at:
investors.solcuisine.com or contact the IR team at
investors@solcuisine.com.
About Sol Cuisine Ltd.
Sol Cuisine is the publicly traded parent company of Sol Cuisine
Inc. following the completion of its "qualifying transaction" on
May 19, 2021. Sol Cuisine is a
fast-growing producer of branded and private label,
consumer-preferred plant-based protein offerings across key
center-of-plate and appetizer categories. The Company's products
are offered through an established omni-channel distribution
platform in Canada and the U.S.
and are available in over 11,000 stores and more than 41,000 unique
points of distribution across four primary channels: Canada Retail
Sales & Club; U.S. Retail Sales & Club; Food Service &
Industrial; and Private Label. Over a history of 20+ years, Sol
Cuisine has consistently demonstrated an ability to innovate and
delight consumers in Canada and
the U.S., while remaining true to its commitment to producing great
tasting products that are nutritionally superior both to meat-based
offerings and to competitive plant-based products. This commitment
has resulted in several Canadian product wins, including the #1
frozen plant-based burger in Canada, the #1 consumer-preferred chicken
alternative and the #1 quality roast product as determined by Whole
Foods Market. The Company's taste and nutritional superiority has
also resulted in private label contracts with some of the most
recognized natural brands in North
America. These products are all produced at Sol Cuisine's
two state of the art facilities, totaling 35,000 square foot
facility in Mississauga, Ontario,
capable of supporting up to 10 million kilograms of volume per
annum.
For more details on Sol Cuisine's consumer brands:
Website: www.solcuisine.com
Instagram: @solcuisine
Facebook: @solcuisine
Twitter: @solcuisine
LinkedIn: @solcuisine
Forward Looking Statements
This press release includes forward-looking information within
the meaning of Canadian securities laws regarding the Company and
its business. Often but not always, forward-looking information can
be identified by the use of words such as "expect", "intends",
"anticipated", "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would" or "will" be
taken, occur or be achieved. Such statements are based on the
current expectations and views of future events of the management
of each entity, and are based on assumptions and subject to risks
and uncertainties. Although the management believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this press release may not occur and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the company, including risks regarding the
size of the industry, the growth of the market for the Company's
products, the rate and quantity of production at the Company's
facilities, market conditions, economic factors, management's
ability to manage and to operate the business of the Company and
the equity markets generally. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and the Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
The TSX Venture Exchange has not reviewed, approved, or
disapproved the content of this news release.
John Flanagan
Chief
Executive Officer
905-502-8500
Forward Looking Statements
This press release includes forward-looking information within
the meaning of Canadian securities laws regarding the Company and
its business. Often but not always, forward-looking information can
be identified by the use of words such as "expect", "intends",
"anticipated", "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would" or "will" be
taken, occur or be achieved. Such statements are based on the
current expectations and views of future events of the management
of each entity, and are based on assumptions and subject to risks
and uncertainties. Although the management believes that the
assumptions underlying these statements are reasonable, they may
prove to be incorrect. The forward-looking events and circumstances
discussed in this press release may not occur and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the company, including risks regarding the
ease of consumers to find the Company's products locally or to
purchase products online, the Company's conversion rate, the
ability of the Company to map consumer interest, track search
results and match the launch of new or additional SKUs and
continued revenue growth,. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. No
forward-looking statement can be guaranteed. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and the Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
_______________________________
|
i Independent research study was
conducted by Hanover Research during July 2021. The study conducted
interviews with 500 consumers in the U.S. and was commissioned by
Sol Cuisine. The study was conducted on an independent third-party
basis.
|
ii Grand View Research
|
iii The NPD Group/SupplyTrack®, 12ME
Dec 2019 Excluding large commercial chains (250+ units)
|
SOURCE Sol Cuisine Ltd.