Has PlantX cracked the secret code to building a plant-based company?
In recent years, plant-based lifestyles have grown in popularity. Contrary to common belief, plant-based eaters are not necessarily vegan, rather they prefer to consume a diet that is primarily made up of foods that come from plants. Plant-based or plant-forward eaters choose fruits, vegetables, nuts, seeds, grains, beans, and other plant-based options over meat as their primary source of nutrition.
Bloomberg Intelligence released research in late 2021 that showed that the plant-based industry was expected to see rapid growth in the coming decade. The report, titled Plant-Based Foods Poised for Explosive Growth, publicized their findings saying that the market could reach $162 billion by 2030, a 558 per cent increase from 2020. As the demand for plant-based products skyrockets, the market share will increase. The opportunity for companies that can enter this market with a unique, intelligent, and evolving business model is endless.
Source: Bloomberg Intelligence
Canada-based PlantX has been labeled the “digital face”of the loyal plant-based community. PlantX launched its platform in 2020 and in the first five months was able to generate monthly recurring revenues of $1.3 Million. The company continues to experience rapid growth, all of which begins with the PlantX e-commerce platform, which offers the largest possible variety of plant-based products with the aim of becoming the leading destination for plant-based shoping. PlantX is already active in the United States and Canada and plans to expand services globally to Australia, Latin America, Europe, UK, and Asia.
One of the key growth strategies followed by PlantX is to acquire high-quality companies to strengthen its portfolio of products and services. Last year, the company acquired Peter Rubi LLC, an innovative plant-based e-commerce platform, as well as coffee franchises Eh Coffee Corp. and Portfolio Coffee Inc., to broaden its product portfolio.
The company has formed partnerships with celebrity chefs and brand ambassadors such as Matthew Kenney, Justin Fields, and Venus Williams to become a top brand recognized and loved by consumers in North America and other populous regions. PlantX partnered with Access Fulfillment, a UK fulfillment provider, to assure its growth in the UK, the world’s largest plant-based product market.
The company’s products are also available on thebay.com and Walmart.ca, which has contributed to the company’s recent success.
PlantX offers a wide variety of high-quality products to the public. They are actively taking brands that are already loved by the community and making them profitable. The PlantX brands include more than 5,000 SKUs of plant-based goods from established and new brands. While the core of PlantXis their e-commerce platforms, they haven’t stopped there. Instead, they’ve combined their world class e-commerce platforms with retail locations. Thus, for example the recently announced the launch of same day delivery in Ottowa, Toronto, Chicago, and Plainfield. Given this unique combination, PlantXare able to grow at the speed of a technology company while providing the high quality and personal care of a retail company.
PlantX continues to approach the plant-based community with innovative solutions to provide a complete holistic experience, including an educational YouTube series called Medically Speaking, a modern mobile App, and a complete one-stop-shop experience for customers. Recently, PlantX even launched a fitness platform, XFitness, allowing its followers to embrace more aspects of a healthy lifestyle.
As PlantX acquire more and more leading brands, they are likely to be able to quickly bring them to profitability, using their technology, skills, and experience. This gives them a unique advantage over the market that will allow them to continue to achieve fast-paced growth.
While the plant-based industry is competitive, it seems that PlantX has cracked the code to selling to the community. By combining diverse, high-quality products with retail-level customer service and top-notch brand partnerships, they’ve established themselves as a leading company in this fast-growing industry.
Disclaimer: The stock market is volatile and investors are advised to do their own research prior to making a decision