Naturally Splendid (TSXV:NSP) announced the following HempOmega update.
Naturally Splendid was honored to have attended the 2016 NutraIngredients Awards as a top 3 finalists in the Start-Up Ingredient of the Year category for their innovative HempOmega™ ingredient. Naturally Splendid VP Operations Mr. Bryan Carson reports, “We are very proud to have made it to one of three finalists for new ingredient of the year. Although HempOmega™ was not awarded the top ingredient of the year, being a finalist is a significant achievement”.
This opportunity has created significant exposure for HempOmega™ among global industry leaders. There was an overwhelming excitement regarding the technology of HempOmega™ and the science of converting plant oils into water dispersible powders with greater bioavailability and superior sustainability. The proprietary science revolves around a delivery mechanism that provides additional nutritional benefits for food, beverage, pet and cosmetic industry when compared to conventional omega oils. NSE will continue to pursue new relationships and opportunities that have developed as benefit of attending.
In a 2013 Nutraceuticals World article, it was reported, “Omega production is forecast to grow a mammoth 32.8% annually in volume (15.1% in value) by 2018, by which time 3.3 million metric tons worth $9.1 billion will be produced. “Plant omega 3 production value is expected to grow twice as fast as marine during the next five years,” Mr. Bender predicted. “As a result, by 2018, plant omega 3s will account for 52% of production value compared to 48% for marine. Plant omega 3s will benefit from consumers’ desire to get away from animal based products”.
Naturally Splendid CEO, Craig Goodwin, stated:
We believe HempOmega is ideally positioned to penetrate these markets which are now upon us and the recent recognition from the NutraIngredients Awards provides validation of that.