In 2021, the plant-based food market was worth an impressive US$7 billion, up 27 percent year over year and is expected to hit US$10.7 billion by 2027. We’ve also seen the rise of several new players in the industry since Beyond Meat’s (NASDAQ: BYND) IPO in 2019. Among these new companies is the Tattooed Chef (NASDAQ:TTCF) while more established food companies, like the Kellogg Company (NYSE:K) or Hormel Food (NYSE:HRL), have opted to create sub-brands that focus on plant-based products.
In Canada, the plant-based food industry is growing — sales of plant-based cheese alone in 2020 was valued at approximately US$12.1 million and is expected to reach US$23.9 million by 2026. To date, Canada has invested up to C$173 million in the Protein Industries through the country’s SuperCluster Initiative. This project aims to increase the value of key crops and serve growing markets in North America, Asia and Europe for plant-based or new food products. With the growing plant-based food industry in Canada supported by government funding, the opportunities for investors are bountiful.
Komo Plant-Based Foods (CSE:YUM) is a Canadian plant-based foods company that combines the best parts of nutrition, convenience and the meal-sharing experience. The company aims to create family-friendly and shareable options that are designed to bring people together through the power of plant-based comfort food options.
Komo aims to take advantage of several prevailing consumer trends, including the blossoming plant-based revolution, the rise of the clean label consumer, and the reemergence of frozen foods. The company is working to make plant-based meals a staple on every dinner table through a strategy that focuses on making premium frozen meals a more accessible and flavorful experience through its innovative product catalog featuring meals/entrees, meal helpers, and sweets.As Komo Plant-Based Comfort Foods (a subsidiary of Komo Plant-Based Foods) CEO Jeffrey Ma said, Komo Plant-Based Foods makes their familiar products in multi-servings so that “people can enjoy the same products together.” With the rise in popularity of plant-based diets and similar plant-based meals producing corporations — in tandem with operating out of the increasingly plant-based food-friendly Canada, Komo Plant-Based Foods finds itself in a favourable position for rapid growth.
Komo Plant-Based Foods has a number of frozen comfort food products, including its shepherd’s pies, pot pies, and lasagna. Furthermore, the company has made several advances with respect to its means of revenue and distribution. On January 11, 2022 Komo teamed up with BRR Logistics, one of Canada’s largest frozen foods distributors, allowing them to source all of Komo’s frozen plant-based products in retail groups in Ontario and Quebec. This is supplemental to Komo Plant-Based Foods’ already impressive e-commerce revenue sources, its own website and Shopify, and through hot meal delivery apps including Uber Eats (NYSE:UBER) and Skip the Dishes, owned by Just Eats (NYSE:TKWY).
Komo Plant-Based Foods’ serving sizes give its customers the ability to share food with others in a convenient yet affordable package. The company also has access to three streams of revenue, namely retail distribution, e-commerce and hot meal delivery apps, making the company highly accessible to a wide variety of consumers. They currently have 120 distribution points across Canada, with plans to reach 550 by July 31, 2022. Recently, the company announced that its plant-based food products have become available for purchase in the United States.
The company’s leadership team has significant experience in the plant-based foods category. Komo Plant-Based Comfort Food CEO Jeffrey Ma has led innovation projects in plant-based nutrition and has extensive experience working for big brands, including Daiya Foods, VEGA and more. Meanwhile, Senior Director, Operations & Food Safety Adya Djoko has over 13 years of direct experience in the food industry. Director of Culinary Development Frédéric Gagné has worked as a plant-based chef for over 20 years.
- Komo Plant-Based Foods is a Canadian plant-based meals company that aims to provide easy to prepare comfort foods that are shareable and designed for groups.
- The company officially expanded into the United States in February 2022, with plans for further expansion.
- The company has developed three reliable sources of revenue through retail, ecommerce, and hot meal delivery apps.
- Komo Plant-Based Foods partnered with BRR Logistics, one of Canada’s largest frozen goods distributors, leveraging their vast network of participating retailers across the nation, to further distribute its products across Ontario and Quebec.
- Komo’s management team has decades of combined experience working in the plant-based food industry.
Meals & Entrees
The meals and entrees product line are designed to provide classic, hearty meals to vegans. It consists of filling, satisfying, favourites that appeal to a wide variety of demographics. Full entrees typically provide four-six servings, are designed for sharing and come in a ready-to-bake format.
The lasagna product offers vegans, and people aiming to reduce their meat consumption. a meat-free alternative. It consists of layers of semolina pasta, tomato lentil ragu, a chickpea béchamel sauce and a tofu ricotta-style spread. Available in both two-serving and five-six serving variations, the lasagna product is set to win the hearts of pasta lovers.
The shepherd’s pie is another attractive option for people looking for a tasty, meat alternative for dinner. The product consists of Yukon gold garlic mash, mushroom onion gravy, Canadian green lentils, and a veggie medley.
Meal helpers provide all the components a chef needs to simplify the plant-based cooking experience. This includes hearty classics, crowd favourites, and the staples required to add an infusion of flavour to any meal. Popular meal helpers include the bolognese sauce and taco filling.
The sweets product line is designed to provide vegans with access to classic dessert options. This category offers a variety of satisfying, indulgent, and comforting choices. Currently, the company offers vegan double chocolate oatmeal cookies within the sweets category.
William White - Founder, President and CEO
William White founded the company in 2018 and as Chief Executive Officer, sets the corporate strategy for Komo, overseeing all capital raising activities and the company’s growth and ensuring that the company develops initiatives that can positively impact society, including issues affecting the environment and policies that support our workforce and diversity, engagement with the community and governance and oversight such as board composition, code and values. White was the Founder, President and CEO of Lynx Gold Corp (recently acquired by a public company). From November 2020 to the present, White has been the President and CEO of Komo Plant-Based Foods Inc. and led the acquisition of our operating subsidiary, Komo Plant-Based Comfort Foods Inc., where he previously served as President and Chief Executive Officer from January 2018 to December 2020.
Jeffrey Ma - President and CEO
Jeffrey Ma assumed the role of President and Chief Executive Officer of operating subsidiary Komo Plant-Based Comfort Foods Inc. on December 9, 2020. Under Ma’s leadership the initial product offering of Komo Comfort Foods through a proprietary eCommerce platform was launched. He has worked in the plant-based food industry for the past 9 years and his experience involves leading innovation platforms that include dairy-free alternatives, plant-based nutrition, and better-for-you snack formats. Ma was the Research and Development Project Lead at Daiya Foods Inc. for 4 years, team leader while the company grew to the #1 Plant-based cheese brand in North America. Ma was also the Research & Innovation Manager at Vancouver-based protein shake, snack bar and supplement maker VEGA (Danone Company) for three and a half years, team leader while the company grew to the #1 Plant-based Protein Powder brand in North America (acquired by Danone Co. in 2016).
Rick Huang - CFO
Rick Huang has been CFO of the company since February 2021 and he manages the accounting and financial reporting for Komo Plant-Based Foods Inc. and subsidiaries. Huang has served as a CFO for publicly traded companies for more than a decade, managing all aspects of finance, banking, compliance, accounting, reporting, internal control, admin and supporting the board of directors in financial oversight. Previously, Huang served as CFO of Hanwei Energy Services Corp. (TSX:HE) from April 2007 to May 2018 where he has managed all aspects of finance, banking, compliance, accounting, reporting, internal control, admin and supporting the board of directors in financial oversight. He also has supervised all aspects of accounting for various subsidiary companies in Canada, China and Kazakhstan and consolidations under IFRS.
Frédéric Gagné - Director of Culinary DevelopmentFrédéric Gagné, aka Chef Fred, was born and culinary trained in Quebec, Canada, but his enthusiasm to learn new cultures and cook different cuisines has taken his culinary journey across the world. Gagné has been a health enthusiast and professional plant- based chef for over 20 years. In September 2020, Komo Foods began collaborating with Gagné to create delicious plant-based meals and, in May 2021, Gagné joined Komo as Director of Culinary Development. Gagné’s expertise advising on the development and improvement of food service operations, including menus, food safety, costs & profitability, has been valued by high quality hotels & resorts, catering companies and restaurants in Europe, North America, Australia and the Caribbean. Chef Fred worked as the Executive Chef for one of Canada’s largest restaurants, SteamWorks, with a team of 42 chefs, for approximately 13 years.
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