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The Gummy Project Inc. ( CSE: GUMY ) ( OTCQB: POTVF ) has meticulously navigated its way into the booming global Gummy Market with "better for you" low sugar, plant-based, gluten-free gummy products and a purpose-driven approach. By tapping into the public's desire for "better for you" candy options while also supporting the planet's endangered species, the company's Chief Executive Officer ("CEO"), Charlie Lamb, and his team have set out to establish their own footprint in the industry—one gummy at a time.
Entering the global gummy market certainly makes sense given the market was valued at $17.8 billion in 2021, and according to a report by Grand View Research, is expected to balloon to a more than $42-billion market by 2028 and expanding at a CAGR of 12.6% over the forecast period.
Developing a footprint in the industry starts with brand awareness, and that process starts with product, so last week, The Gummy Project ("Gummy Project") announced a significant milestone in advancing the company's strategic business plan on its path to launching the company's brand across Canada and eventually into the United States. Gummy Project has now finished the first production run of the company's initial gummy products—Watermelon Sharks and Peachy Bees.
During production, the company generated 80,000, 50-gram bags, (40,000 bags per product), which are expected to be ready for retail distribution starting this week, and 8,500 snack-sized packages (10 grams) of each product, which are slated to be ready for distribution next week.
When discussing what prompted the CEO to transition into the gummy market, Charlie Lamb said, "Over the last few years, we have observed the quick creation and rapid growth of the low-sugar gummy market. First, we set out to enter this market with a better tasting product than what is currently available, and second, develop a purpose-driven brand that is truly different than what we see in the market today."
This week's announcement that Gummy Project entered into a partnership to become the exclusive supplier of gummy products for Flair Airlines is a strong signal that the company is, in fact, developing a better tasting, "better for you" gummy, developing brand awareness and the company's products are being recognized and accepted by industries that can quickly broaden Gummy Project's reach.
And to fulfill its purpose-driven strategy, as each new animal shaped gummy is created, Gummy Project partners with a carefully selected organization that is focused on saving that same animal to support the global effort and raise awareness to protect endangered "Keystone Species" that are crucial to the planet's ecosystems. To that end, Gummy Project will give a portion of the proceeds from each bag of gummies sold to the corresponding organization.
Bee and Shark gummies will lead the way for Gummy Project's consumer launch and help build the company's purpose-driven conservation partnerships. The first two organizations that have partnered with Gummy Project are "The Bee Conservancy," an organization protecting bees and the environments that sustain them to ensure ecological health and security for all, and "OCEARCH," a global non-profit organization conducting unprecedented research on shark populations in order to accelerate the ocean's return to balance and abundance.
Gummy Project's CEO explained the importance of developing these partnerships, "In our opinion, every company has a responsibility to do something good in this world. We chose to support endangered keystone species because losing these species will have a significant impact on key ecosystems and the overall health of our planet. So, while Elon Musk is working to get us set up on Mars, we are working to ensure a viable future for humanity—here on this beautiful planet we call Earth."
Gummy Project knows that in order to set itself apart from competitors in the industry, the taste of its gummies is vitally important. And the company's thoughtful process in choosing its flavor profiles could be exactly what drives sales over other brands. Charlie Lamb's team engaged in a thorough process that included three rounds of research to arrive at the flavors they used to develop its first two gummy products.
First, they convened a focus group to conduct research on what flavors consumers prefer—more common flavors or some newer, off-the-beaten-path flavors. They chose to see some new and interesting flavors. Then, the company offered the focus group a list of obscure flavors to choose from, and the research group landed on watermelon and peach for the company's first two products. With the flavors chosen, it was now on to the third round of research—taste tests on the street with total strangers. The company used several rounds of taste tests to fine tune the flavor formulation until Gummy Project received almost unanimous positive feedback on both flavors.
Gummy Project was recently invited to participate in the widely popular Sweets and Snacks Expo in Chicago, so what better audience to introduce the company's new products. When asked what the reaction from the industry and from those who purchase goods in the industry was, Charlie Lamb said, "The response we have received from individual consumers to potential retailers has been incredibly positive. We have consistently heard that our product tastes better than any of the other low-sugar gummies in the market today. And people absolutely love our brand, our packaging, our purpose, and our story. So much so that we were selected as one of the two most innovative new companies at the 2022 Sweets and Snacks Expo where we got the chance to present on the innovation stage and received overwhelmingly positive feedback."
These are exciting times at Gummy Project as the company's strategic business plan is right on schedule. With the first two products chosen, purpose-driven partnerships in place, flavors perfected, and the initial production run complete, now the company turns to distribution. Gummy Project's CEO stated that the company has a multi-tiered sales channel approach that should see the company pick up significant brand awareness early while enabling Gummy Project to test different channels simultaneously, and then choose the winners and where to invest more heavily.
"This includes our initial launch in Canada by July 2022 where we will have an e-commerce site shipping Canada-wide; where we'll be listed on various online marketplaces as an ‘add to cart' product; and where we'll be getting our gummies into physical retail stores throughout Vancouver to start (as a test market) through our distribution partner, Deans Dairy & Specialty Foods," said Charlie Lamb.
He added, "By September/October 2022, we plan to launch in the United States with a similar set of sales channels, focusing heavily on physical retail."
And as Gummy Project grows, Charlie Lamb has a strategy that could see the brand eventually become a household name, "Our go-to-market strategy also includes a focus on airlines and major hotel chains. Over time, we may consider sports teams/arenas and other venues where a somewhat captive audience can have the time and space to see our product and to learn about our product and our purpose (aside from the regular grocery shopping routine)."
With exponential growth expected in the gummy market over the next 6 years, it's clear that consumers love gummies. But Gummy Project also realizes that consumers are collectively looking for healthier alternatives in all categories. And according to Charlie Lamb, "This makes the exploding low-sugar gummy market an inevitability, and we believe that we are getting into this market at the exact right time where other brands have paved the way by creating adequate shelf space in major retail. This provides the opportunity for us to enter the market with something different, present our brand and win that shelf space."
To learn more about The Gummy Project Inc. visit https://shopgummies.com
About The Gummy Project
The Gummy Project is a growing community of individuals and organizations who believe small contributions can add up to something big. The company sells low-sugar, plant-based gummy products while raising money (and awareness) to support endangered keystone species. Gummy Project is the only "better for you" candy company that is built to support our planet's most precious species and ecosystems, while educating our future generations on the steps we must take today, to ensure a viable tomorrow.
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