Global retail sales of plant-based food alternatives may reach $162 billion by 2030 — up from $29.4 billion in 2020, according to a report from Bloomberg Intelligence.
While some brands such as Beyond Meat (NASDAQ: BYND) offer a narrow entry point to the market with a limited line of products, Canadian-based PlantX (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is building a holistic solution that has grown to be loved
by consumers. Mixing e-commerce and retail, alongside a wide array of products, PlantX is becoming the go-to plant based brand for many consumers. In fact, many are calling them the digital face of the plant-based community.
PlantX has seen major growth. In just five months from platform launch, the company grew from $0 in revenue to $1.3 million in monthly recurring revenue. Moreover, PlantX has employed a smart M&A strategy, acquiring the highest quality
brands that further enhances the deep love consumers feel towards them. The company has established partnerships with celebrity chefs and brand ambassadors, like Matthew Kenney, Justin Fields, and Venus Williams.
PlantX are growing at an impressive rate and management are operating efficiently to allow for both growth and profitability. The fast-growing company currently offers its North American customers more than 5,000 plant-based products. Another key to massive
revenue growth recently seen at the company is the listing of PlantX products on thebay.com and Walmart.ca.
It seems PlantX is doing everything right, and as such, we can expect to see major growth in their stock over time. PlantX should be a cornerstone stock in your portfolio, giving you exposure to the massive potential of the plant based, vegan, e-commerce,
and food industries. More importantly, they are building a customer-centric experience based on a 360 degree perspective of their consumers, as an example of this - we can see the recent launch of their XFitness platform, the company's new online fitness service
featuring a variety of live and on-demand fitness classes delivered by professional instructors. This is yet another testament to the vast expansion potential buried in this company.
Given all this, PlantX’s current trading price is a bargain for investors. Analysts are optimistic about the outlook of this company and now seems like an optimal time to get your foot in the door.
Disclaimer: The author is compensated to provide his independent analysis of companies. The author owns no shares nor plans to do so in the near future. The stock market is volatile and investors are advised to do their own research prior
to making a decision