Toronto, Ontario--(Newsfile Corp. - February 28, 2024) - PlantFuel Life Inc. (CSE: FUEL) (OTCQB: PLFLF) (FSE: BR1B) ("PlantFuel" or the "Company") - PlantFuel, a pioneering force in the plant-based nutrition industry, is thrilled to announce significant progress with its latest product offerings, Amplify Nutrition Pre-workout and Electrolyte Gummies. PlantFuel has successfully engaged manufacturing partners to produce initial production of its proprietary recipes, setting the stage for future scalability and market penetration. The Company will continue negotiations with interested parties to ensure that we are able to meet the increased demand for gummy format supplements. Plantfuel is focused on generating additional revenues for 2024 by adding in new sales channels for its products.
Amplify Pre-workout and Post-workout gummies pictured above.
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As part of PlantFuel's commitment to delivering superior plant-based nutrition solutions, these new additions tap into the increasing demand for gummy supplement products within the sector. The Company is focused on generating additional revenues for 2024 by adding in new sales channels for its products. By 2021, Herbaland had expanded to seven production lines which enabled them to produce 70 million bottles and pouches of gummies a year. Today, they have four locations of total 14,000 m2 (150,000 sq. ft), including a warehouse where they store materials, and three production facilities, one of which runs 24/7. 1 Alani Nutrition, a US-based supplement company, quickly grew due to its viral marketing and influencer partnerships, eventually realizing revenues of $228M in 2021 with 270% growth. Alani Nutrition offers various products from protein powders, shakes, bars and gummies. Their "Fit Snack" gummies promote healthy snacking, and do not contain any functional ingredients. Amplify Nutrition Pre-workout gummies are designed to provide athletes and fitness enthusiasts with the energy and endurance needed to surpass their training goals, while the Electrolyte gummies offer a delicious and convenient way to stay hydrated and replenish essential minerals lost during intense workouts.
The global gummy supplements market size was valued at USD 3,721.28 million in 2021. It is projected to reach USD 5,714.59 million by 2030, growing at a CAGR of 4.88% during the forecast period (2022-2030). 2 The supplemented food products and edible vitamins sector has witnessed exponential growth, driven by consumers' increasing preference for convenient, effective, and enjoyable nutritional options. Sales of gummy format dietary supplements grew 23% to $2.63 billion for the 52 weeks ending Dec. Growth among gummies last year was most significant for condition-specific supplement formulas (30% overall). 3 Gummy vitamins, in particular, have surged in popularity, offering a palatable alternative to traditional supplements. This trend reflects a broader shift in the health and wellness industry towards products that not only meet nutritional needs but also fit seamlessly into consumers' lifestyles.
The launch of these innovative products is strategically aligned with PlantFuel's distribution plan, utilizing its existing sales channels with a special emphasis on launching with e-commerce, fitness and health food outlets. This approach ensures that Amplify Nutrition Pre-workout and Electrolyte Gummies will be readily accessible to the active and health-conscious consumer base that PlantFuel serves.
"We see great value in the Amplify Nutrition Pre-workout and Electrolyte Gummies with current and future market trends," stated Tony Qian, CEO of Plantfuel Life Inc. "As we continue to expand our product offerings, it allows us to enter new sales channels and increase customer loyalty." Qian is poised to introduce innovative product developments at PlantFuel Life Inc., with a focus on expanding the company's portfolio in line with emerging health trends and consumer needs. This strategy aims not only to solidify the company's market position but also to offer exciting investment opportunities for our shareholders.
As PlantFuel prepares for the sales expansion, the Company is focused on ensuring that these new products uphold its high standards of quality and specifications for large retail outlets.
About Plant Fuel Inc.
Plant Fuel Inc. is a leading developer and provider of sustainable, eco-friendly fuel alternatives. Established with a mission to combat climate change and reduce global dependence on fossil fuels, the company offers innovative solutions that are both environmentally responsible and economically viable. With a diverse portfolio of products and a commitment to ongoing research and development, Plant Fuel Inc. is dedicated to creating a greener future for generations to come. Visit PlantFuel online at https://plantfuel.com/.
ON BEHALF OF THE BOARD
Tony Qian
Chief Executive Officer
Investor Contact:
P: 1-888-630-6938
E: ir@plantfuel.com
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities laws (collectively, "forward-looking information"). Forward-looking information are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to future opportunities and expansion.
Developing forward-looking information involves reliance on several assumptions and considerations of certain risks and uncertainties, some of which are specific to PlantFuel and others that apply to the industry generally.
The risk factors and uncertainties that could cause actual results to differ materially from the anticipated results or expectations expressed in this press release. For additional information about assumptions and risks and uncertainties applicable to PlantFuel, please refer to PlantFuel's listing statement dated August 22, 2019 which is available on PlantFuel's SEDAR profile at www.sedar.com.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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1 https://www.bdc.ca/en/articles-tools/sustainability/environment/sweet-success-gummy-business
2 https://straitsresearch.com/report/gummy-supplements-market
3 https://www.nutraceuticalsworld.com/issues/2022-01/view_features/gummy-dietary-supplements-continue-to-win-market-share/
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SOURCE: PlantFuel Life Inc.
