Posted by AGORACOM-JC
at 8:52 AM on Friday, February 19th, 2021
PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) aims to redefine the plant-based community through e-commerce, with a core objective of becoming the most trusted and convenient destination for people living plant-based lives. PlantX is a multifaceted marketplace providing consumers all things plant-based ranging from an efficient e-commerce experience, connecting consumers with interactive PlantX brick-and-mortar stores, and a PlantX home delivery system for products, meals, recipes, and more.
Market Outlook
With its comprehensive e-commerce platform, PlantX is strongly positioned for a prominent role in both the fast-growing plant-based food market, e-commerce and the online food delivery sectors. The global plant-based food market is expected to reach $74.2 billion by 2027, expanding at a CAGR of 11.9% . Similarly, the online food delivery market has steadily grown, especially during the current pandemic. This trend seems here to stay. In the United States alone, the sector is expected to report $28.5 billion by 2024, with companies such as UberEats experiencing 152% increases in food deliveries in the summer of 2020 .
Complementary to these trends, and as a result of the COVID-19 pandemic, online sales and digitization have also both grown exponentially in 2020. Grocery shopping has seen a remarkable transition to e-commerce, with online grocery sales growing by 53% in 2020. Amid the pandemic-imposed physical interactions and related consumer behaviour change, large retailers have been compelled to meet this surge in e-commerce demand. For example, Whole Foods Markets has increased its online sales capacity by over 60% in 2020. The global meal kit delivery system is also becoming increasingly popular, and is expected to achieve $19.92 billion by 2027, expanding at a CAGR of 12.8%. PlantX aims to capitalize on this anticipated exponential market growth of the plant-based, e-commerce and home-delivery industries.
Check out this video to find out more about investing in PlantX (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF)
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