Mr. Avtar Dhaliwal reports

MODERN PLANT BASED FOODS LAUNCHES ITS NEW VEGAN KAVIAR TARGETING SUSHI AND SEAFOOD RESTAURANTS

Modern Plant Based Foods Inc. is setting a new standard in the world of gourmet cuisine with its Vegan Kaviar line, now available in salmon, wasabi and beluga flavours. This innovative seaweed-based product range not only offers a luxurious taste experience but also serves as an affordable alternative to traditional, high-cost caviar, effectively filling a significant gap in the market. The company has completed its initial product launch, offering its affordable high-end vegan Kaviar, targeting sushi and seafood restaurants.

The company has developed a strategic launch plan, aiming to secure partnerships with local suppliers and seafood restaurants. Having worked with various restaurant and national distribution channels previously, Modern Plant is revisiting these outlets to introduce the Vegan Kaviar. The company has launched multiple portfolio products with major distribution players, including Gordon's Food Service, KeHE, Horizon Distributors and Lekker Foods, and many direct sales channels, including Whole Foods, Costco and IGA. By using these previously established sales channels, the company expects a faster growth trajectory for the Kaviar line. In tandem with restaurant and distribution partnerships, Modern Plant's Vegan Kaviar will be available for purchase on-line. The company sees value in offering direct-to-consumer availability through an e-commerce platform to ensure that the product is accessible to a wider audience, allowing consumers to enjoy this gourmet experience in the comfort of their homes.

Crafted with purely plant-based ingredients, each flavour in the Vegan Kaviar line is meticulously designed to replicate the texture and nuanced flavours of conventional caviar. The three variants are available in a 50-gram and 125-gram tin catering to a diverse range of palates:

• Vegan wasabi caviar: Combining the sophistication of caviar with a wasabi twist, this flavour offers a unique culinary experience at a fraction of the cost of similar gourmet products.
• Vegan original caviar: This variant emulates the luxurious and highly sought-after beluga caviar, providing an ethical and cost-effective option for gourmet dining.
• Vegan salmon caviar: A sustainable and affordable alternative to traditional salmon roe, it is perfect for classic caviar enthusiasts.

"With the launch of our Vegan Kaviar line, we are bridging the gap in the market for affordable luxury in the seafood market," stated Avtar Dhaliwal, chief executive officer of Modern Plant. "Our products are designed for those who seek the finesse of high-end caviar without the extravagant cost, aligning with our commitment to sustainable, accessible and ethical food choices."

The caviar market size is estimated at $372.99-million (U.S.) in 2024 and is expected to reach $547.03-million (U.S.) by 2029, growing at a compound annual growth rate of 7.96 per cent during the forecast period (2024 to 2029). Modern Plant expects to gain market share in the caviar market with its new innovation. This range is perfect for adding a touch of elegance to any dish, from gourmet recipes to everyday meals, making luxury dining an accessible experience for all. Available in select gourmet stores and on-line, Modern Plant's Vegan Kaviar is a game changer in the plant-based industry.

About Modern Plant Based Foods Inc.

Modern Plant is a Canadian food company based in Vancouver, B.C., that offers a portfolio of plant-based products including meat and dairy-free alternatives, soups and vegan snacks. It takes a holistic approach to plant-based living and understands the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. It wants people to feel good about the food they eat, which is why it is deliberate in choosing ingredients free of soy, gluten, nuts and genetically modified organisms. Its mission is to change the way food is produced and consumed for the benefit of people, animals and the environment by using natural plant-based ingredients.

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