Organic Garage (TSX-V:OG) Ltd announced that its subsidiary, plant-based food company Future of Cheese Inc, has launched the initial line of a variety of butter across selected retailers in Ontario, including all Organic Garage (TSX-V:OG) stores.
The Toronto-based company is hoping that its Normandy-inspired, plant-based butter will be adopted by consumers of all dietary preferences and has the potential to substitute conventional dairy-based butter for the food services industry as a healthy, sustainable substitute.
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“This initial launch marks a significant milestone for the company,” said Craig Harding, culinary director of Future of Cheese in a statement. “We are extremely excited to introduce our plant-based butters to the market, and confident that retail consumers and foodservice customers alike will be blown away by how this product tastes and performs in the kitchen, comparable to the best of conventional dairy-based butter.”
Organic Garage shared with its investors that it spent the past few months perfecting the formulation of the plant-based butter. The samples were tested internally, in both restaurant and foodservice trials to ensure that the look and taste will please all customers, and both the amateur and professional chef.
Ever since the company shared that it had successfully formulated the plant-based butter in April of this year, Organic Garage’s Canadian distributors have received significant order interest, the statement stated.
Future of Cheese is positioning itself as an innovator and manufacturer of the plant-based dairy alternatives market.
A Fior Markets report published in February revealed that the global vegan market is expected to grow up to US$1.77 billion by 2026, at a compound annual growth rate of 4.65% during the forecast period 2019 to 2026. The report cites increased awareness of health benefits and increased concern for animal welfare and the environment as some of the factors driving demand for the vegan butter market.
Contact Ritika at ritika@proactiveinvestors.com