RLG launches new brand to tap into growing alternative protein market
Food & Agriculture
Food & Agriculture
RLG has launched its own Food and Health and Wellbeing Brand, with a range of products to be sold under the VORA brand name.
The VORA brand and product range has been developed based on demand identified in the Australian and Chinese markets and services the strongly growing global demand for healthy, sustainable, food products and the existing and forecast demand for plant proteins.
It’s a smart move for RooLife Group (ASX:RLG), since the World Economic Forum has forecast that the alternative-protein market will increase to more than 7 times its current size over 15 years, from 13 million metric tons a year to 97 million metric tons by 2035 – when it will make up 11% of the overall protein market.
Plus, a 2022 survey by BCG and Blue Horizon, across seven countries, highlighted that approximately 75% of respondents said that having a healthier diet is the primary motivator for them to start consuming alternative proteins.
And brand ownership provides the opportunity for increased margins on RLG’s own products and the ability to service identified demand rapidly.
The company says the VORA product range leverages the high regard for Australia’s agricultural food products – and RLG already has defined and qualified customer databases in Australia and China which it says provide a ready-made customer base.
“The launch of the VORA brand and product range represents the culmination of the last 12 month’s investment in data mining, product demand assessment, product formulation and brand positioning,” MD Bryan Carr said.
“The COVID-19 pandemic has influenced consumer behaviours with one of the most notable being an enhanced desire to lead a more sustainable life.
“VORA has been positioned to meet this objective, with the vision to be Good for You, Good for the Planet. Good Business”.
The plan is to launch in Australia with vegetable protein products and it is planned to expand into a broader food range to service high-demand and high growth markets in China and South East Asia.
This article was developed in collaboration with RooLife Group, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.