Nepra Foods Inc. (“Nepra”) (CSE:NPRA)(FSE:2P6F)(OTCQB:NPRFF), the creator of nutritious plant-based and allergen-free food, is pleased to announce the expansion of its private label product development and ingredients consulting practice. Nepra is building an external team of expert food product developers and formulators to scale its existing business. The demand for Nepra’s consulting services has doubled over the past 12 months making it a challenge to service its growing clientele with internal staff. Nepra’s core specialty ingredients business is driven largely by independent food manufacturers seeking to add new allergen-free products to their portfolios. By helping manufacturers formulate custom products using its proprietary specialty ingredients, Nepra can expand its ingredients ecosystem to drive additional recurring revenues. Examples of recent products formulated for independent food manufacturers include gluten-free pretzels, shelf-stable allergen-free bread, hemp-based cookies, and other nutritious products marketed toward health-conscious consumers.
“We are continuously approached by food manufacturers seeking our help to formulate new allergen-free products. We’ve been able to grow our consulting practice into a thriving business primarily through word of mouth. With the addition of our external product development team, many of whom I have collaborated with in the past, we will be better positioned to support a much larger client base with our specialty ingredients,” said Chadwick White, Co-Founder and Chief Innovation Officer of Nepra Foods.
According to FoodManufacturing.com, more than half of consumers in the United States are eating more plant-based foods, and its popularity is expected to grow in 2022. Plant-based diets have increased 300% for Americans in the last 15 years, and global retail sales of plant-based food alternatives may reach $162 billion by 2030 — up from $29.4 billion in 2020. If so, the projected plant-based food market would make up 7.7% of the global protein market.1 Nepra’s existing expertise in alternative proteins and allergen-free plant-based ingredients, combined with a new external team of industry-leading formulators, positions it for continued success in a rapidly growing market.
About Nepra Foods
Nepra Foods is grounded in a passion for food. We believe eating healthy shouldn’t be difficult. Everybody deserves food options that are truly nutritious and taste good. Food should not contain allergens that might prevent everybody in the family from enjoying it together. People shouldn’t have to compromise quality and taste in what they eat even if they are trying to cut down on carbs, don’t tolerate gluten or dairy very well, or don’t want to eat food produced from animals. Nepra Foods is on a mission to make healthy, enjoyable food for everybody.
This news release contains statements and information that, to the extent that they are not historical fact, constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions, and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance, or achievements expressed or implied by the forward-looking information, including, but not limited to, the statements relating to the Company’s financial performance, business development and results of operations. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances, or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws.
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