Business
BranchOut Food Enters the $300 Billion Industrial Food Ingredients Market
Industrial food ingredients expected to be a valuable additional commercialization channel Company to build out internal sales and marketing team to pursue
About this update from Branchout Food Inc.
[{"type":"text","content":"Industrial food ingredients expected to be a valuable additional commercialization channel Company to build out internal sales and marketing team to pursue new channel BranchOut Food will showcase its products and services at the ITF Annual Expo in July 2024 BEND, Ore., June 25, 2024 (GLOBE NEWSWIRE) -- BranchOut Food Inc. (NASDAQ: BOF), a leading food technology company specializing in dehydrated fruit and vegetable-based products, today announced that it will enter the industrial food ingredients market as part of its commercialization strategy. The global market for industrial food ingredients was valued at $335.32 billion in 2023, and is projected to reach approximately $511.33 billion by 2032, with a compound annual growth rate (CAGR) of 4.8%. Eric Healy, CEO of BranchOut Food, said, “We are excited to be entering the industrial food ingredients marketplace with BranchOut Food’s high quality fruit and vegetable products. Our Consumer Packaged Goods (CPG) customers have consistently highlighted a growing need for high quality, unique ingredients, and we look forward to being a trusted partner and supplier to these prominent national brands. “We believe that BranchOut Food has a significant competitive advantage in this space, due to our proprietary technology and its ability to deliver innovative, new products that have not previously been possible, as well as our large-scale manufacturing facility in Peru. Our proximity to abundant fresh fruit and vegetables in Peru allows us the freedom to manage quality control and cost of goods ourselves. “Our recent purchase of a fourth EnWave radiant energy vacuum (REV) machine, a 100kW nutraREV system, will enable us to meet the rising demand for our branded and private label products from some of the nation’s largest retailers and best known brands. This machine is highly optimized and efficient at producing premium fruit and vegetable pieces, fragments and powders with excellent quality, throughput and margins.” BranchOut Food is building out an internal Sales and Marketing team to pursue this channel. The Company will attend the IFT FIRST annual expo Chicago, IL. in July 2024. IFT FIRST brings together researchers, scientists, engineers and entrepreneurs from across the global food value chain to discuss scientific solutions in presentations and panels focused on transformative inn...