Very Good Butchers, a Canadian-based vegan meat shop, announced this week that it will be expanding to the U.S. The company began trading in the Canadian Stock Market in June, and since then, has raised $8.5 million from its public offerings. It will use this money to increase production in its Victoria, B.C. facility, and support its expansion into U.S. retail.
Very Good Butchers offers a myriad of plant-based meat alternatives; steaks, ribs, bangers, and roast beef to name a few, using ingredients such as vital wheat gluten, jackfruit, a variety of beans, and a combination of vegetables and spices. These different cuts of vegan meat are available for individual purchase through its website a la carte, or the company offers a monthly meat club membership, which ships six of its best sellers to your door every month.
Beyond Meat was the first plant-based meat company to go public with its stock in May 2019, and became the best performing stock of the year. Very Good Butchers is now the second plant-based meat company to go public, and saw a 790 percent increase in shares. Another Canadian meat alternative company, Modern Meat, quickly followed suit and went public with its stock in July 2020. And with the market growing, plant-based meat IPOs won’t end there.
This is the second consecutive year where plant-based food retail sales have grown five times faster than total food sales. The plant-based food market is now worth $5 billion, with the category of plant-based meats approaching a value of $1 billion alone. COVID-19 disruptions in meat packaging plants and the fear of the virus spreading through animals have contributed to consumers reaching for plant-based meat alternatives.
Very Good Butchers didn’t say when it will begin its expansion down south to U.S. retailers. In the meantime, the company has brought on three new logistics partners that will allow three-day shipping of its products anywhere in the U.S. and Canada.