Modern plant-based diet to achieve North Pacific Caviar, Manufacturer of Seaweed Caviar – Vegetarian

Vancouver-based Modern Plant Based Foods Inc. has signed a letter of intent with North Pacific Caviar to acquire 100% of the company’s shares.

North Pacific Caviar makes a vegan caviar based on seaweed and chia seeds, which is said to replicate the consistency of conventional caviar. With the acquisition, Modern Plant Based Foods will be able to produce and distribute vegetarian caviar to retail stores, restaurants and other food service locations.

The global vegan caviar market reached $295.6 million in 2022 and is expected to reach $632 million by 2032, growing at a CAGR of 7.9%. Sales of vegan caviar are expected to grow rapidly due to increasing availability through online channels.

“Restaurants are looking for a premium vegan product like this, and by adding a vegan caviar product to our portfolio, it will further expand our vegan seafood portfolio,” said Avatar DhaliwalCEO of Modern Plant Based Foods.

“We have established sales and distribution channels in various high-end outlets and we believe that vegan caviar is a tasty and nutritious alternative to traditional caviar. We look forward to making it more accessible to consumers.”

Closing of the Agreement is subject to various conditions, including certain documentation, Canadian securities exchange approval and other customary conditions.

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