Pasture-raised egg producer Vital Farms files for IPO22 Jul 2020
Pasture-raised egg company Vital Farms filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering. The company plans to use the symbol VITL on the NASDAQ New York stock exchange.
In its filing, the company said that it is confident there will be continued demand for ethical, transparent and sustainable brands in order to sustain its growth. "We have expanded into the mainstream channel while still continuing to command premium prices for our ethically produced products, which sell for as much as three times the price of commodity eggs," the company said. Last year, the Vital Farms posted sales of $140.7 million with a net income of $3.3 million.
Citing sales data in its S-1 filing with the SEC, the company said that its retail dollar sales in-store have grown at a 31.7% compound annual growth rate between 2017 and 2019, and the Austin, Texas-based company now holds 76% of the pasture-retail egg category in dollar terms. During the same time period, net revenue grew by 90%. Although Vital Farms holds a mighty share of the market, the overall penetration of pasture-raised eggs within the total shell egg market is still small. The company said that household penetration for pasture-raised shell eggs is only 2% compared to the entire shell egg category penetration of 93%. That small presence in American households leaves plenty of room for growth. The U.S. pasture-raised retail egg market in 2019 accounted for approximately $177.0 million in retail sales, the specialty egg market, where Vital would compete, is worth $1 billion.
While eggs are certainly the large money maker for the Austin, Texas company – its humanely-raised eggs accounted for 91% of its revenue last year – the 13-year old company is also venturing into other categories, including butter and ghee. The U.S. butter market in 2019 accounted for approximately $3.3 billion in retail sales, according to SPINS data cited by the company.
The company sells its products in more than 13,000 stores across the United States and cited the international market as a potential expansion strategy in its prospectus. However, should Vital Farms jump the pond, it will come up against other specialty companies like Cal-Maine and Kerrygold that the company cited as major competitors in the space.
Dairy free segment gets a banana milk
4 Aug 2020
The non-dairy category has exploded in recent years from a category dominated by soy milk to a market with milks made from nuts, grains and plant-based protein sources. Now, the category has a banana milk.Read more
Two plant-based investment arms are created and invest in ice cream
28 Jul 2020
Two plant-based startups have migrated into the ranks of venture capitalists. Perfect Day recently created The Urgent Company in order to develop CPG products from its animal-free dairy proteins, and Jason Karp, the co-founder of Hu snacks started Huma...Read more
Danone rejects claim that its infant formulas contain toxic substances
15 Jul 2020
After industry watchdog group Foodwatch released a report last October that aromatic mineral oils (MOAH) were found in 16 infant formula brands, including Danone’s Gallia Galliagest Lactose-free Growing-up product, the French manufacturing giant recent...Read more
Follow your Heart releases dairy-free feta
13 Jul 2020
This month, Follow Your Heart released its Dairy-Free Feta Crumbles Cheese Alternative, the first dairy-free feta cheese option to arrive on grocery store shelves in the United States.Read more
La Colombe Coffee Roasters introduces draft chocolate milk
12 Jun 2020
The company known for portable cans of ready-to-drink coffee has entered a new segment: chocolate milk. Made with lactose-free milk, the draft version of a childhood favorite is crafted with real cocoa and then infused with nitrous oxide to imbue that ...Read more
Exploring different approaches to lactose-free dairy
17 May 2020
Demand for lactose-free dairy is on the rise around the world, and manufacturers have several options available to them to tap into this growing trend.Read more
Perfect Day’s animal-free dairy protein earns Generally Recognized as Safe (GRAS) status
13 May 2020
The U.S. Food and Drug Administration (FDA) issued a “no objections” letter for the animal-free dairy company Perfect Day’s β-lactoglobulin protein. The letter certifies that the protein has attained Generally Recognized as Safe (GRAS) status.Read more
Plant-Based butter: the new star in the dairy aisle
8 May 2020
First, there was meat, then there was milk. Now, butter is shaping up to be the new darling of the plant-based offerings as consumers look toward more sustainable alternatives for their diets.Read more
Catered foodservice meals in the UK to have 20% less meat
24 Apr 2020
Public sector caterers serving schools, universities, hospitals and care homes have pledged to reduce the amount of meat served on their menus by 20%. There is simultaneously a focus on reducing overall red meat offerings.Read more
Hochdorf reports "year of transformation"
26 Mar 2020
2019 was a year of transformation for the Hochdorf Group, it says, caused in particular by acquisitions in recent years that did not develop as hoped.Read more
Are you a supplier
Here's what we can do for you
- Generate quality leads for your business
- Stay visible for 365 days of the year
- Receive product inquiries and respond to meeting requests directly
- Improve company online presence through Search Engine Optimisation