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.
Traffic light labels to become mandatory in UAE in under one year
1 Apr 2021
Packaged food manufacturers in the United Arab Emirates (UAE) are getting ready for a front-of-pack traffic light nutrition label, which will become mandatory in January next year.Read more
Imperfect Foods plans for net-zero carbon emissions by 2030
25 Mar 2021
Online grocer Imperfect Foods announced that by 2030, it will be a net-zero carbon company that has saved 1 billion pounds of food from waste. Successfully meeting this goal would put Imperfect Foods 10 years ahead of other major retailers striving for...Read more
Seven European countries advocate for Nutri-Score on packaging
23 Feb 2021
Out of the 40 countries that comprise Europe, seven have now joined forces to promote the use of the Nutri-Score system as the standard front-of-pack (FOP) labeling for products sold across the EU. Supporting countries include France, Belgium, Germany,...Read more
Unilever promises living wages to suppliers' employees
1 Feb 2021
In its effort to create a “more equitable and inclusive society” Unilever is committing to a new set of corporate goals, including ensuring that by 2030, all employees of suppliers that directly provide goods and services to earn a living wage or incom...Read more
Montanya Distillers goes plastic neutral
27 Jan 2021
Concerns about sustainability and package waste have driven manufacturers to look for alternatives to plastic. Montanya Distillers, a craft rum distillery and Certified B Corporation, is the latest participant in this movement, but the company has take...Read more
Europe looks to encourage insect consumption
18 Jan 2021
Mealworm burgers may soon be on the menu as the European Food Safety Authority recently approved yellow mealworms as safe for human consumption. This determination is expected to lead to EU-wide approval of the insect as fit for sale across the contine...Read more
USDA expands its definition of nitrates
15 Jan 2021
The Food Safety and Inspection Service of the US Department of Agriculture (USDA) will expand the definition of nitrates in May 2021 to prohibit products using any source of nitrates from using the statements “No Nitrate or Nitrite Added” and “Uncured....Read more
Belgium is officially declared free from African Swine Fever
14 Jan 2021
Belgium officially earned a new status from the World Organization of Animal Health confirming the country is free from African Swine Fever (ASF). This updated status is the first time since September 2018 that the country has officially been declared ...Read more
UK to continue exporting agricultural products to EU
8 Jan 2021
Despite the UK officially leaving the European Union, the island nation will still be able to continue exporting meat fish and dairy to the continent. Late last month, the Department for Environment, Food and Rural Affairs (Defra) granted the UK Third ...Read more
Singapore becomes first country to approve lab-grown meat
4 Jan 2021
The Singapore Food Agency, the city state’s regulatory body for food, approved San Francisco startup Eat Just’s cell-based meat chicken product, paving the way for its sale in the country.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