P L A N T- B A S E D W O R K I N G PA R T N E R S H I P
P R E S E N TAT I O N
P L A N T- B A S E D W O R K I N G PA R T N E R S H I P
E X E C U T I V E S U M M A RY
F U T U R E V E G A N S U P P LY V B i te s ® V- m ay N o ®
V B I T E S : P I O N E E RS O F P L A N T- BA S E D FO O D I N N O VAT I O N
AWARD WINNING company that develops, manufactures and distributes high tech plant-based meat, fish and dairy alternates. Vision is to provide nutritious and healthier alternates, replacing like for like and easing the transition.
THE VBITES DIFFERENCE Unrivalled product range and mix Over 140 products; closest competitor 45
Consistently first-to-market Extensive & robust IP
Only company with the ability to use soy protein, wheat protein, coconut, mushroom, algae
100% plant-based only facilities built to scale
Over 600,000 square ft of high-end technology to deliver for the mass market
>80 awards from the market
WHAT SETS VBITES APART FROM THE COMPETITION
S O Y F R E E M E AT F E A S T C R U M B L E
D R I V E N BY E N V I RO N M E N TA L C O N C E R N S A N D C O N S U M E R TA S T E S
Climate Change
Health & Ethics
Animal Welfare
Taste
70%
8.1M
>1bn
#1
Savings in diet related emissions if vegan1. Food greater contributor than transport to reducing carbon footprint2
Deaths per year could be saved by 2050 by adopting vegan diets3.
Farmed animals in Britain are killed each year in slaughterhouses4
Primary driver of consumer purchases of plant-based products5
Source: 1) John Hopkins University 2) The Committee on Climate Change 3) Oxford Martin School 4) Department for Food Environment and Rural Affairs 5) The Good Food Institute
C L I M AT E C H A N G E (Veganism) "Single biggest way" to reduce environmental impact on earth1 Diet related greenhouse emissions if everyone switched to‌., % percapita changes2 Western style diet
135%
Meatless day
14%
Vegetarian
production of plant-based meat alternatives to contribute 10x fewer greenhouse emissions than equivalent beef-based products3
18-51%
f global greenhouse gas emissions driven by livestock rearing and processing4
$570bn
economic benefit of reduced greenhouse gas emissions from dietary change5
-12%
No dairy
Flexitarian
10%
-2%
No red meat
Pescatarian
Diet is where you can make the biggest difference, followed by travel and heating.2
-23% -33% -41%
Insect / plant-based
-68%
Vegan
-70%
Source: 1) John Hopkins University 2) FAO 3) Imperial College 4) Water Resource & Industry 5) Oxford Martin School
I M PA C T O F CO V I D - 1 9 FOOD SERVICE ZERO SUPPLY IMPACT
VBites Online Sales1
85%
YoY Increase
5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Source: 1) VBites data
SOARING DEMAND IN THE UK The forefront of the veganism revolution
65%
Britons have eaten food containing meat substitutes, rising from 50% in 2017 to 65%1
Motivation for becoming vegan
% of respondents citing each reason (more than 1 could be given)5
People interested in cutting down meat consumption / flexitarians Non-meat eaters
34% 23% 126%
of the UK population now have meatfree or meat-reduced diets2
Health Weight management
food products launched in the UK in 2019 had a vegan/no animal claim, tripling from just 8% in 20153
CAGR increase in Veganuary sign-ups 2014-20204
Source: 1) Mintel 2) Waitrose 3) Mintel 4) Veganuary 5) Lightspeed/Mintel, study of 1,040 adults in the UK
31% 29%
8%
Animal welfare
24%
Environment
24%
Concerns over antibiotics Taste
53% 32%
18% 20% 10%
49%
30%
A G RO U P O F CO M P L E M E N TA RY B U S I N E S S E S H E AT H E R M I L L S - F O U N D E R
VBITES
PROPERTY
PIONEERS OF PLANT BASED FOODS SINCE 1993
COMMERCIAL PLANT BASED LEASING
WWW.VBITES.COM
WWW.PLANTBASED VALLEY
ALGAE OIL SUPPLIMENTS
WWW.VMEGA-3.COM
VENTURES
PLANT BASED VENTURES
PLANET PIZZA WWW.PLANETPIZZA.COM
BE AT ONE BEAUTY WWW.BE-AT-ONE.COM
ONIST
WWW.ONIST.COM
BEAUS’S
https://beaus-icecream.com/
DIVERSITY
PLANT BASED PROJECTS
MY PLANET VEGAN WWW.MYPLANETVEGAN.COM
VBITES CAFE
PLANT BASED KITCHEN & BAR
WHO IS VBITES ? Pioneers of plant-based food innovation since 1993 VBites Food Limited. is an award-winning company that develops, manufactures and distributes high tech plant-based meat, fish and dairy alternates. Founded in 1993, in a 100% plant based facility, the company's vision is to provide those seeking to omit or reduce meat, fish & dairy foods from their diet with nutritious and healthier alternates, replacing like for like and easing the transition.
The company’s team of food technologists and scientists are constantly researching plant-based alternatives with the texture and taste from numerous plant proteins.
O U R A M A Z I N G FO O D J O U R N E Y 1993
1994
1997
2002
2005
2009
Waitrose listing Starts trading as Redwood Wholefood Company
2010
Corby plant launched
2018
Highest quality Algal Oil IP
Konjac IP for Vegan Fish Heather Mills acquires Redwood
Australia distribution
2020
Benton, Peterlee launched 100th product (Vegan Fish)
VBites Group founded $1m chicken to the Bronx
Vegan bacon launched
2014
80th Award
Pea protein IP formalised Morrisons listing
2013
“Best Burger USA� (VMega burger)
THE VBITES DIFFERENCE Unrivalled product range and mix Consistently first-to-market Extensive & robust IP 100% plant-based only facilities built to scale 126 awards from the market
WHAT SETS VBITES APART FROM THE COMPETITION
ยง
G L O B A L S U P P LY N E T W O R K I N P L A C E R E A D Y F O R T H E N E X T WAV E EXPORTING TO 22 COUNTRIES WORLD WIDE
Current customers and ongoing conversations
E X T E N S I V E & RO B U S T I P A much wider variety of ingredients than competitors, minimising risk of relying on supply of one protein.
Soy Protein
Wheat Protein
Coconut
Mushroom
to the Core ! All VBites plant-based innovations are driven by highly skilled, food science, food safety, process, NPD and market research teams.
Algae
C O R BY I N N O VAT I O N C E N T R E Providing the VBites NPD team support with the development of new products and processes from conception to consumption
THIS!
R&D Application Lab Colour / Encapsulation Lab Analytical Lab Chemical Lab Pilot Plant Test Kitchen
VBites holds key market USP around production capabilities of Oat, Mushroom and Algal protein isolates
Further detail in appendix
1 0 0 % P L A N T- BA S E D O N LY FA C I L I T I E S , B U I LT TO S C A L E Over 600,000 square ft of high-end technology to deliver for the mass market High-care, temperature-controlled facilities 4 facilities (3 owned) Full BRC accreditation 100% plant-based Unparalleled zero meat, fish and dairy cross contamination
Vegetarian Society Approved Vegan Society Approved Kosher and Halal Certified
Peterlee 185K ft² Benton 30K ft² Corby
Total >600K ft²
30K ft²
Plant – Based Valley 385K ft²
Peterlee
VBITES TURNOVER FORECAST VBites Turnover Projections (£m) Base
140
High
Low
120 100 80 60 40 20 0 2021
2022
Source: VBites Internal Projections
2023
2024
2025
2026
V B I T E S T U R N O V E R : D I S T R I B U T I O N BY S E G M E N T VBites Turnover Scenarios
10 10
18
10
2020
26 22 20
2021
Base
46
34
40
30
2022
2023
58 50
2024
17%
UK 24%
31%
90%
83%
70
60
2026
UK Segment Split (Base Scenario)
38%
45%
52%
2020
2021
76%
2022
69%
62%
55%
48%
2023
2024
2025
2026
UK Product Split (Base Scenario) Retail
VBites
20%
20%
20%
20%
20%
20%
20%
10%
10%
10%
10%
10%
10%
20%
18%
16%
14%
10%
50%
52%
54%
56%
58%
60%
62%
2020
2021
2022
2023
2024
2025
2026
Note: Internal VBites projections
International
82
70
2025
Geographic Split 10%
58
50
42
34
High
12%
10%
8%
25%
25%
25%
25%
25%
25%
25%
34%
34%
34%
34%
34%
34%
34%
41%
41%
41%
41%
41%
41%
41%
2020
2021
2022
2023
2024
2025
2026
U K : R E TA I L E RS ( K E Y G RO C E RS )
Tescos Wicked Ingredient
Sainsburys In plans
Asda
Co-op
Lidl In Talks
Waitrose
Source: VBites Internal Projections
Morrisons
Iceland In Talks
Aldi
In plans
Ocado
U K : P RO D U C T T Y P E UK Product Split: Base Scenario, %
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2021
VBites
2022
White Label
2023
2024
Own Label
2025
2026
F U T U R E V E G A N S U P P LY
Vc h k n ® D i p p e r s V B i te s ® V- m ay N o ®
Source: VBites Internal Projections
R E I N FO RC I N G C A PA B I L I T E S TO U N LO C K G RO W T H PRODUCT • • •
Range differentiation but look for consolidation opportunities Focus on development of c.15 Heroes brands Expand in high growth sectors (e.g. milk)
MANUFACTURING • •
Solving for global shortage of vegan manufacturing space Scale allows for opportunity to private label
EQUIPMENT • •
R&D focused on product enhancement and processes Investment in larger plant / machinery to produce at scale
Now it the time to help accelerate our growth!