Vancouver-based Modern Plant Based Foods Inc has signed a letter of intent with Northern Pacific Caviar to acquire 100% of the company’s shares.
Northern Pacific Caviar produces a vegan caviar based on seaweed and chia seeds, said to replicate the consistency of conventional caviar. Through the acquisition, Modern Plant Based Foods will be able to produce and distribute vegan caviar to retail stores, restaurants, and other foodservice locations.
The global vegan caviar market is estimated to have 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 increasingly easy availability through online channels.
“Restaurants have been looking for a premium vegan product like this one, and by adding the vegan caviar product to our portfolio, it will further progress our vegan seafood portfolio,” said Avtar Dhaliwal, CEO of Modern Plant Based Foods.
“We have established sales and distribution channels into various high-end outlets and we believe that vegan caviar is a delicious and nutritious alternative to traditional caviar. We look forward to making it more accessible to consumers.”
Completion of the deal is subject to various conditions, including the completion of definitive documentation, approval of the Canadian Securities Exchange, and other customary conditions.