Modern Plant Based Foods to Acquire Northern Pacific Caviar, Maker of Seaweed Caviar
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 …
