Global Gardens Group (GGG)—parent company of vegan milk brand Veggemo—partnered with import corporation V-Power to begin distribution of its products in China last week.
“China represents a fantastic opportunity for Veggemo,” GGG’s CEO Rob Harrison said, “not only for its market size, but additionally [for] 90 percent of Chinese adults [who] are lactose intolerant.”
Canada-based Veggemo—which expanded its distribution to the U.S. in February—currently has three plant-based milk flavors on the market made from a combination of vegetables including cassava root, potato and pea protein. Under the distribution partnership, the company will be required to sell 76,471 gallons of its plant-based milk in 2017 in the Beijing, Shanghai and Chengdu regions. While the dairy industry has experienced a downturn in recent years, the global plant-based milk market is expected to soar to $35 billion by 2024.
Source: Veg News