Banana Wave to expand its plant-based dairy portfolio with new funding

Banana Wave, a leading banana-and oat-based milk alternative made by Mylk Brands, has received funding from Eat and Beyond Global.

As the increase in dairy shortages upset the industry, the Canadian investment issuers focus on accelerating the tropical-sourced beverage and developing its plant-centric portfolio.

Michael Aucoin, Chief Executive Officer of Eat and Beyond, commented that in the coming term, the firm will focus on dramatically improving marketing and distribution.

Michael stated that by 2022, the firm plans on launching a single serve offering in different flavors to create a good position for the brand for daily consumption by children in lunchboxes.

Not to mention, Banana Wave is also working to launch a single-serve product, particularly targeting adults with added plant-based protein. It will be sold via convenience store distribution channels.

Reportedly, Michael mentioned that Eat and Beyond aims to invest in innovative early-stage food technology and plant-based firms with maximum growth opportunities. The growth can be accelerated by completely deriving the potential of these products either by augmented investment in distribution, marketing, or product innovation.

The firm perceives Banana Wave as a brand that supervises all the boxes in terms of consumer demand such as good texture and taste, environmentally sound, and nutritious.

For the record, the launch is driven by the unprecedented prices for dairy products and commodities in the global market.

According to credible sources, the milk supply growth, among the top 5 exporting manufacturers, diminished by 0.5% in the second half of 2021 due to which the output is expected to shrink to 1.2% in the first half of this year.

Moreover, the supplies of milk for protein and fat commodities have been tight as it has been overlaid with complex demand and supply impacts because of the Russian attack on Ukraine and sanctions levied on Russia and its partners.

Source Credit: - https://www.foodingredientsfirst.com/news/banana-wave-to-make-ripples-in-plant-based-dairy-space-with-eat-beyond-investment.html