Wide Open Agriculture Ltd (AXS: WOA) shares are surging today after the company provided investors with a market update. At the time of writing, the Wide Open Agriculture share price is trading 10.77% higher at 72 cents.
At one stage during earlier trade, the regenerative food and farming company's shares had surged by nearly 17% to 76 cents before retreating to their current level.
Let's take a closer at the highlights of Wide Open Agriculture's presentation to investors.
What did Wide Open Agriculture announce?
The Wide Open Agriculture share price is storming higher as investors seem excited about the company's future prospects.
According to its presentation, Wide Open Agriculture highlighted has achieved sustained growth over the past six quarters with its 'Dirty Clean Food' brand portfolio. In the midst of COVID-19, the company recorded $980,000 in revenue per quarter in the final months of 2020. This was underpinned by an uptick in consumer demand for plant-based protein.
In addition, the company noted its ability to quickly adapt to changing trends with launches such as its 'Oat Up' milk product. This took a period of under 12 months from conception to initial sales.
Wide Open Agriculture is seeking to penetrate the largest and fastest-growing food and beverage markets through its food technology programs. Research into lupin beans began in May 2020 with the company producing a lupin-based protein at pilot-scale in December.
Furthermore, Wide Open Agriculture revealed that more global food companies are partnering with plant-based businesses. In the United States alone, 9 out of 10 meat companies either launched, bought, or worked together with plant-based meat brands in 2019.
To validate claims that plant-based protein is the next big thing, conventional meat sales lifted 40% in year-to-year sales for the month of March 2020. In comparison, plant-based meat sales rocketed by 231% over the same time frame.
Market opportunity
A report published by PV Plant Milk indicated that the market for plant-based meat is expected to reach US$28 billion by 2025. This is more than double the current market of US$12.1 billion.
The global oat milk market was estimated to be worth around $3.7 billion in 2019, growing at a compound annual growth rate (CAGR) of 9.8%. This by far outpaced other milk alternatives such as hazelnut, coconut, almond, rice, hemp, and soy products.
About the Wide Open Agriculture share price
The Wide Open Agriculture share price has taken over in the past 12 months, gaining by nearly 530%. The company's shares reached an all-time high of $1.85 in August 2020 before trending lower.
Based on the current share price, Wide Open Agriculture commands a market capitalisation of roughly $60 million.
