CENTURY Pacific Food, Inc. (CNPF) said its plant-based meat alternatives brand, unMEAT, arrived in the United Arab Emirates (UAE) in June 2021.
The listed food company said in a stock exchange disclosure on Monday that the brand recorded 鈥渟ignificant traction鈥 since its arrival.
鈥淎s of writing, the brand has gained a store footprint of over 200 outlets, being listed in the country鈥檚 top local supermarket and hypermarket chains, such as West Zone, Union Coop, and Almaya Supermarket. unMEAT is also available at online retail platforms, such as Noon Daily,鈥 CNPF said.
Gregory H. Banzon, CNPF executive vice-president and chief operating officer, said the UAE is a promising market for the company due to its diverse and progressive population and strong Filipino community.
鈥淲e are greatly encouraged by UAE鈥檚 reception of unMEAT, both from end consumers and retail partners. We will continue to strengthen the business here, working on further expanding our listing in the country. At this point, we aim to learn as much as we can, keeping our ears on the ground and being agile with our growth plans,鈥 Mr. Banzon said.
According to CNPF, the entire line of unMeat is available in the UAE. The line consists of meat-free burger patties, Hungarian sausages, nuggets, and minced meat.
鈥淎ll products are made with 100% plant-based ingredients and are great sources of fiber and protein, and are free of cholesterol, trans fat, egg, and dairy. unMEAT is priced competitively, with a suggested retail price being around 30% lower than other international brands,鈥 CNPF said.
Meanwhile, Mr. Banzon said CNPF is also looking at other international markets, with a focus on 鈥渉igh impact regions鈥 where the company has a strong distribution network.
鈥淲e recognize that the playing field for plant-based alternatives is in the global arena. Locking in retail and food service partnerships is key. As we expand unMEAT鈥檚 footprint internationally, we will also continue to ramp up our efforts in building consumer awareness and generating trial,鈥 Mr. Banzon said.
For the first half of 2021, CNPF posted a 21% jump in its net income to P2.7 billion as a result of strong export sales, resilient local demand, and favorable tax rates. Consolidated revenues for the period also improved 8% to P27 billion.
On Monday, shares of CNPF at the stock exchange fell 0.80% or 20 centavos to end at P24.80 apiece. 鈥 Revin Mikhael D. Ochave
