Better Choice Announces Planned Expansion of Freeze-Dried Product Offerings Internationally to Support Strong Existing Distribution Partnerships in Asia
Freeze-dried raw dog food is one of the fastest growing sub-categories of the premium pet food market
NEW YORK, March 25, 2021 (GLOBE NEWSWIRE) -- Better Choice Company (OTCQX: BTTR) (“Better Choice”), an animal health and wellness company, today announced its plans to enter the freeze-dried market for dog and cat food internationally, adding to its strong lineup of products already sold to Asian consumers under the Halo brand.
This expansion opportunity represents an additional growth opportunity to the previously announced minimum purchases with the Company’s Asian distribution partners, totaling $25.6 million in aggregate sales over the next two years. Better Choice anticipates that these products will be sold under the popular Halo brand through its existing distribution partner network in Asia, with a particular focus on China, Korea and Japan. Halo’s commitment to product quality has resonated strongly with Asian pet parents that desire an easier to digest food for their pets with certified ingredients from a brand they trust. This opportunity is particularly compelling as freeze-dried raw dog food is one of the fastest growing sub-categories of premium pet food, with Packaged Facts reporting 39% YoY growth in the sub-category in 2019 in the United States.
Scott Lerner, CEO of Better Choice, stated, “Our existing freeze-dried offering has proven to be very successful in the United States, and as we look to at the high level of growth in the Asian premium pet market we believe this success can be replicated to great effect. In 2020, domestic sales of our freeze-dried food and treats represented roughly 20% of Better Choice’s total sales, and we are eager to offer these products to our distribution partners in Asia to meet the ever-expanding needs of pet parents worldwide.”
About Better Choice Company, Inc.
Better Choice Company Inc. is a growing animal health and wellness company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier and longer lives. We take an alternative, nutrition-based approach to animal health relative to conventional dog and cat food offerings and position our portfolio of brands to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. We have a demonstrated, multi-decade track record of success selling trusted animal health and wellness products and leverage our established digital footprint to provide pet parents with the knowledge to make informed decisions about their pet’s health. We sell the majority of our dog food, cat food and treats under the Halo and TruDog brands, which are focused, respectively, on providing sustainably sourced kibble and canned food derived from real whole meat, and minimally processed raw-diet dog food and treats. For more information, please visit https://www.betterchoicecompany.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Company Contact:
Better Choice Company, Inc.
Scott Lerner, CEO
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: 212-896-1254
Valter@KCSA.com
Released March 25, 2021