Landec Corp. has certainly noticed the increased consumer demand for plant-based products, changing it’s food division’s name to Curation Foods to reflect it’s shifting ideology.
The change followed Landec’s recent acquisition of Yucatan Foods, in a cash and stock deal valued at about $80 million. Yucatan makes the two popular guacamole brands Yucatan, which is typically sold in grocery deli departments, and Cabo Fresh, which is usually found in the produce section.
Yucatan brought the company an additional $55 million to $60 million in annual revenue and a Mexican production facility capable of tripling output, the company said.
The company doesn’t necessarily define plant-based eaters as vegetarian or vegan, she said. Instead, it looks at a bigger segment of consumers who count on plants for about 70% or more of their daily diets.
“We did some proprietary research and found a rapidly growing segment of the population is plant-based consumers,” she said. “We decided to target this consumer with different brands and it was part of a transformational vision for our company.”