Above Food announces additional details regarding TRG acquisition

Above Food Ingredients announced additional details related to its expanded pet food ingredients business in connection with its recent acquisition of the specialty crop food ingredient division of Montana-based The Redwood Group. This strategic acquisition significantly enhances Above Food’s presence in the rapidly growing plant-based pet food market, positioning the Company to capitalize on emerging trends and meet increasing consumer demand for high-quality, plant-based pet nutrition. “This acquisition significantly enhances our position in the rapidly growing plant-based pet food market, expanding our total pet food business to approximately $110M, or 25% of our combined revenues on a proforma basis”, said Lionel Kambeitz, Founder, President, CEO. “Furthermore, our seed-to-fork platform uniquely positions us to serve the evolving needs of the plant-based pet food industry, previously demonstrated by delivering a 13% organic CAGR in our legacy pet food business since 2022. By controlling every step from seed selection and farming to ingredient processing and formulation, we offer unparalleled traceability, quality control, and customization capabilities. This vertical integration allows us to develop innovative, nutritious plant-based ingredients specifically tailored for pet food applications, meeting the growing demand for high-quality, sustainable pet nutrition solutions. As pet parents increasingly seek transparent, plant-based options for their pet companions, Above Food’s comprehensive approach enables us to be an invaluable partner to leading global pet food manufacturers. We can rapidly respond to market trends, ensure consistent supply of premium ingredients, and support our partners in developing differentiated products.” The pet food industry represents a substantial and growing opportunity for Above Food, driven by several key factors: Large and Growing Market: The $26 billion global plant-based pet food market is projected to grow at a CAGR of 9% through 2032, according to Future Market Insights. This growth is outpacing the overall pet food market, indicating a strong shift towards consumers adopting plant-based protein formulations for their pets. Expanding Pet Ownership: 66% of US households own a pet, according to the American Pet Products Association. The US pet population has been consistently growing at 1-2% annually from 2013-2022, as reported by Euromonitor. This trend is expected to continue, creating a steadily expanding customer base for pet food products. Pet Humanization Trend: According to Packaged Facts, 92-96% of US pet owners view their pets as family members. This “humanization” of pets has been a strong long-term trend for over a decade, transforming pet owners into “pet parents” who prioritize their pets’ well-being and are willing to invest in premium nutrition options.