Arcadia Biosciences Inc (NASDAQ:RKDA) announced Thursday that it executed a term sheet to collaborate with Corner Foods in order to bring its GoodWheat portfolio of specialty wheat ingredients to China and Israel.
Arcadia’s GoodWheat products are designed to offer unique health and nutritional benefits, such as higher fiber, improved protein quality and reduced allergenic gluten. Corner Foods is an affiliate of Corner Capital Group, a multinational investment management firm with offices in Asia, Israel and the US.
"This collaboration with Corner Foods has the potential to open key international markets for products made with our GoodWheat ingredients," Arcadia CEO Matthew Plavan said. "We expect strong demand for healthy, ready-made products such as pastas and specialty baking mixes, and we have allocated significant GoodWheat inventories to support this growth initiative and leverage the international network of Corner Foods."
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Corner Foods will introduce GoodWheat products to consumers in China through the ecommerce site TMall and the cooking and lifestyle network Tastemade China.
"Tastemade is known for beautiful and engaging food, travel and lifestyle content that lets users explore cuisine from around the world through a mix of original content and user-submitted videos," Tastemade China CEO Wayne Chen said in a statement. "We are excited to partner with Corner Foods to introduce viewers to Arcadia's impressive portfolio of good-for-you wheat flours, pastas and baking mixes this fall."
Arcadia cited research from Mintel, which found that China’s consumers in the post-COVID-19 environment are actively seeking a healthier lifestyle and prioritizing healthy snacks such as low-carb, low-sugar and fiber-added items.
The companies are also targeting the food retail and foodservice markets in Israel, which is home to more than 50 agriculture and food technology startups, the company said.
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