Within two weeks of launching their plant-based protein shakes, Keytone Dairy (ASX: KTD) has secured national distribution through Coles which will become the first major supermarket to stock Tonik Plant – the first plant-based shake of its kind.
The distribution agreement comes amid a growing trend within Australian consumers seeking plant-based products, popular in the vegetarian and vegan community.
“We have been overwhelmed with the initial response to Tonik Plant. Achieving ranging with Coles in less than two weeks from launch is a major achievement and milestone for the Company and accelerates the performance of our branded product portfolio. Furthermore, it is a very promising sign for the success of Tonik Plant and the Tonik brand,” said Keytone Dairy CEO, Danny Rotman.
Commencing in November, a range of Tonik Plant flavours will be available in 396 Coles stores, and in addition to distribution previously secured with IGA Group, Anytime Fitness and Snap Fitness.
Further expanding on their range of dairy products, Keytone has also launched a dairy-based Immunity Booster Powder in response to significant demand increases from the China and SouthEast Asia markets amidst the coronavirus pandemic.
According to China e-Commerce giant JD.com, sale of vitamins and dietary supplements has risen by more than 5 times since the beginning of COVID-19. With China already being a primary market for the majority of Keytone’s dairy products portfolio, the new KeyDairy Immunity Booster has been designed for the Asian market. Targeted as a daily supplement, the powder formula is high in colostrum, probiotics, vitamin B, vitamin C and zinc.
“Keytone will continue to develop and commercialise innovative products and brands and bring an increasing portfolio to market to meet consumers needs. To this end, the launch of KeyDairy Immunity Booster Powder is an exciting development in direct response to market feedback from our network and clients globally,” said Rotman.
Successfully mitigating the peripheral effects of China trade tensions, Keytone Dairy reported $11.5m in sales revenue for the quarter ending 30 June 2020, representing a 33% increase on the prior quarter. The Company also successfully raised $12.5m via private Placement at $0.31 per share in June to fund growth initiatives.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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