Farmmi Continues to Build Sales Growth with Latest Win

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), a China-based agriculture products supplier, announced a new order for dried black fungus from its subsidiary, Zhejiang Forest Food Co., Ltd. The order is intended for export to Vancouver, Canada. Chairwoman and CEO Yefang Zhang highlighted ongoing customer engagement and focused on revenue growth and expansion. The global mushroom market is projected to reach US$86.6 billion by 2025, with a CAGR of 8.3% from 2020-2025, driven by health benefits and innovations in packaging.

Positive

• New product order for dried black fungus enhances revenue potential.
• Global mushroom market forecast to reach US$86.6 billion by 2025, indicating growth opportunity.
• CEO's focus on accelerating revenue growth and market expansion.

Negative

• None.

LISHUI, China, June 25, 2021 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced its subsidiary Zhejiang Forest Food Co., Ltd., won a new product order from a long-term customer for its popular dried black fungus.  The customer will export Farmmi's products to Vancouver, Canada.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "Our level of customer engagements continues to expand as we add further value with our leading packaging and logistics to ensure product quality, flavor and minimize costly waste.  We are focused on accelerating Farmmi's revenue growth and overall expansion as we leverage our large scale to serve higher demand levels worldwide.  We expect our accelerated growth will continue, led by catalysts from health and wellness, professional and aspiring cooks, and an expansion of the overall consumption of mushrooms."

Black fungus mushrooms have also been used in traditional Chinese medicine for centuries to help prevent heart disease, with other benefits including liver protection, lowering cholesterol, boosting gut health and reducing inflammation.  Also known as Cloud Ear or Tree Ear fungus, the protein rich mushrooms are high in fiber, mineral-dense with manganese, selenium, iron and more.  Black fungus is also an excellent source of riboflavin and niacin and is high in antioxidants.

According to Research and Markets, the worldwide mushroom market is expected to reach a value of US$86.6 billion by 2025, registering a CAGR of 8.3% during 2020-2025.  In addition to the health benefits, various advancements in mushroom packaging technologies are acting as another major growth-inducing factor.  Manufacturers are developing humidity-regulating packaging materials that prevent water condensation on mushrooms, thus prolonging their shelf-life. Other factors, including the increasing consumption of organic food products, rapid urbanization and rising consumer expenditure capacities, are projected to drive the market further.

About Farmmi, Inc.

Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is an agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other agricultural products. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including the potential impact of COVID-19 on our business within and outside of China and the size of the worldwide mushroom market. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

 

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SOURCE Farmmi, Inc.

FAQ

What new order did Farmmi announce on June 25, 2021?

Farmmi announced a new product order for dried black fungus from its subsidiary for export to Vancouver, Canada.

What is the projected value of the global mushroom market by 2025?

The global mushroom market is expected to reach US$86.6 billion by 2025.

What is Farmmi's stock symbol?

Farmmi's stock symbol is FAMI.

Who is the CEO of Farmmi?

Yefang Zhang is the Chairwoman and CEO of Farmmi.

What growth rate is projected for the mushroom market?

The mushroom market is projected to grow at a CAGR of 8.3% from 2020 to 2025.