TOFUTTI BRANDS, INC. JOINS VEGANUARY MOVEMENT

Rhea-AI Summary

Tofutti Brands (OTCQX: TOFB) announces its participation in Veganuary, a campaign promoting veganism for January. This marks a strategic rebranding effort alongside new packaging emphasizing vegan and plant-based terms. With the global plant-based food market projected to grow from $41.78 billion in 2021 to $93.92 billion by 2028, Tofutti aims to capitalize on this trend. The company plans to engage through social media promotions, vegan recipes, and support for animal welfare organizations. CEO Steve Kass highlighted the importance of aligning with customer values as the market evolves.

Positive

• Participation in Veganuary aligns with growing vegan consumer trends.
• Updated packaging emphasizes vegan and plant-based attributes.
• Global plant-based food market projected to reach $93.92 billion by 2028.

Negative

• None.

Cranford, New Jersey, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Tofutti Brands, Inc. (OTCQX Symbol: TOFB) joins the growing list of companies participating in Veganuary. Veganuary is a global movement to encourage individuals to reduce consumption of animal products or to go completely vegan for the entire month of January. Joining Veganuary is part of Tofutti’s ramped up efforts at rebranding. In August, Tofutti, which has been producing dairy-free foods since 1981, debuted new packaging promoting its products as plant-based and vegan.

“We thought about participating in Veganuary last year but decided to wait until our new packaging was out,” says Gerry Pugliese, Marketing & Public Relations Manager. “Now that we’ve officially stamped ourselves as vegan and plant-based, we knew it was time to get more involved.”

Tofutti may be on the money by fully embracing the plant-based market. A November 2022 report by BrandEssence^® valued the global plant-based food market at $41.78 Billion in 2021 and that is expected to reach $93.92 Billion by 2028. Historically, Tofutti touted itself as dairy-free, but left out buzzwords like vegan and plant-based. Tofutti’s rebrand now prominently features terms such as vegan, plant-based, Kosher-Parve, and Halal and gluten-free where applicable.

“We’re fortunate to have a forty-year toehold in the industry. Now that the market is evolving and changing, so will we,” explains Steve Kass, Chief Executive Officer. Mr. Kass has been with Tofutti Brands since the mid-1980s. “It’s important to support causes that mean a lot to your customers. Joining Veganuary was an obvious yes.”

According to research by Ipsos, 9.7 million Americans identify themselves as vegan, and with this number set to grow, plant-based brands can expect more calls to get involved with movements like Veganuary. "Veganuary is here to help people put their hopes into action this new year. Whether it’s a kinder, greener, or healthier world we hope for. Trying vegan for January is a great place to start," says Wendy Matthews, USA Director, Veganuary. "Tofutti embracing the vegan label on their popular products makes taking positive action much easier - and tastier!" The United States ranked number one in participation in Veganuary in 2021, edging out the United Kingdom, where the movement originated.

Tofutti is marking its participation in Veganuary by pairing up with other plant-based brands for special promotions on the company’s Instagram, Facebook, and Twitter, posting vegan recipes featuring its products on its website, and Tofutti plans to make donations to animal welfare organizations, plus a few extra surprises.

“It’s fun to watch the explosion of the vegan market,” added Mr. Pugliese. “It’s doubly fun to be a part of it!” Mr. Pugliese encourages everyone to follow Tofutti on social media to enter giveaways and to visit Tofutti.com to sign up for the company’s mailing list.

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About Tofutti Brands Inc. Founded in 1981 in Manhattan, Tofutti Brands Inc. develops and distributes a complete line of plant-based, dairy-free, vegan products. The company sells dairy-free foods including vegan cheese products, sour cream, dips, and frozen desserts. Tofutti Brands Inc. is a proven innovator in the food industry and available throughout the United States and internationally. Tofutti's product line includes plant-based frozen dessert pints, Tofutti Cuties^®, vegan cheese products, which includes Tofutti Better Than Sour Cream^®, Better Than Cream Cheese^®, American cheese slices, Dippity Doo Dah dips, and Better Than Ricotta Cheese^®; products that are Kosher-Parve, Halal, and vegan. For more information, visit www.tofutti.com.

Forward-Looking Statements. Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products, and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission.

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Company Contact: Gerry Pugliese
Marketing & Public Relations Manager
gpugliese@tofutti.com
(908) 272-2400
(908) 272-9492 (Fax)

FAQ

What is Tofutti Brands' participation in Veganuary?

Tofutti Brands is participating in Veganuary to promote its vegan and plant-based products.

How does Tofutti's rebranding affect its market presence?

Tofutti's rebranding aims to enhance its visibility in the growing plant-based food market, projected to reach $93.92 billion by 2028.

What promotions is Tofutti planning for Veganuary?

Tofutti plans social media promotions, vegan recipes, and donations to animal welfare organizations during Veganuary.

What market trends support Tofutti's new packaging strategy?

The rise in veganism and the expected growth of the plant-based food market support Tofutti's new packaging strategy.

When did Tofutti rebrand its products to emphasize vegan attributes?

Tofutti debuted its new packaging emphasizing vegan attributes in August 2022.