Axelum Resources Corp., the country’s leading manufacturer and exporter of world-class premium coconut products, said over the weekend it is developing new products to cater to the rapidly-growing global plant-based food industry.
Axelum said in a disclosure to the stock exchange it would expand the company’s product line-up and create additional revenue streams in the coming years.
These new products are now in various development stages, it said.
The global market for plant-based protein could see fivefold growth by 2030 to $167 billion from $29.4 billion in 2020 on rising demand for sustainable products, according to a Bloomberg Intelligence report.
Axelum said it boosted daily nut processing activities by 27 percent, following the reconfiguration of its nut opening plant, which features higher capacity while staying compliant with mandatory health and safety protocols. The company is also in the process of expanding its warehousing facilities to meet rising demand for food products.