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Else Nutrition is a Canada-listed food and nutrition company that is headquartered in Israel, with subsidiaries in Canada, Israel and the United States. Its minimally processed formula is 100% plant-based, dairy and soy free, organic, vegan, gluten free and GMO free. Else is in the process of rolling out its products beyond the US market and expanding its product offering.
The infant nutrition market was valued at US$79.4bn in 2020 and is expected to reach US$132.4bn by 2026 (source: Mordor Intelligence, Else annual information form), a CAGR of 8.9%. In 2020, 40% of infant milk formula sold in the US was specialty cow’s milk formula, catering to allergies/intolerances (source: US market data Euromonitor 2020).
Hamutal Cohen Yitzhak
Forecast net cash (C$m)
Forecast gearing ratio (%)
|52 week high/low||C$1.5/C$0.5|
Else Nutrition has developed the world’s first globally patented, 100% plant-based dairy- and soy-free infant formula line, which offers a clean-label alternative for babies who are intolerant to dairy and soy and to families who are flexitarian or seeking more sustainable food options. It launched its toddler formula in August 2020 and successfully built sales infrastructure in the US during 2021, rolling out sales online and in-store. It has expanded by launching a nutritional drink for children and a line of baby cereal. Its infant formula is undergoing rigorous testing before launch, expected in FY25. Momentum is clearly building, with further geographic and product expansion into major markets such as China, Europe and Canada as catalysts for growth. In June, Else raised $7.35m through an equity offering, leaving the company well capitalised to fund its ambitious growth plans. We are reviewing our forecasts following Q3 results.
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