The planned acquisition of Banana Wave follows Eat Beyond’s investment in the oat-based alternative dairy brand Beyond Moo last month and reflects the company’s goal of establishing a strong position in the market for plant-based dairy products.
According to a report from Meticulous Research from March 2021, the dairy alternatives market is expected to reach nearly $ 45 billion by 2027, registering a CAGR of 11.2%.
Based in Florida, Banana Wave produces a line of non-dairy oatmeal and banana drinks available in five different flavors: Original, Original Unsweetened, Mango, Chocolate and Strawberry. All varieties are gluten and soy free with 90 calories or less per serving.
“Banana Wave products are truly differentiated in an increasingly competitive alternative dairy category. With truly excellent flavor and compelling nutritional benefits, we believe the Banana Wave brand is a product on the verge of being exceptional ”said Michael Aucoin, CEO of Eat Beyond.
The acquisition will help Banana Wave achieve its “True potential”Added Steve Gelerman, CEO of Banana Wave.
Banana Wave products are currently available on Amazon and at retailers nationwide including Acme, Albertsons, Big Y, Giant Food, HEB, Market Basket, Price Chopper, Safeway, Sprouts, and Whole Foods Market.
“We had tremendous success early on in building the brand and with the financial resources and advisory capabilities of Eat Beyond, we intend to make Banana Wave a true market leader.”said Gelerman.