Else Launches in China, the World’s Largest Infant Formula Market Valued at $33BN

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China launch

VANCOUVER, British Columbia, Oct. 11, 2022 (GLOBE NEWSWIRE) — ELSE NUTRITION HOLDINGS INC. (INFANT) (BABYF) (0YL.F) (“Different” or the “Company”), announces that it opened its Chinese flagship store on September 29 on Tmall Global and now sells Else Nutrition toddler formula and baby cereals directly to Chinese consumers through the store. The opening of the Chinese market is Else’s third market in its international expansion. This is Else’s second new market this year after the company entered Canada in June.

“The sale of our innovative, all-plant-based infant nutrition products in China is an important milestone in the company’s strategic plan to become a player in the global infant nutrition market. Following our recent growth in North America, we are on a global expansion trajectory. We are very excited to help meet the increasing demand in China for a non-dairy, soy-free pediatric diet alternative and to provide nutritionally balanced, wholesome, clean, non-dairy and soy-free alternatives to China’s youngest generation, especially given the very high rates of lactose intolerance in China of about 22.4%, the additional presumed lactose-intolerant population of about 25%, and the proportion of infants and toddlers under 2 years of age who report showing allergic symptoms is as high as 40.9% (3.7 million infants/toddlers ) .

“Another indicator of the need for plant-based alternatives is the rising awareness of health and sustainability among Chinese consumers, which has led to increased consumption of plant-based milk, particularly among Generation Z and Generation Y consumers. The compound annual growth rate of China’s industry plant-based milk is expected to remain above 20% in the next few years, and the market size is expected to reach 300 billion yuan (C$56.65 billion) by 2025,” said Hamutal Yitzhak, the CEO and co-founder of Else.

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The global infant formula market was worth approximately US$77 billion in 2021. The market is expected to grow and reach around $110 billion by 2026. China will remain the market leader with around 40% of the world market share. China’s infant formula market is expected to grow at a CAGR of 8%, from US$30 billion in 2021 to US$40 billion by 2025. Else chose to partner with Baozun, the largest e-commerce service provider in the market, to ensure the most effective penetration possible. The flagship store is already open on Tmall, and WeChat, JD and Douyin stores are set to open later in the quarter to increase consumer reach and awareness.

“Partnering with Baozun, with their experience and status as Tmall’s ‘Six Star’ partner, was a strategic decision for Else. One that we are confident will lead the way to strong market entry and continued growth in China,” added Hamutal Yitzhak, CEO and co-founder of Else Nutrition. “We look forward to many milestones in the Chinese market, including our upcoming in-store launch on WeChat with its 1.25 billion active users.”

For more information, visit: www.elsenutrition.com or follow Else Nutrition on LinkedIn

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About Else Nutrition Holdings Inc.

Else Nutrition Holdings Inc. is an international expansion food and nutrition company focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children and adults. Its revolutionary plant-based, soy-free formula is a clean alternative to dairy-based formulas. Else Nutrition (formerly INDI) won the 2017 Best Health and Diet Solutions award at the Global Food Innovation Summit in Milan. The holding company, Else Nutrition Holdings Inc., is a public company listed on the TSX Venture Exchange under the symbol BABY, on the US OTC Markets QX Board under the symbol BABYF and on the Frankfurt Stock Exchange under the symbol 0YL. Since launching their complete plant-based toddler foods made from whole foods, almonds, buckwheat and tapioca, the brand has received thousands of powerful testimonials and reviews from parents, gained national retailer support from Sprouts Farmers Market, and experienced rapid sales growth. In autumn 2020, Else became the #1 bestseller on Amazon in the “New Baby and Toddler Food” category. It recently won the 2021 Best Dairy Alternative award at World Plant-Based Expo and was a Nexty Award finalist at Expo West 2022 in the Plant-Based Lifestyle category.

Investor Relations contact:

RBMG – RB Milestone Group LLCTrevor Brucato, Managing DirectorE: [email protected]www.rbmilestone.com

Lytham Partners, LLC Mr. Ben Shamsian New York | PhoenixE: [email protected] P: 646-829-9701

TSX Venture Exchange

Neither the TSX Venture Exchange nor its Regulation Service Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Caution with forward-looking statements

This press release contains statements that may constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are typically identified by words such as “will” or similar expressions. Forward-looking statements in this press release include statements regarding the anticipated filing dates of the Company’s financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs and assumptions based on management’s perception of current conditions and anticipated future developments, as well as other factors that management believes are reasonable under the circumstances. No assurance can be given that the foregoing will prove to be accurate. Forward-looking statements in this press release assume, among other things, the expectation that there will be no supply chain disruptions or outages as a result of COVID-19 and that the manufacturing, brokerage and supply logistics agreement with the Company is ongoing. Actual results may differ from the estimates, beliefs and assumptions expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statement, which speaks only of management’s expectations as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e6463104-a768-476c-8cd4-8f9c7bd49197

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China launch

China launch

Source: Else Nutrition Holdings Inc.


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