HelloFresh has announced the introduction of its ready-to-eat brand, Factor, to the Canadian market, following its successful rollout in the US.
Factor was acquired by HelloFresh in 2020, and has 'been on a strong growth trajectory ever since', the company said.
It is initially being introduced to the province of Ontario, ahead of its rollout to other provinces in the coming months. All meals available under the brand, which include Calorie-Smart, Keto, Vegan and Vegetarian options, will be prepared at a newly opened facility in Ontario.
Increased Investment
“Doubling down on our investments in the ready-to-eat market and bringing Factor to Canada is a key pillar of HelloFresh’s long-term growth strategy and marks an important step on our way to becoming the world’s leading food solutions group,” said Dominik Richter, co-founder and CEO of HelloFresh.
He added that with a total addressable market of $162 billion globally, the ready-to-eat market opportunity for HelloFresh is a "significant" one, citing high adoption rates of direct-to-consumer food delivery solutions.
New Meal Occasions
"Ready-to-eat allows us to offer new meal occasions and unlock new customer segments, such as more male customers, single households and convenience seekers," Richter said. "We are excited to now bring this well-received and successful service from the US to customers in Canada.”
Factor was founded in 2012, and is currently the largest ready-to-eat meal company in the U.S. in terms of market share (Q3 2022: 54.6%), HelloFresh said.
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