Farmmi Wins New Repeat Order for the Middle East

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), a Chinese agriculture products supplier, announced a repeat order for dried sliced Shiitake mushrooms from a long-term customer, destined for export to Israel. The global mushroom market, valued at US$46.1 billion in 2020, is projected to grow at a CAGR of 9.5% through 2028, driven by increasing demand for protein-rich diets. CEO Yefang Zhang emphasized the company's growth strategy through existing and new markets, highlighting strong demand for their products and beneficial customer relationships.

Positive

• Secured a repeat order for dried sliced Shiitake mushrooms, indicating strong customer retention.
• Positioned well in a growing global mushroom market, projected to grow at a CAGR of 9.5%.
• CEO emphasizes growth strategy focusing on existing and new markets, showing proactive management.

Negative

• None.

LISHUI, China, Feb. 9, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced the Company's subsidiary Zhejiang Farmmi Biotechnology Co., Ltd., won another follow-on product order from one of the Company's long-term customers. The latest order for dried sliced Shiitake mushrooms will be exported to Israel.

The global mushroom market size was valued at US$46.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028. The increasing vegan population demanding a protein-rich diet is expected to be a key factor driving the market over the forecast period. (source: Grand View Research)

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We continue to execute on our growth strategy led by the expansion of our sales at existing customers, growth in new geographic markets and further extension of our product line. We are benefitting from strong demand for mushrooms and our other high quality agricultural products, and momentum from the strong customer relationships we have built over the past several years. As the nutrient and health benefits of fungi, and their delicious taste become more broadly recognized, we are in position to capture additional growth opportunities in both our domestic and our international markets."

About Farmmi, Inc.

Farmmi Inc. (NASDAQ: FAMI) was Established in 1998, formerly known as Zhejiang Forasen Food Co., Ltd., which is an agricultural e-commerce technology enterprise. Headquartered in Lishui, Zhejiang, is an agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other agricultural products. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This press release contains forwarding-looking statement within information about Farmmi Inc.'s views on its future expectations, plans and prospects. We remind you not to rely too much on these forward-looking statements. Due to various of factors, actual results may differ materially from the anticipated results, including but not limited to its ability to raise additional funds, maintain and develop business, variability of business performance, ability to maintain and enhance its brand, development and launch of new products and services, successful integration of acquired companies, technologies and assets into its product and service portfolio, marketing and other business development initiatives, industry competition, general government regulation, economic conditions, the impact of the novel coronavirus pneumonia, dependence on key personnel, attracting, hiring and retaining personnel with the skills and experience required to meet customer requirements, and the ability to protect their intellectual property rights. Farmmi Inc. encourages you to review other factors that may affect its future results in its registration statement and other documents submitted to the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations, our company does not undertake the obligation to update these forward-looking statements.

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SOURCE Farmmi, Inc.

FAQ

What is the significance of the new order for Farmmi (FAMI)?

The new order for dried sliced Shiitake mushrooms from a long-term customer highlights Farmmi's strong customer relationships and market demand.

How large is the global mushroom market and what is its growth rate?

The global mushroom market was valued at US$46.1 billion in 2020 and is expected to grow at a CAGR of 9.5% from 2021 to 2028.

Who is the CEO of Farmmi (FAMI) and what did she say about the company’s strategy?

Yefang Zhang, the CEO, stated that the company is executing a growth strategy through sales expansion and product line extensions.