Algae.Tec (ASX:AEB) is set for significant revenue growth in the 2018 calendar year after achieving strong take-up of its FeedMe™ products in North America.
The company’s FeedMe™ range of products enhances the growth, colour and overall health of aquarium fish and also improves the health and vitality of coral-living plants.
Since FeedMe™ was launched in April, the product has established a reputation as a trusted brand in the growing North American aquarist market.
The entry into this market has initially been through both powder and live products, with demand from retail customers growing month-on-month.
Algae.Tec’s FeedMe high omega-3 products are currently on-the-shelf in five retail stores in the southeast and over 50 additional retail stores are undergoing product testing and evaluations.
The FeedMe product line has been introduced at three major marine tradeshows to date with direct product sales and significant customer feedback received.
The global aquarist market is a high value, high margin industry with the aqua feed sector alone valued at US$25 billion in 2014, and forecast to grow to US$30 billion by 2020.
The company is progressing discussions with major aqua feed distributors in North America to expand the company’s sales and distribution channels into key retail suppliers.
Algae.Tec is also planning to plant medicinal cannabis crop in Uruguay in September to develop heirloom cannabis, without genetically altered structures and with naturally high levels of cannabinoids.