In our new innovation center, we have a strong pipeline of products in development and can more rapidly transition our research from benchtop to scaled production. In addition, we recently opened our 30,000-square-foot Manhattan Beach Project Innovation Center in El Segundo, California, which is 10 times the size of our previous lab space. We are able to leverage what we learn about taste, texture and aroma across our platform and apply this knowledge to each of our product offerings. Our innovation team, comprised of approximately 63 scientists, engineers, researchers, technicians and chefs, as of March 30, 2019, has delivered several unique plant-based meat breakthroughs, as well as continuous improvements to existing products. We invest significant resources in our innovation capabilities to develop plant-based meat alternatives to popular animal-based meat products. We also believe there is a significant international market opportunity for our products. As a market leader in the plant-based meats category, we believe we are well-positioned to capture and drive a significant amount of this category growth. We believe that by applying the same strategy to the plant-based meat category, it can grow to be at least the same proportion of the approximately $270 billion meat category in the United States, which over time would represent a category size of $35 billion in the United States alone. The success of the plant-based dairy industry was based on a strategy of creating plant-based dairy products that tasted better than previous non-dairy substitutes, packaged and merchandised adjacent to their dairy equivalents. According to the Mintel Report, the non-dairy milk category in the United States was estimated to be approximately $2 billion in 2017. In the United States, the current size of the non-dairy milk category is equivalent to approximately 13% of the size of the dairy milk category. A key analogy for both the approach to and the scale of our opportunity is the strategy by which the plant-based dairy industry captured significant market share of the dairy industry. We believe that consumer awareness of the perceived negative health, environmental and animal-welfare impacts of animal-based meat consumption has resulted in a surge in demand for viable plant-based protein alternatives. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in the sections titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” These and other factors could cause results to differ materially from those expressed in the projections and estimates made by the independent third parties and us. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Some market data and statistical information contained in this prospectus are also based on management’s estimates and calculations, which are derived from our review and interpretation of the independent sources listed below, our internal research and knowledge of the meat industry and plant-based protein market. This prospectus contains estimates, projections and other information concerning our industry, our business and the markets for our products.
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