A Vancouver company is hoping to cash in on the growing global appetite for vegan candy.

On November 23, Feel Foods Ltd. announced that it has completed its newest formulations for a gummy candy line, which it describes as "keto-friendly" and "plant-based".

“Candies, especially gummy type ones, are very popular and Feel Foods is committed to introducing plant-based products that offer a true alternative to regular ones, especially in the high growth rate vegan confectionery market," Feel Foods CEO David Greenway said in a company news release.

Feel Foods trades on the Canadian Securities Exchange and has a market capitalization of $12.32 million. Its shares closed at $0.18 on November 22.

Its subsidiaries include Black Sheep Vegan Cheeze Company Corp. and Be Good Plant Based Foods Ltd.

The CEO, Greenaway, is also president, CEO, and a director of Bam Bam Resources Corp., which is another CSE-listed penny stock.

In 2020, Grand View Research wrote a report forecasting rapid growth in the market for vegan confectionaries.

It estimated the global market at US$816 million and predicted a compound annual growth rate of 11.8 percent from 2020 to 2027.

That's not only attracting the interest of small players, such as Feel Foods, but also big players in the food industry.

In January 2020, one of Mondelez's brands, Cadbury, launched a plant-based milk chocolate in its Veganuary campaign.

"However, the company found it hard to substitute dairy with plants that offer the chocolate a similar texture and taste as the original one and is also nut-free," the report noted.

More recently, Grand View Research issued a report on the vegan chocolate market, forecasting a 14.8 percent annual growth rate from 2021 to 2028.