Mission Foodservice is Ready to Meet Demand For More Avocado Dishes on Menus

OXNARD, Calif. – Mission Produce, Inc. (NASDAQ:AVO) (“Mission” or the “Company”), the world leader in sourcing, producing, and distributing fresh Hass avocados, in anticipation of Foodservice PMA, today released consumer insights on the food service sector, showing that 77 percent of people who like avocados wish there were more avocado options available on menus1– and 91 percent of them are willing to pay more for them.1 At PMA Foodservice, one of the first in-person industry trade shows in over a year, the company will showcase its custom programs which provide fresh, ripe Hass avocados and mangos according to the needs of every business.

Avocado Intel, Mission’s in-house intelligence capabilities, show that 76 percent of people who like avocados are more likely to order a dish with avocados than without.1 Moreover, 36 percent of avocado fans report they would pay $2 or more to add avocado to dishes.Mission Foodservice is perfectly positioned to supply avocados for eateries of every kind, given its year-round supply, 24-hour flexibility, anytime delivery options, and hands-on training and education.

“We can infer from our Avocado Intel findings that incorporating additional avocado dishes may be a way to boost profits and increase customer satisfaction, especially as many restaurants are facing pressure to make up for lost time during the pandemic.” said Bryan Garibay, Food Service Sales Manager. “We look forward to discussing our insights and educating our foodservice clients on how to increase their business with avocados at the upcoming PMA Foodservice tradeshow.”

According to Mission’s Avocado Intel, 42 percent of Americans are still eating at restaurants less frequently than they were pre-pandemic, due to cautions regarding COVID-19 protocols and the Delta variant.2 However, 57 percent of Americans report to be completely comfortable dining indoors.2

“The industry is beginning to see an uptick in foodservice, which signifies a substantial growth opportunity, and we’re here to guide our clients to manage the anticipated increase in demand,” said Garibay. “We’ve demonstrated great success in adapting our processes to better support the evolving needs of our clients, including last-minute add-ons, daily shipments, ripe specification suggestions, training and education, among other practices.”

Mission Produce will attend PMA Foodservice in Monterey, Calif. from Wednesday, July 21, to Thursday, July 22, 2021. Garibay, along with two of Mission’s Associate Sales Representatives, Jessica Lubag and Paloma Gonzalez, will be sharing Mission’s Foodservice offerings, discussing the company’s latest expansion projects and gathering information to better serve their customers.

“We’ve been eager to reconnect with customers face-to-face. The promising results from our Avocado Intel findings, coupled with our expertise in avocado category management, have properly positioned us to bring more avocados to the dining experience for consumers,” said Garibay.

End Notes

  1. According to a Mission Produce Avocado Intel survey of 1,000 U.S. avocado fans, conducted July 13, 2021.
  2. According to a Mission Produce Avocado Intel survey of 5,000 U.S. consumers, conducted July 13, 2021.

About Mission Produce, Inc.:

Mission Produce is the global leader in the worldwide avocado business. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and as of 2021, fresh mangos, to retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally including California, Mexico & Peru and has additional sourcing capabilities in Chile, Colombia, Dominican Republic, Guatemala, New Zealand, & South Africa, which allow the company to provide a year-round supply of premium fruit. Mission’s global distribution network includes twelve forward distribution centers in North America, China & Europe that offer value-added services such as ripening, bagging, custom packing and logistical management. In addition, Mission owns over 11,000 acres globally, allowing for diversified sourcing and access to complementary growing seasons, while ensuring its customers receive the highest quality fruit possible. For more information, please visit www.missionproduce.com.

Forward-Looking Statements

Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as “may”, “will”, “expect”, “intend”, “plan”, “believe”, “seek”, “could”, “estimate”, “judgment”, “targeting”, “should”, “anticipate”, “goal” and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets, including our outlook for our fiscal year 2021 operating results. Many of these assumptions relate to matters that are beyond our control and changing rapidly. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained.   Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: limitations regarding the supply of avocados, either through purchasing or growing; the loss of one or more of our largest customers or a reduction in the level of purchases by customers; doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; fluctuations in market prices of avocados; increasing competition; inherent farming risks; variations in operating results due to the seasonality of the business; general economic conditions; the effects of the COVID-19 pandemic; increases in costs of commodities or other products used in our business; food safety events and recalls of our products; changes to USDA and FDA regulations, U.S. trade policy, and/or tariff and import/export regulations; restrictions due to health and safety laws; significant costs associated with compliance with environmental laws and regulations; acquisitions of other businesses; the ability of our infrastructure to handle our business needs; supply chain optimization failures or disruptions; disruption to the supply of reliable and cost-effective transportation; loss of key personnel and an adequate labor supply; information system security risks, data protection breaches and systems integration issues; changes in privacy and/or information security laws, policies and/or contractual arrangements; failure to maintain or protect our brand; changes in tax rates or international tax legislation; the viability of an active, liquid, and orderly market for our common stock; volatility in the trading price of our common stock; failure to meet continued Nasdaq listing requirements; concentration of control in our executive officers, directors and principal stockholders over matters submitted to stockholders for approval; limited sources of capital appreciation; the sale into the market of restricted shares; reduced disclosure requirements due to our emerging growth company status; significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain proper and effective internal control over financial reporting; restrictions on takeover attempts in our charter documents and under Delaware law; and the selection of Delaware as the exclusive forum for substantially all disputes between us and our stockholders; and other risks and factors discussed from time to time in our Annual and Quarterly Reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission.

You can obtain copies of our SEC filings on the SEC’s website at www.sec.gov. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.