The plant protein market has been growing rapidly globally in the past few years partly due to rising flexitarian trend in most of the countries.
The plant protein market has been growing rapidly globally in the past few years partly due to rising flexitarian trend in most of the countries. Flexitarian diet is likely to expand plant-protein manufacturers’ consumer-base which in turn increases profitability. Also, increased accessibility to vegetarian and vegan foods and proactive approach to health and wellbeing is further driving growth of plant protein market. Food safety concerns as well as environmental concerns are other factors due to which interest in plant protein is increasing. Even amid the COVID crisis, consumers are turning to plant-based foods. Consequently, there has been a rise in investments and partnerships in plant based protein market which indicates the market is likely to stay on a strong growth curve.
EverGrain, a sustainable ingredient company supported by Anheuser-Busch InBev, is launching EverPro and EverVita, plant-based fiber and protein ingredients. EverPro is fully solvable protein isolate used in several plant-based beverages, snacks and protein bars. EverVita is barley proteins and fibers used to in pasta, baked goods, and snacks to further improve nourishment and gut health.
EverGrain uses the saved grains from brewing and then turns them into nutrient-rich ingredients which can be used in various food and beverage applications.
In January 2021, Buhler Group, a Swiss based technology group partnered with the German Institute of Food Technologies, to speed up R&D for sustainable protein production as well as develop new technologies for healthy food products including alternative protein products which have low environment impact.The company intends to use its extrusion technology expertise to develop sustainable meat substitutes.
In February 2021, HERO Protein, a plant-based meat firm, received USD850k pre-seed funding which was led by Cremer, a global commodities and co-manufacturing firm; Lever China Fund, an alternative protein investor in China; and senior executives from leading restaurant brands. The funding will be used to launch plant-based beef and chicken products in China, boost its ongoing R&D, to develop and scale production, and to increase distribution.
In the same month, Green Butcher, a plant-based meat startup in Indonesia, received seed funding of US$2 million from Unovis Asset Management, an alternative protein venture capital firm, and Teja Ventures. The funding will be used to scale production, expand R&D team, and launch into mainstream retailers by Q2 2021. Similarly, IQBAR, creators of Amazon’s Choice for vegan and plant based protein bars, raised US$2.8 million Series A fundraising round led by CircleUp Growth Partners. The funding is expected to further improve their rapidly growing brain and body nutrition business.
Earlier in August 2020, Bunge Ltd invested US$23.6 million (C$30 million) in Merit Functional Foods, which provides pea protein ingredients and unveiled a canola protein ingredient.
Also, in November 2020, Ingredion, entered into an agreement with James Cameron and Suzy Amis Cameron to acquire the remaining percentage of ownership in Verdient Foods, a pulse-based concentrates and flours maker.
