Australian Plant Proteins (APP), the only commercial plant protein fractionation facility in Australia, has received a $45.7 million investment from major global agri-food company Bunge.
APP first began production in its newly built Horsham facility in November 2020, using a proprietary fractionation process to produce protein isolates from Australian crops including faba beans, yellow peas, mung beans, chickpeas, red lentils and yellow lentils.
The investment from Bunge will allow APP to double its output of plant protein isolates by March 2022, as well as give Bunge a minority stake in APP and exclusive distributor rights in the Americas. The agreement enables the companies to collaborate to meet the increased demand for highly functional, non-genetically modified plant proteins from manufacturers of plant-based meats, as well as nutritional supplements and other food and beverages.
APP co-founder and director Brendan McKeegan said securing the investment and distribution with a major multinational such as Bunge is testament to the value and growing demand for quality, Australian plant-based protein options. “The investment and interest also creates strong precedent for further development of similar value-add industries in the Australian agricultural sector,” McKeegan said.
“As soon as APP commenced commercial production in November 2020, we experienced soaring demand for our faba bean protein isolate in Australia and internationally, with customers impressed with the product’s high functionality and clean taste”
Food Frontier’s most recent State of the Industry report noted that significant investment in local plant protein processing infrastructure is needed to meet growing demand and support the domestic plant-based meat industry’s growth, particularly by governments at all levels.
“With the right political will, Australia can build a multi-billion-dollar plant-based meat industry, enabling our food businesses and farmers to capitalise on fast-growing global demand for alternative proteins” explained Food Frontier CEO Thomas King.
McKeegan said APP’s protein isolates are designed to help brands of all sizes grow with the plant-based trend. “We’re enabling food and beverage manufacturers to tap into the demand for new protein types, make protein claims, deliver exceptional texture and mouthfeel, and align with consumers seeking non-GMO and clean label offerings,” he explained.
READ MORE: Australian Plant Proteins secures $45.7m investment (Food and Drink Business)