Many a gym junkie has swapped their whey protein for a plant based alternative. Early iterations of vegan protein powder honestly tasted like dust, but a surge in consumer demand has seen the rapid development of hundreds of formulations lining the shelves of nutrition supplement and health food stores.
Worth a whopping USD $5.35 billion as of 2020, the plant based protein supplement market is only projected to get bigger, growing at an anticipated compound annual growth rate of 8.6% to 2028. And that’s just for protein supplements…
Plant based proteins are seeing increased use in other food products too from meat alternatives to dairy alternatives to beef up the protein content of plant based foods (pun intended). The plant-based foods market is forecast to be worth USD $162 billion by 2030, making up 7.7% of the global protein market.
Experts in plant based nutrition, Wide Open Agriculture (ASX: WOA) has developed an eco-friendly plant based protein from Australian Sweet Lupin, a legume crop similar to soybeans, but with a higher fibre and lower fat content. The product, called Buntine Protein, has been developed by WOA in conjunction with Curtin University in Western Australia. The protein is designed to have a low carbon footprint, and can be farmed using regenerative farming systems. The “techno-function and eco-credentials” of the product have been highlighted by the Company as competitive advantages compared to other similar products.
WOA has welcomed the launch of their newest facility to produce the protein where the Minister for Regional Development; Agriculture and Food; Hydrogen Industry, Hon. Alannah MacTiernan will officially open the site.
The new production facility will bring Western Australian grown lupin based proteins to the world where the state already dominates the market, supplying approximately 60-80% of global lupin supply via export.
“Lupins have been really important to agronomy in Western Australia for decades,” said Minister MacTiernan. “We want to rebuild the role they play in WA’s grainbelt- driving better soil health, reducing reliance on expensive synthetic fertilisers and helping us to diversify our grain products and markets.”
WOA’s proprietary Buntine Protein blend is optimised for addition to foods, removing a multitude of pain points for plant based food manufacturers and consumers, something WOA Managing Director, Dr Ben Cole highlights as important in creating a market leading product. “Previous barriers for lupin to be used in the food sector relate to its taste, texture and its capacity for gelling and thickening,” said Dr Cole. “Our technology overcomes these challenges. Our novel technology unfolds the constituent protein in lupin to increase its ability to blend and mix with other food ingredients. This allows the protein to become suitable for new applications in a wide range of food and beverage sectors.”
“We know from internal studies that Buntine Protein has nutritional advantages over other plant-based proteins currently available in the market, including a high protein concentration, low fat and non-GMO.”
Initially operating at pilot scale, the facility will begin production today. Commercial partnerships are already underway with Monde Nissin Australia committing to purchase up to 60% of total Buntine Protein produced from the facility over the next two years. Dirty Clean Food, WOA’s retail brand will also include the protein in their new line of high protein oat milk and other snack products.
Post workout plant based protein shake anyone?
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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