Australian Plant Proteins (APP), which launched its first commercial processing plant in Horsham last year, has secured $45.7 m in investment from Bunge.
The agreement will reportedly allow APP to double the output of its plant protein isolates production by March 2022, in addition to giving Bunge a minority stake in the company and making it the company’s exclusive distributor in the Americas.
Bunge will have the option to license APP proprietary processing technology outside Australia. Both companies will partner to meet demand for functional, non-genetically modified plant proteins from manufacturers of plant-based meat, dairy, other food and beverage, and nutritional supplements.
“Securing investment and distribution agreements with a major multinational such as Bunge, alongside our existing partnership with Scalzo Foods in Australia and New Zealand, is testament to the value and ongoing growth in demand for quality, plant-based protein options,” said Brendan McKeegan, APP co-founder and Director.
“The investment and interest also creates strong precedent for further development of similar value-add industries in the Australian agricultural sector.
“As soon as APP commenced commercial production in November 2020, we experienced soaring demand for our premium faba bean protein isolate in Australia and internationally, with customers impressed with the product’s high functionality and clean taste.”
APP says its proprietary fractionation process ensures the high functionality of its faba bean protein isolate. The product can be used in plant-based foods and beverages including yoghurts, milks, meat alternatives, protein bars and shakes, sauces, condiments, baked goods and protein supplements.
Bunge entered the plant-protein segment with a portfolio of pea and canola proteins in 2020 and is expanding with APP’s portfolio of protein isolates sourced exclusively from Australian-grown pulses.
“By combining APP’s proprietary extraction technology with our application expertise and global sales and distribution networks, we provide a significant competitive advantage in making quality plant protein accessible to customers around the world,” said Kaleb Belzer, Bunge’s VP, Protein Business.
“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,” McKeegan said.
