Consumers are paying more and more attention to plant-based products. Plant-based protein products have become a trendy lifestyle for more consumers in the future based on personal health and global ecosystem concerns. Market research firm Future Market Insights predicts that by 2028, the global plant-based snack food market will grow from US$31.83 billion in 2018 to US$73,610.02 billion in 2028, with a compound annual growth rate of 8.7%. The growth of snacks based on organic plants may be faster, with a compound annual growth rate of 9.5%.
With the increasing demand for plant protein, which plant protein raw materials have potential in the market and become the next generation of high-quality alternative protein?
1 Targeting viable next-generation proteins
At present, plant protein has been used in many fields, such as replacing milk, eggs, and cheese. In view of the shortcomings of vegetable protein, a protein can not be completely suitable for all applications. And India’s agricultural heritage and biodiversity have produced a large number of diverse sources of protein, which can be mixed to meet this global demand.
Proeon, an Indian start-up company, has studied nearly 40 different protein sources and analyzed their multiple factors. These include nutritional status, function, senses, supply chain availability, ecological impact, and sustainability. They finally decided to expand the scale of new plant proteins such as amaranth, mung beans, and Indian chickpeas. The company successfully raised USD 2.4 million in seed funding and will establish a research laboratory in the Netherlands, apply for patents, and expand the production scale.
1.1 Amaranth protein
Proeon said that amaranth is an underused plant ingredient on the market. As a super food with extremely high protein content, amaranth has a history of more than 8,000 years. It is 100% gluten-free and rich in minerals and vitamins. It is also one of the most climate-resistant and ecologically viable crops. It can realize the growing demand for plant-based protein with minimal agricultural investment.
1.2 Chickpea protein
When expanding its product portfolio, Proeon also chose Indian chickpea varieties. This variety has excellent protein structure and function, making it a good substitute for chickpea protein currently available on the market. At the same time, because it is also a very sustainable crop, it has a low carbon footprint and low water demand.
1.3 Mung bean protein
Mung bean, as the company’s third plant protein, is highly sustainable while providing a neutral taste and flavor. It is also an increasingly popular egg substitute. For example, the so-called vegetable eggs launched by JUST, the main raw material is mung beans, mixed with water, salt, oil, and other proteins to form a light yellow liquid. This is JUST’s current main product.
2 Solve the defects of alternative protein
The company said that after determining the source of the plant protein, the company developed a patented process to produce high-concentration protein without using any harsh chemicals or solvents. In terms of the construction of research laboratories, the company conducted a lot of consideration and detailed evaluation on India, Canada, Australia, New Zealand, the United Kingdom, and the Netherlands, and finally decided to establish a production facility in the Netherlands. Because the Netherlands can provide great academic research, corporate, and start-up ecosystem in the agri-food sector. Wageningen University in this area is the world’s top university in this field, with excellent research talents and infrastructure, which can provide huge support for companies to develop new technologies.
In recent years, Wageningen has attracted food industry giants including Unilever, Symrise, and AAK. Food Valley, the city’s agri-food center, provides a lot of support to start-ups through projects such as Protein Clusters. Currently, Proeon is working with brands in Europe, North America, and Southeast Asia to create more sustainable and healthier plant-based alternatives, such as powerful plant-based egg replacement products, clean label burgers, patties, and alternative dairy products.
On the other hand, research by the Indian Food Research Institute shows that global investment in the broader smart protein sector will be US$3.1 billion in 2020, which is a three-fold increase from the previous year, because during the COVID-19 pandemic, people are The enthusiasm for a continuous and safe protein supply chain has deepened. In the future, we will definitely see innovative meat products from fermentation and laboratory cultivation, but they will still rely more on plant ingredients. For example, laboratory-grown meat may require plant protein to provide a better meat structure. At the same time, many fermentation-derived proteins still need to be combined with plant proteins to achieve the required functions and sensory properties.
3 The field of plant protein is expected to reach nearly US$200 billion by 2027
Proeon said that the company’s goal is to save more than 170 billion liters of water by replacing animal food and reduce carbon dioxide emissions by approximately 150 metric tons. In February 2020, the company was selected by Food Tech Studio-Bites! Food Tech Studio-Bites! is a global acceleration project initiated by Scrum Ventures to support emerging “ready-to-eat products and sustainable food solutions.”
Proeon’s recent financing was led by entrepreneur Shaival Desai, with participation from Flowstate Ventures, Peak Sustainability Venture Fund I, Waoo Partners and other angel investors. Omni Active Health Technologies also participated in this round of financing.
Consumers are looking for products with high nutrition, carbon neutrality, allergen-free and clean labels. Plant-based products are in line with this trend, so more and more animal-based products are being replaced by plant-based products. According to statistics, the field of vegetable protein is expected to reach nearly US$200 billion by 2027. In the future, more plant-derived proteins will be added to the ranks of alternative proteins.
