Bunge invests in APP’s plant-based protein
By Bakers Journal
Australian Plant Proteins (APP), has secured AU$45.7m in investment from global agri-food company Bunge.
The agreement allows APP to double the output of its plant protein isolates production by March 2022, and give Bunge a minority stake in the company, making it the exclusive distributor in the Americas.
Bunge will also have the option to license APP proprietary processing technology outside Australia. With that, both companies will partner to meet the increased demand for highly 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 in a statement.
He added that this will add development of similar value-add industries in the Australian agricultural sector, stating that once APP started commercial production in 2020 they experienced “soaring demand” for faba bean protein isolate internationally.
As the faba bean isolate retains protein quality during production, it maintains high functionality, allowing the protein isolates to be used for a broad range of plant-based foods including protein bars, baked goods and dairy alternatives.