Plant-based protein targeting demand animal meat cannot fill, V2 founder tells grains conference

 

Liz Wells, BEEF Central (AU)

09/09/2021

 

THE plant-based alternative meat industry is targeting demand for protein that the animal meat industry cannot fill and, like its counter, is focussed on serving the domestic market but achieving its growth through export sales.

 

That was the message from v2food founder and chief executive officer Nick Hazell in his address to the Australian Grains Industry Conference (AGIC) 2021 in the Tuesday session entitled Consumer-driven trends and opportunities for Australian agriculture.

 

Launched nationally in 2019 on technology developed in collaboration with CSIRO, v2food has developed a range of plant-based foods, including patties for Hungry Jack’s Rebel Whoppers.

 

The growth in demand for its products was exemplified last year when v2food products went on sale in more than 1400 Australian supermarkets as COVID redirected its focus from food-service to retail.

 

In the past 12 months, v2food products have secured roughly half the market for plant-based proteins at Australia’s two supermarket majors, Coles and Woolworths, and Mr Hazell said export was now its focus.

 

“We are already 50/50 in terms of domestic and export but clearly, just like the meat industry in Australia, we are really focused on exporting,” Mr Hazell said.

 

“Our strategy, very simply, is to be number one in Australia so that we can export to the rest of the world.”

 

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