May 26, 2022

photo credit: Wide Open Agriculture

By Lynda Kiernan-Stone, Global AgInvesting Media

Wide Open Agriculture, Australia’s leading ASX-listed regenerative food and agriculture company, has entered into an agreement with Monde Nissin Australia (MNA), the owner of multiple popular food brands including Nudie, Black Swan, Peckish, and Wattle Valley, and the distributor of Quorn, a top plant-based food brand, to supply its Buntine Protein – a proprietary high-value, plant-based protein concentrate made from lupin seeds.

Buntine Protein is made from regeneratively grown Australian Sweet Lupin (Lupinus angustifolius) in the Wheatbelt of Western Australia, and was developed to have no carbon footprint, cause no water pollution, and to support the adoption of regenerative farming practices.

Historically, the vast majority of all lupin production has been used for livestock feed, with only 4 percent of global production allocated for human food. But the potential for this protein in the human food space is huge. Lupine is considered a super high protein legume with protein content between 32-40 percent. It has a low glycemic index rating, high digestibility rating and high fiber content, and can be produced on marginal, low-nutrient soil due to its ability to fix atmospheric nitrogen and its use in crop rotation. 

Under the terms of the agreement, it is estimated that MNA will account for approximately 60 percent of the total Buntine Protein produced by WOA over the course of two years. This protein will be used by MNA as a main ingredient in the production of new foods and beverages developed for the domestic market.

“WOA is excited to be working with MNA who share our passion to develop the market for regenerative lupin products,” said Dr. Ben Cole, CEO, WOA. “This agreement has the potential to catalyze farmers to grow more regenerative lupins and offer consumers a range of innovative, delicious plant-based products.”

WOA initially signed an Option and License agreement with Curtin University for an exclusive license in May 2020 to develop and commercialize protein from the lupin bean. Scientists at Curtin University developed a novel modification process that enables lupine protein to form a gel, making it suitable for a range of food applications from plant-based alternative meats, eggs, dairy, and gluten-free products. 

The Buntine Protein that will be supplied to MNA will be produced at a pilot plant currently still under construction by WOA, which stated that the facility will have the capacity for in-house development of plant-based food and beverage products and the development of proprietary IP for Buntine Protein.

It was noted that this agreement between WOA and MNA is non-exclusive. And although MNA is strategically WOA’s preferred partner to commercialize Buntine Protein, WOA is open to continue engaging with other potential partners for Buntine Protein as a key ingredient in product development. If MNA’s new product development (NPD) is well received on the market, WOA stated that it plans to build a large-scale commercial plant to supply long-term volume requirements.

Given the plant-based foods market, higher volumes will likely be needed. It is estimated that plant-based foods could account for as much as 7.7 percent of the global protein market by 2030, according to the report Plant-Based Foods Poised For Explosive Growth by Bloomberg Intelligence, with a value exceeding $162 billion. 

“The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world,” said Jennifer Bartashus, senior consumer staples analyst, Bloomberg Intelligence. “If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike. Meat and dairy alternatives could even obtain 5 percent and 10 percent of their respective global market shares in the next decade.”

~ Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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