Food producers and manufacturers need to work collaboratively with evidence, empathy and initiative for a bright future, Food Frontier CEO Thomas King said. King made the call at the Seeds & Chips Global Food Innovation Summit in Milan this week.
Food Frontier is a think tank and industry accelerator for plant and cell-based protein innovation. Its position is that by going directly to plants, or producing animal meat by feeding cells nutrients we can enjoy what we love about meat – taste, nutrition, convenience – using less space and water and fewer greenhouse gas emissions.
King disagrees with those who think Australia, known for its livestock production, outback and bbqs, would never embrace plant-based protein.
“In the last 18 months, Food Frontier has supported six emerging start-ups in the space and advised several large Australian meat manufacturers on diversifying their product lines,” he told Food & Drink Business.
“We have extensive agricultural infrastructure, a diverse climate, world-class research capabilities, and direct and well-developed supply chains into the world’s most populous – all factors we can use to diversify into new forms of protein for Australia and the world.
“ In fact, Australia is already on its way to becoming a leading market in plant-based meat alternatives and cell-based meat.”
Beyond Meat exceeds expectations
King’s comments come after vegan protein company Beyond Meat went public on 1 May with the best debut session of any US listing since the 2008 financial crisis. Beyond Meat raised US$241 million from the sale of 9.63 million shares for US$25 each on Wednesday. It then rallied 226 per cent, which caused one fund to say it was “absurd” and its elevated trading volumes “out of control”. Stock is trading at around US$76.15 at the time of publishing.
King said it reflects some of the biggest food outlets adding new options, including Burger King. “Competition is on to be the leading market. The US, Israel, Singapore and parts of Europe are currently the global front-runners.”It came despite the company not yet turning a profit. Beyond Meat has generated losses in each year since its 2009 founding, losing US$29.9 million last year on net revenue of US$87.9 million.
Role for Australia
King has met with 150 cattle and sheep farmers who responded with “great interest, openness and curiosity”. “Farmers are some of the savviest people in society – they’re entrepreneurial, adaptive and in-touch with evolving environmental and economic conditions. Alternative proteins can complement traditional agriculture. Some saw an opportunity for potential diversification into new products and production systems.”
For King, the most disappointing thing has been to see some in the agricultural and political sphere frame “progress as a problem”. He told F&DB that not only was it inaccurate, it was irresponsible and counterproductive.
King says the change should be embraced, not resisted because diversifying our food supply is a matter of future-proofing economies and livelihoods.
“It is critically important that we act quickly, with evidence and empathy, and work collaboratively, not combatively, towards a brighter food future.”
