The Aussie 'alt-protein' startups and their big name backers betting on a plant-based food revival
Plant-based meat producers have had a difficult run, but Harvest B, Vow and v2food are all betting hybrid products and cultivated meats could unlock new demand.
With plant-based meat sales contracting in 2022-23, the alternative protein industry appeared to be losing its war against conventional meat products. There are now signs that its future will look more like a combination of both.
Plant-based meat producer Harvest B had this in mind in April when it launched its latest product - a hybrid of its plant-based protein product made using an extrusion process and “real” beef, pork and lamb.
Harvest B, which counts Woolworths among its investors, is hoping the hybrid product will help expand the alt-protein market, which is in danger of hitting a ceiling, with its traditional segments of health and environment-conscious consumers, vegetarians and vegans almost exhausted.
CEO and co-founder Kristi Riordan says the hybrid product solves a problem that plant-based proteins can’t achieve on their own - texture. “The textures of existing plant-based products were inferior [to meat]. We couldn’t produce the texture that consumers wanted [with purely plant-based protein].”
