Friday, June 14, 2024

vEEF and LOVE BUDS unite under The Aussie Plant Based Co.

In a landmark move that will reshape the plant-based meat landscape in Australia, two Australian plant-based brands have announced their merger under a new entity, The Aussie Plant Based Co. The new business aims to capitalise on steadily increasing demand within the plant-based meat category.

An increasing number of Australians are choosing to consume less meat due to the enhanced taste of plant-based alternatives and a growing awareness of its positive effects on the environment.

The Aussie Plant Based Co. focuses on retail and foodservice channels

The Aussie Plant Based Co. is the result of a merger between All G Foods’ plant-based division and Fenn Foods. Their corresponding brands, vEEF and LOVE BUDS, are leaders in the plant-based meat category within the retail and food service channels, respectively.

The strategic merger will establish an extensive distribution network, encompassing an impressive 6000 distribution points across the country, along with a well-established manufacturing hub situated on the Sunshine Coast. This will position The Aussie Plant Based Co. to effectively cater to the diverse needs of customers and consumers throughout Australia, with ambitions to expand into the Asian and Middle Eastern markets.

Market opportunity

The global plant-based meat market size was valued at US$4.4 billion in 2022 and is expected to grow at a compound annual growth rate of 25 per cent from 2023 to 2030.1 Consumer expenditure in the plant-based meat sector in Australia is forecast to hit US$1.5 billion by 2030.2

Plant-based meat alternatives in Australia

Australians are moving towards plant-based diets as they become more aware of the health and environmental advantages of these choices. “Consumer studies have unveiled a striking 75% upswing in the preference for plant-derived protein in the APAC region, outpacing the global average. The research also found 73% of Australian consumers intend to curtail their meat consumption, while 55% are ready to embrace a higher consumption of plant-based cuisine.3 This shift in consumer behaviour underscores the evolving preference, improving taste and burgeoning demand for plant-based offerings.”

Founder of All G Foods and Chairman of the recently established entity The Aussie Plant Based Co. Jan Pacas says, “The Aussie Plant Based Co. aspires to lead the Australian industry with the broadest route to market, an enticing range of taste-first products, and our exceptional team.  This strategic move will allow All G Foods to focus solely on being Australia’s leading biotech specialising in precision fermentation.”

 vEEF founder and The Aussie Plant Based Co. CEO Alejandro Cancino says, “This collaboration is a testament to our shared commitment to creating a sustainable, healthier and tastier future for Australians. By combining our strengths, we can accelerate the adoption of plant-based alternatives and contribute to a greener planet and more ethical sources of protein.”

 A plant-powered tomorrow

With demand for plant-based products continuing to increase, the union of vEEF and LOVE BUDS under the umbrella of The Aussie Plant Based Co. signifies a watershed moment in the Australian plant-based movement. “This strategic merger seeks to establish new benchmarks in the industry by introducing a wide range of plant-based substitutes that have not been offered in the market to date that not only delight the palate but also contribute to the planet’s wellbeing.”

Newly formed board of directors

The Aussie Plant Based Co. has also announced a new board of directors, which includes industry expert Rob Lederer, who brings invaluable expertise from within the meat industry, notably at Primo, a company acquired by JBS for A$1.45 billion. The board also welcomes Bryan Zekulich, a partner at the investment firm Bombora.

¹ Industry Analysis



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