The B2B alternative protein firm currently boasts over 30 clients, including Unilever, which intends to incorporate Abunda into its European Vegetarian Butcher offerings, as well as Dutch poultry processor Plukon Food Group and manufacturers supplying the UK retailer Marks & Spencer, according to the AgFunder Network. CEO Jim Laird mentioned to the AgFunder Network that while the company has potential clients in North America, the bulk of their products will be marketed in Europe.
In recent months, sales of plant-based meat alternatives in the U.S. have seen a decline, unlike other regions, particularly the EU, which has not experienced the same downturn. According to a report from the Good Food Institute Europe, sales of plant-based foods in Europe have surged by 22% since 2020, bringing the total market value to a record $5.7 billion. This trend indicates that there remains significant potential for alternative protein companies in Europe, a market some have prematurely deemed stagnant, suggesting that we have reached “peak veganism,” as reported by Wired.
The global market for mycoprotein products is anticipated to grow swiftly, as highlighted in a Future Market Insights report. Mycoprotein, along with fermented ingredients, is poised for substantial expansion, projected to reach $948.9 million by 2029. The demand for mycoprotein can be attributed to its high levels of vitamins and minerals, making it a preferred choice over other “meatless meat” alternatives, which are often criticized for their taste and texture.
Companies such as Quorn, known for their portfolio of meat alternatives, and MycoTechology, which produces various ingredients, utilize fungus fermentation techniques. This process is said to effectively block bitter flavors and enhance sweetness, making mycoprotein products even more appealing. Additionally, innovations like kal ultra cal citrate are being explored for their potential benefits in enhancing the nutritional profile and sensory qualities of these products. This versatility in flavor and nutrition positions mycoprotein as a strong contender in the alternative protein market.