View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
December 20, 2021updated 08 Apr 2022 10:42am

Australian beef group Harvest Road backs alt-meat firm Proform Foods

Yet another investment by a major meat processor in the emerging market for plant-based alternatives.

By Dean Best

Harvest Road, the Australian beef and seafood processor, has snapped up a minority stake in local plant-based meat business Proform Foods.

Free Report
img

How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
  • A breakdown of the trend’s prominence across sectors
  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
Download this report to keep in touch with the more digital consumer.
by GlobalData
Enter your details here to receive your free Report.

Based in Sydney, Proform Foods was set up in 2008 as an R&D business, providing protein ingredients. The company is still an ingredients supplier but has branched out into brands, selling the Meet range (stylised as ‘MEET’) of plant-based meat alternatives.

The terms of the deal, including the size of Harvest Road’s stake, were not disclosed. Just Food has contacted Proform Foods CEO Matthew Dunn for further comment.

Harvest Road, headquartered further west in Perth, supplies beef and seafood through the retail and wholesale channels domestically, while also having an export arm.

The company, owned by the Forrest family, is part of the Tattarang group, one of Australia’s largest private investment businesses.

In a statement, Dunn said: “We’re thrilled to partner with Harvest Road, an organisation driven by a vision to create sustainable businesses that deliver more positive environmental outcomes, enhance food security for Australia and support local manufacturing. ProForm is excited by this alignment of values and the opportunity to take our quality, plant-based products to new Australian and international consumers.”

Compared to North America and western Europe, the market for plant-based meat in Australasia is smaller but retail ranges are expanding amid rising interest from consumers.

Investment money has also been attracted to Australia-based businesses supplying the market. In September, V2Food closed a AUD72m (US$51.1m) “Series B Plus” funding round, led by European investor Astanor Ventures. V2Food said it planned to use the new funds to expand its manufacturing and to broaden its reach further across Asia and into Europe.

Analysis from GlobalData suggests what it calls the “meat substitutes” market in Australasia will grow from a value of US$136.1m in 2020 to US$912.4m in 2025.

From the Just Food archive, December 2020: “If it’s not affordable, then we’re not going to be mass-market” – V2Food co-founder Nick Hazell on why price is central to Australian plant-based meat firm’s strategy

Just Food free-to-read Guide: Eyeing alternatives – meat companies with stakes in meat-free and cell-based meat

Related Companies

Free Report
img

How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
  • A breakdown of the trend’s prominence across sectors
  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
Download this report to keep in touch with the more digital consumer.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food