ISRAEL – Israel Chemicals Ltd (ICL) a leading global specialty minerals and specialty chemicals company announced that it is planning to invest about US$20 million to expand its capabilities in the fast growing meat substitutes market.
ICL is planning to expand its manufacturing capacity, research and and development support capabilities for its Rovitaris alternative protein technology for the meat alternatives market.
Rovitaris is a proprietary technology developed by ICL, that supports the production of allergen free plant-based food.
The company says that the product has excellent formability and can be adapted to virtually any meat, poultry or seafood substitute application to significantly improve taste and texture.
Rovitaris has excellent freeze & thaw stability, which results in reduced costs for food manufacturers.
ICL claims that one of the key advantages of Rovitaris technology is its flexible use in conjunction with a broad variety of vegetable protein sources. The product also has excellent freeze & thaw stability, which results in reduced costs for food manufacturers.
Using Rovitaris technology, the speciality company says that food manufacturers can create plant-based meat alternatives that are virtually indistinguishable from their traditional meat counterparts.
Rovitaris can be integrated in burgers, hot dogs, deli meats, nuggets and fish sticks, providing on-trend innovation in the form of alternative protein solutions for vegan, vegetarian, and flexitarian consumers.
Ofer Lifshitz, President of ICL Phosphate Solutions, stated: “Responsive adaptability is our key to serving ICL’s customers.
“As a market leading technology, Rovitaris enables manufacturers to create the products that consumers demand while expanding their product development to include new exciting applications.”
As the company continues to develop new protein sources and to differentiate its offerings for its customers, it is planning new launches and line expansions including textured vegetable crumbles, which will augment ICL’s existing offerings of pulse-based (pea and faba) proteins.
The US$20 million investment will also support the company’s recent signing of new supply agreements with partners and customers in several key global markets including Europe, North America and South America.
According to a number of food industry experts, the total market for plant-based meat alternatives amounted to more than US$4 billion in 2018 and is expected to grow at a CAGR of 7% to more than 9%.