NextFerm Technologies, a food-tech company developing ProteVin, a vegan, fermentation-based, non-GMO protein alternative and other innovative yeast-based nutrients, has announced the first commercial delivery of ProteVin to a US customer.
The company delivered 2 tonnes out of SpaceMilk's purchase order obtained in July 2021. SpaceMilk (Former PrimaLife Nutrition), is a US health and wellness brand and the first to launch a vegan protein powder based on ProteVin. This protein powder will enable consumers to enjoy vegan protein with animal like nutritional value and perfect taste.
The ProteVin brand name will appear on the product label, as the leading nutritional substance in the product.
We are preparing to increase production capacity to a scale of hundreds of tons per year
SpaceMilk is expected to be launched and available for sale to end-users during the coming summer months, mostly online. The supply of the remaining order, as well as other open orders, shall continue during the coming weeks.
The delivery of the first purchase order marks the achievement of the second out of five milestones set by the company for 2022. This follows an earlier announcement made this week about the initiation of commercial production (first milestone). The company continues to progress towards the completion of its objectives for 2022, which include: increasing market demands, receiving additional purchase orders for ProteVin and increasing commercial production capacity from current scale of tens of tons to a scale of hundreds of tons per year in 2023.
Boaz Noy, CEO of NextFerm, said: "We are excited to launch ProteVin, our vegan protein, as planned, and supply it to our first customers, who has expressed confidence in the product by placing purchase orders even before production has started."
The alternative protein market, is currently estimated at $20 billion, and is expected to grow to about $290 billion by 2035, at an annual growth rate of above 20%. Today, it is indisputable that it is the main growth engine for the global food industry. This growing trend of consuming vegan foods as part of a balanced diet is becoming ever more popular within the general population that considers these foods to be healthier and more sustainable.
"We are proud to be one of the leading innovators in the alternative protein B2B market, by offering the only vegan protein with a neutral flavor and animal like nutritional value that allow it to be incorporated into a variety of foods," Noy added. "We are also making progress in meeting the rest of the milestones for 2022, including: dialogues with food and nutrition brands, who are looking into incorporating ProteVin into their alternative product lines in such fields as dairy substitutes, powder premixes, snacks and more. At the same time, we are preparing to increase production capacity to a scale of hundreds of tonnes per year, in order to respond to the expected increase in demands."
