Wide Open Agriculture receives approval to sell high-protein lupin isolate to China
Wide Open Agriculture (ASX: WOA) has received clearance to export its high-protein lupin isolate to China.
China’s customs administration approved the company’s application, which a local distributor supported by verifying the significant potential for lupin protein in the Chinese market.
High-protein lupin isolate has proven commercial applications in protein powders, plant-based milk, yoghurt and ice creams.
Large market opportunities
Wide Open chair Yaxi Zhan said the company was well positioned to capture new opportunities in the large Chinese market.
“This regulatory approval is a testament to the quality and safety of our ingredients and represents an important first step in our planned entry into the growing Chinese plant-protein market,” he said.
“We look forward to building strategic partnerships with local distributors in order to supply our high-quality, healthy protein isolate product to China.”
The company is in discussions with a Chinese distributor to sell into the protein powder and plant-based dairy markets and market its alternative tofu product, which uses lupins instead of soy.
Protein market
Analysts project China’s plant-based protein market to grow at a compound annual growth rate of 12.4% from 2023 to reach $12 billion by 2030.
Soy protein dominates the market due to its widespread use in food, drinks and dietary supplements but there is growing demand for alternative, non-genetically modified and sustainable protein sources.
Wide Open predominantly sources its non-GMO (genetically modified organism) lupin-based plant protein products from sweet lupin grown in Western Australia.
The company uses a patented, non-chemical production process that delivers amino acids essential to optimal human health.
Japanese deal
In January, Wide Open agreed to collaborate with Japanese trading house Nissei Kyoeki to develop a market for lupin-based proteins in Japan.
The company initially supplied Nissei with Buntine Protein samples from its Kewdale facility in WA for customer evaluation.
Wide Open has secured exclusive sales partners in major markets including the US, Europe, Australia, New Zealand and the Pacific Islands.
It is now looking to grow its position in a soy protein market valued at more than $10b in 2023, with pea protein sales soon expected to exceed $3b.