ICL to Expand its Presence in the Plant-based Meat-alternatives Market
ICL's leading position in the food functional ingredients market leverages its global network of manufacturing and R&D facilities, as well as its backward integration to phosphates.
TEL AVIV, Israel, Oct. 15, 2019 /PRNewswire/ -- ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company, announced that it is planning to expand its manufacturing capacity and R&D support capabilities for its ROVITARIS® alternative protein technology for the meat alternatives market.
With more than 80 years of experience, ICL is a leader in developing and providing value added, innovative food ingredient solutions for customers around the world with annual sales of approximately $600 million. ICL's leading position in the food functional ingredients market leverages its global network of manufacturing and R&D facilities, as well as its backward integration to phosphates.
ROVITARIS® is a proprietary technology developed by ICL, that supports the production of allergen free plant-based food. 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. One of the key advantages of ROVITARIS® technology is its flexible use in conjunction with a broad variety of vegetable protein sources. ICL continues to develop new protein sources and to differentiate its offerings for its customers. Upcoming launches and line expansions include textured vegetable crumbles, which will augment ICL's existing offerings of pulse-based (pea and faba) proteins.
Using ROVITARIS® technology, food manufacturers can create plant-based meat alternatives that are virtually indistinguishable from their traditional meat counterparts. The flexibility of the technology enables the creation of customized applications and flavor profiles. ROVITARIS® provides solutions for 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.
According to a number of food industry experts, the total market for plant-based meat alternatives amounted to more than $4 billion in 2018 and is expected to grow at a CAGR of 7% to more than 9%. Following the signing of new supply agreements with partners and customers in several key global markets including Europe, North America and South America, ICL is expected to invest approximately $20 million to expand its capabilities in this fast growing market.
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".
To learn more about alternative protein solutions from ICL, please visit www.iclfood.com.
About ICL
ICL is a global specialty minerals and chemicals company operating bromine, potash, and phosphate mineral value chains in a unique, integrated business model. ICL extracts raw materials from well-positioned mineral assets and utilizes technology and industrial know-how to add value for customers in key agricultural and industrial markets worldwide. ICL focuses on strengthening leadership positions in all of its core value chains. It also plans to strengthen and diversify its offerings of innovative agro solutions by leveraging ICL's existing capabilities and agronomic know-how, as well as the Israeli technological ecosystem. ICL's operations are divided into four business divisions: Industrial Products (bromine value chain and complementary business); Potash; Phosphate Solutions (P2O5 Chain); and Innovative Ag Solutions. ICL shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The Company employs more than 11,000 people worldwide, and its sales in 2018 totaled approximately US$5.6 billion. For more information, visit the Company's website at www.icl-group.com
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SOURCE ICL
