Kiwi plant-based producer Off-Piste Provisions is calling on the New Zealand agri-food and ingredients sectors to invest in pea and fava protein. The vegan outdoor foods brand has commissioned a new report to highlight the opportunities for pea and fava bean extraction in the country.
Entitled “Feasibility of Pea and Fava Bean Protein Extraction in New Zealand” and undertaken by PwC New Zealand, the report set out to understand the current market situation and opportunities that exist for pea and fava bean protein extraction in New Zealand. The report suggests a sizeable opportunity is present for investors and the local agri-food and ingredients sectors.
Interestingly, Off-Piste Provisions – producer of on-the-go plant protein such as jerky – is funded by the New Zealand Ministry for Primary Industries (MPI) and the Foundation for Arable Research (FAR). Off-Piste Provisions currently imports its plant protein, but it stresses that a high-quality, New Zealand-grown, and processed product would be far preferable. Its founder, Jade Gray, explains: “There are strong market signals that an increase in the global production of pea and fava bean protein is on the horizon.”
Plant-based protein potential
With one recent report predicting a CAGR of 14.1% for the global plant-based protein market over the next five years, reaching an estimated US$40.58 billion by 2027, plant-based advocates in New Zealand are calling on industry and government to invest in the growing market. The PwC NZ report highlights the need for the construction of a local extraction facility while aiming for the unlocking of a premium value to boost its commodity rate.
“New Zealand’s primary producers have long been able to charge a premium in global markets for the clean, green reputation we enjoy, but it’s more difficult to trade off that reputation when it comes to ingredients,” explains Gray. “Providing profitable and sustainable crop options for New Zealand arable farms is key to maintaining diversity in our cropping systems. In particular, pulses such as peas and beans play an important role in a healthy rotation. “