Investments & Acquisitions

Novozymes Enters Alt-Protein Space With Investment of 2Bn Danish Kroner

Danish biotech giant Novozymes has entered into a contract with an unnamed key player in the plant-based industry. As part of the contract, it will invest 2 billion Danish kroner into an alt-protein production line in Nebraska.

The company says it is increasingly committed to meeting the growing demand for sustainable proteins, after research found that plant-based meat was the fastest-growing retail category in the US in 2020. Alt proteins received $3.1 billion in investments last year, a new record and three times the figure for 2019. However, a report in July found that there are several challenges facing the industry, including scale-up, speed to market, and regulation.

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Novozymes’ investment will begin later this year and is expected to complete in 2023. Within five years of commencing production, the company expects to have made at least DKK 1 billion in sales in the area of Advanced Protein Solutions.

“At a time of accelerating demand across the protein space, Novozymes can unlock significant value by building on decades of experience with fermented catalytic proteins,” said Ester Baiget, CEO of Novozymes. “Being a biotech powerhouse allows us to produce high-quality, novel ingredients for our customers. We look forward to making a meaningful impact towards feeding the world sustainably.

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