Hungarian company aims to conquer the US food market
Is it possible for a Hungarian company to break into one of the largest meat-producing industries in the world with a meat analogue product? Plantcraft, with the help of funds from the X-Ventures Gamma venture capital fund, certainly wants to try.
According to the company’s website, “Plantcraft was founded in 2018, by Csaba Hetenyi and Kati Ohens”. While working on a different food-related project, Kati, the employee of Csaba at the time, realised that they could create a ground-breaking plant-based meat analogue that would have a great impact on the increasingly popular environmental protection trends of recent years. They then decided to create Plantcraft.
Plantcraft told Forbes that they have developed a meat analogue from natural sources of plant proteins. What is more, all of their products are vegan while also being free from soy, gluten, and additives.
They currently have pátés and pepperoni in their product line, which they are hoping to extend. They have won the title of best meat substitute at the New York Plant-Based World Expo.
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The future
Hopefully, this emerging sector will be as successful as some market research institutes think; Allied Market Research predicts a yearly 8% growth for meat substituting products in the market between 2018 and 2025. This means that the sector could reach a turnover of 7.5 billion dollars.
Another research institute, Bernstein, is much more optimistic. They have predicted that the industry of meat analogues could become a 40-billion-dollar business in the coming decade.
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Hungary enters the competition
Hungarian startup Plantcraft would like to join this up-and-coming industry and popularise their meat analogue products among a wider audience. Moreover, they would like to offer a substitute for the products of the meat industry that are negatively impacting the environment.
According to Forbes, Plantcraft developed their recipe with the help of a Hungarian biotechnologist. Since then, their work has been supported by an incubation company in Berlin and by the Budapest-based CEU Innovations Lab.
Hellómagyar writes that Plantcraft mainly focuses on the US market as, according to them, more and more people are buying meat substitute products on a daily basis.
Plantcraft expects that their trade in the US could reach 3 million dollars by the end of 2022. They also aim to be available in over 1,200 stores and 500 food service establishments by the end of the year.
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Source: Forbes.hu, Hellómagyar.hu