Australian regenerative food and agriculture company Wide Open Spaces (WOA) posted revenue growth of 28 percent in the fourth quarter of FY21 compared to the previous quarter. It’s the eighth straight quarter of revenue growth for the Western Australia-based company.
WOA managing director Dr. Ben Cole said it shows that the company’s business strategy is working.
“We have again managed to grow our revenue base while bringing new products to market and conducting significant research and development programs that are expected to add value over the long term. As our sales and reach grow, so does our regenerative effect, ”said Cole.
The company’s regenerative business is focused on developing plant-based products for four major food and beverage sectors: plant-based milk; vegetable meat alternatives; Vegetable based snacks; and protein supplements.
The company has successfully completed research and development with Curtin University on a range of food and beverage products using its modified lupine protein concentrate (MLP). WOA is now moving into consumer food development.
In June, WOA’s board of directors approved plans for a $ 1.6 million in-house pilot MLP manufacturing facility in WA.
Lupine flower.
In its lupine project, it received encouraging nutritional analyzes and achieved a protein content of 76 percent with high digestibility properties. All nine essential amino acids were also present in the desired and balanced amounts for the diet of adults.
The company said, “Because the lupins will also be carbon neutral, the product will potentially be an attractive alternative in today’s $ 18.5 billion (A $ 26.66 billion) vegetable protein market.”
In addition to its lupine-based protein product, WOA has two brands – Dirty Clean Food and OutUP.
Dirty Clean Food works with regenerative farmers to create premium staples for beef, lamb, poultry and pantries.
OatUP is the world’s first regeneratively grown, climate-neutral oat milk. WOA has successfully added MLP concentrate to OatUP to increase its protein content, meaning it can be more competitive to soy and dairy products.
WOA said it had received encouraging feedback on taste, mouthfeel, nutrition and eco-friendly testimonials. Prototyping has started with development partners to create a range of proof-of-concept products.
Dirty Clean Food CEO Jay Albany said the brand is establishing itself as Australia’s leading regenerative and ethical food brand.
“Our offering is not only popular with conscious consumers, it also fits in with broader changes in consumer preferences. People are more interested than ever in where their food comes from and how it’s made, and that’s where our brand is positioned, ”said Albany.
Sales of OatUP were accelerated through its existing markets in Western Australia and South Australia with an initial order from The Market Grocer for distribution in New South Wales and Victoria.