Proform Foods, a key player in the food and beverage industry, specializing in plant-based meat alternatives, has entered voluntary administration.
Administrators from the local branch of UK financial advisory firm KPMG were appointed on 22 May, and Proform will continue operating as they evaluate the business. Proform is the parent company behind the popular brand Meet, offering beef-free mince, burgers, and chicken-free tenders, retailed at major supermarket chains Woolworths and Coles, and through Hello Fresh food delivery service.
In addition to Meet, Proform also owns the Protein Plate and Bad Hunter brands, supplying products to foodservice operators, including burger chains. Established in 2005 by Stephen Dunn, initially as a research and development firm providing protein ingredients, Proform launched the Meet brand in 2008.
Proform’s “competitive edge” lies in its PHMC Proform High Moisture Cooking technology, delivering plant-based meat cuts with superior taste and texture.
Administrators Gayle Dickerson and James Dampney from KPMG highlighted Proform as a well-established business in a sector with promising medium-term growth opportunities. KPMG confirmed the immediate commencement of a sale process for the Sydney-based business, which employs around 30 individuals, aiming to maximize outcomes for all stakeholders.
In late 2021, Harvest Road, an Australian beef and seafood processor, acquired a minority stake in Proform a year after the latter opened a new manufacturing site.
Alt-meat manufacturers face challenges such as mounting competition from supermarket private labels, escalating supply chain costs, and budget-conscious consumers reluctant to pay premium prices for meat-free brands.
According to the Good Food Institute, sales in the US alt-meat category decreased in 2023 in both value and volume terms.