Proform Foods, an Australian alternative meat company, has officially entered liquidation following the appointment of administrators in May. A final meeting of the company’s creditors on August 28 led the Australian Securities and Investments Commission (ASIC) to confirm the voluntary winding-up of Proform Foods.
In a subsequent notification, ASIC announced the appointment of liquidators not only for Proform Foods but also for its associated businesses: Proform Food Group, Proform Gourmet, and Proform Innovation. Established in 2005 by Stephen Dunn, Proform Foods initially focused on research and development of protein ingredients before being led by Dunn’s son, former Olympic swimmer Matt Dunn.
The company’s plant-based MEET brand debuted in 2008, offering a range of products including beef-free mince, burgers, and chicken-free tenders. Other brands under the Proform umbrella included Protein Plate and Bad Hunter. Their client base featured major retailers like Woolworths and Coles, as well as food delivery service Hello Fresh, and various burger chains within the foodservice sector.
In addition, on May 22, administrators from KPMG, a UK-based financial advisory firm, were appointed to oversee the company. KPMG representatives previously indicated that Proform Foods was a well-established name in a sector with significant medium-term growth potential.
Proform Foods’ website highlights its unique approach to plant-based products, stating that their offerings are developed through a proprietary and patented protein process known as the PHMC Proform High Moisture Cooking technology. This innovative technology is marketed as delivering superior taste and texture in plant-based meat alternatives.
In late 2021, Harvest Road, an Australian beef and seafood processor, acquired a minority stake in Proform Foods shortly after the opening of a new manufacturing facility. Despite employing around 30 staff members, the global meat-free market has recently faced challenges, including a consolidation phase following a period of slowed growth and diminished demand.
Numerous businesses in the food and beverage industry, particularly those in the meat alternatives segment, have struggled, resulting in several closures. Companies utilizing advanced technologies, like precision fermentation, are finding new opportunities. For instance, Planted, based in Switzerland, recently announced plans to expand with a new factory in Germany.
However, not every entity has been as fortunate. For example, Akua, based in New York and specializing in plant-based foods derived from kelp, decided to cease operations in August, as confirmed by co-founder and CEO Courtney Boyd Meyers. The past year has seen several plant-based protein companies falter, including Tattooed Chef in the United States and The Very Good Food Co. in Canada.
Moreover, in Europe, other notable casualties include The Meatless Farm Co., Plant & Bean, and LoveSeitan, reflecting a broader trend of challenges faced by the food and drink business. Amid declining demand for protein alternatives, Monde Nissin’s Quorn brand is also experiencing volume pressures due to continued softness in the category.
Established players like Beyond Meat, operating out of California, are grappling with similar issues, struggling to maintain volumes and achieve profitability. As the landscape of food and drink consumer trends evolves, staying informed about these shifts is crucial for businesses looking to adapt and thrive in this competitive environment.
