Plant-based meat alternatives have risen in popularity in the past few years and are now readily available in many European supermarket aisles. Despite this progress, according to Alan Iván Ramos, CEO of Libre Foods, the taste, texture, and nutrition of meat-free products have hit a “plant-based ceiling.” However, Ramos believes that the use of fungi-based ingredients can help to overcome this limitation and increase the diversity of meat-free offerings.
Libre Foods is dedicating its efforts to diversifying product formats and building upon what has already been achieved within the alternative protein market, and this is where fungi can play a crucial role. Fungi offer a lot of opportunities, from improving fibrosity to taste and nutritional profile. Its first product, a bacon alternative made from mushroom fruiting bodies, is a steppingstone on its way towards achieving more complex structures of meat alternatives such as chicken breast and eventually its star product: fungi-based steak.
From a nutrition standpoint, fungi provide a source of protein, vitamins, and fiber and can play an essential role in limiting ingredient lists. Unlike plant-based meat alternatives that require an increase in the number of ingredients to improve taste or texture, fungi provide an umami taste and add functionality to the product.
Sustainability is a big concern when it comes to alternative protein, and fungi have incredible sustainability credentials and rate of growth. Fungi’s quick growth rate helps reduce land use, water, and general resources. This presents a big value proposition for Libre Foods, making it more beneficial in terms of unit economics.
Although fungi has major potential, regulatory progress in Europe appears sluggish, and there are some strains that require Novel Foods pre-market approval to enter the European market. This has presented a challenge for Libre Foods. Fungi’s potential is being stagnated by regulatory affairs, which is why they have had to get creative with their strategy and take the lowest hanging fruit – fruiting bodies. Fruiting bodies are not subject to Novel Foods regulation, and their first product, Libre Bacon, is made from this part of the fungi. This strategy enables Libre Foods to bring in revenues while it works on its mycelia platform in parallel.
In conclusion, the use of fungi-based ingredients is the way forward in increasing the diversity of meat-free offerings beyond the current plant-based ceiling. Fungi can provide tremendous functionality to products, and their sustainability benefits speak for themselves. The slow regulatory progress in Europe is a challenge, but Libre Foods is getting creative with its strategy and making the most of the available components.