The plant-based meat industry is booming, with huge demand on the back of environmental and ethical drivers.
The global plant-based meat market was valued at $US7.17 billion in 2023, and is projected to jump to $US24.77 billion by 2030.
In Australia, the plant-based meat manufacturing chipped in $45.8 million in value to the economy in 2030, and this figure is expected to rise to half a billion dollars in the next decade.
This is on the back of the number of people eating plant-based meat rising steadily, with per capita consumption in Australia increasing by just under 30 per cent between 2020 and 2023, and plant-based meat sales up by nearly 50 per cent in the same time.
But there are ongoing concerns that some of these products are still falling short when it comes to taste and widespread acceptance.
That’s why Dr James Petrie spent decades at CSIRO working on precision fermentation breakthroughs, and set out to recreate the exact fat molecules that go towards making meat and dairy so delicious, without any animals being involved.
That led to the creation of Nourish Ingredients, an ACT-based company creating animal-free fats with cutting-edge precision fermentation, transforming the taste and texture of plant-based food to more closely match what they are recreating.
The team has gone to such an effort to showcase their animal-free fats, they created a mock chicken.
These specialty fats also contain natural “pre-flavours”, meaning they undergo real cooking reactions, leading to authentic, stable flavour without synthetic additives.
Nourish Ingredients is a finalist in the InnovationAus 2025 Awards for Excellence in the Food and AgriTech category. The InnovationAus 2025 Awards for Excellence winners and finalists will be celebrated at a black-tie gala dinner at Sydney Town Hall on Thursday, November 27. You can book your tickets here.
The Food and AgriTech Award is proudly sponsored by AgriFutures Australia. This category celebrates innovations in value-add food production and AgriTech, covering the likes of high-tech sensor devices, farm-based robotics, plant-based meats and other protein products at scale.
“Being nominated for the InnovationAus Awards is a huge honour for us,” Nourish Ingredients chief executive James Petrie said.
“It recognises the years of groundbreaking science, persistence and passion that have gone into building Nourish Ingredients.
“It also shines a spotlight on the urgent need for climate-resilient solutions in food production. This recognition motivates us even more to push the boundaries of what’s possible, helping make sustainable food both delicious and mainstream.”
Among Nourish Ingredients’s flagship products are Tastilux, a potent fat with real natural meaty flavour, and Creamilux, a genuine dairy substitute.
These are the world’s first animal-free fats, and can deliver authentic, animal-like taste and smells to plant-based meats.
Nourish Ingredients has already raised about US$40 million.
The 2025 InnovationAus Awards for Excellence will be held on November 27 at the magnificent Sydney Town Hall. You can secure individual seats or book a table here. Purchase a table of 10 and have your logo displayed on screens across the venue and in the event programme as a ‘Table Sponsor’.
The InnovationAus 2025 Awards for Excellence are proudly supported by ACS, PEXA Group, the CSIRO ON Program, Griffith Hack, TechnologyOne, Q-CTRL, National AI Centre, University of New South Wales, KPMG, AgriFutures Australia, Investment NSW and IP Australia.
Protecting your great ideas with intellectual property (IP) rights can lead to lasting benefits for your growing business. IP refers to creations of the mind, such as a brand, logo, invention, design or artistic work. Head to the IP Australia website to find out more about IP, and how it might help your business.
Do you know more? Contact James Riley via Email.