Australian regenerative food and agriculture company Wide Open Spaces (WOA) has recorded 28 per cent quarter on quarter revenue growth for Q4 FY21. It is the eight consecutive quarter of revenue growth for the West Australian based company.
WOA managing director Dr Ben Cole said it showed the company’s commercial strategy was working.
“We have again managed to grow our revenue base while simultaneously launching new products and undertaking significant research and development programs that are expected to add long term company value. As our revenue and reach grows, so too does our regenerative impact,” Cole said.
The company’s regenerative business is focused on developing products for four key plant-based food and beverage sectors: plant-based milk; plant-based meat alternatives; plant-based snacks; and protein supplements.
It has completed successful R&D with Curtin University on a range of food and beverage products using its modified lupin protein (MLP) concentrate. WOA is now transitioning into consumer food development.
In June, WOA’s board approved plans for a $1.6m in-house, pilot MLP manufacturing facility in WA.
It has had encouraging nutritional analysis in its lupin project, achieving a protein content of 76 per cent with traits of high digestibility. All nine essential amino acids were also present at desired and balanced levels for adult nutrition.
The company said: “Given the lupins will also be carbon-neutral, the product will potentially be an attractive alternative for today’s US$18.5 billion (A$26.66 billion) plant-based protein market.”
In addtition to its lupin-based protein product, WOA has two brands - Dirty Clean Food and OutUP.
Dirty Clean Food partners with regenerative farmers to create premium beef, lamb, poultry and pantry staples.
OatUP is the world’s first regenerative grown, carbon-neutral oat milk. WOA has successfully added MLP concentrate to OatUP to increase its protein level, which means it can be more competitive against soy and dairy.
WOA said it had encouraging feedback surrounding taste, mouth feel, nutrition and eco-friendly credentials. Prototyping has commenced with development partners to create a range of proof-of-concept products.
Dirty Clean Food CEO Jay Albany said the brand was establishing itself as Australia’s leading regenerative and ethical food brand.
“Our offer not only resonates with conscious consumers but is also on point with the broader shift in consumer preferences. People care more than ever where their food comes from and how it was made, which is exactly where our brand is positioned,” Albany said.
Sales of OatUP have been accelerated through its existing markets in Western Australia and South Australia, with an initial purchase order from The Market Grocer to distribute in New South Wales and Victoria.